Korea Investment CORP Takes $68.95 Million Position in Elevance Health, Inc. $ELV

Korea Investment CORP purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 178,295 shares of the company’s stock, valued at approximately $68,952,000.

Several other institutional investors have also bought and sold shares of ELV. BlackRock Inc. purchased a new stake in Elevance Health in the second quarter worth $7,344,424,000. Wellington Management Group LLP grew its stake in shares of Elevance Health by 25.2% during the 4th quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock worth $2,906,051,000 after acquiring an additional 1,668,679 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Elevance Health by 27.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company’s stock worth $2,610,261,000 after acquiring an additional 1,607,274 shares during the last quarter. Artisan Partners Limited Partnership increased its holdings in Elevance Health by 10.0% in the 4th quarter. Artisan Partners Limited Partnership now owns 5,032,751 shares of the company’s stock worth $1,764,231,000 after acquiring an additional 455,946 shares during the last quarter. Finally, First Eagle Investment Management LLC raised its stake in Elevance Health by 0.6% in the 4th quarter. First Eagle Investment Management LLC now owns 4,022,874 shares of the company’s stock valued at $1,410,219,000 after acquiring an additional 24,271 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analyst Ratings Changes

ELV has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft raised shares of Elevance Health from a “hold” rating to a “buy” rating and upped their price objective for the company from $363.00 to $498.00 in a report on Wednesday, May 20th. Evercore reiterated a “hold” rating on shares of Elevance Health in a research note on Tuesday, May 19th. The Goldman Sachs Group reissued a “neutral” rating and issued a $395.00 price target on shares of Elevance Health in a research report on Thursday, July 16th. Robert W. Baird upped their price target on shares of Elevance Health from $331.00 to $393.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Finally, UBS Group raised their price objective on shares of Elevance Health from $400.00 to $460.00 and gave the stock a “buy” rating in a report on Friday, May 22nd. Fifteen analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $440.90.

Insiders Place Their Bets

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the sale, the director directly owned 10,734 shares of the company’s stock, valued at $4,312,599.18. This trade represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.34% of the stock is owned by corporate insiders.

Elevance Health Trading Up 1.1%

Elevance Health stock opened at $400.66 on Friday. The stock has a market cap of $86.89 billion, a P/E ratio of 17.81, a PEG ratio of 2.28 and a beta of 0.68. Elevance Health, Inc. has a fifty-two week low of $274.84 and a fifty-two week high of $436.24. The firm’s fifty day moving average price is $394.76 and its 200-day moving average price is $359.92. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.21 by $1.24. The company had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The firm’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter last year, the company earned $8.84 earnings per share. Equities research analysts forecast that Elevance Health, Inc. will post 27.07 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be given a $1.72 dividend. This represents a $6.88 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Thursday, September 10th. Elevance Health’s dividend payout ratio is 30.58%.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.