Wellington Management Group LLP Has $2.32 Billion Holdings in Elevance Health, Inc. (NYSE:ELV)

Wellington Management Group LLP boosted its stake in Elevance Health, Inc. (NYSE:ELV) by 6.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,461,585 shares of the company’s stock after purchasing an additional 286,905 shares during the quarter. Wellington Management Group LLP’s holdings in Elevance Health were worth $2,320,024,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ELV. Iridian Asset Management LLC CT grew its position in Elevance Health by 10.7% in the third quarter. Iridian Asset Management LLC CT now owns 39,154 shares of the company’s stock valued at $20,360,000 after acquiring an additional 3,786 shares during the last quarter. International Assets Investment Management LLC grew its position in Elevance Health by 85,533.1% in the third quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock valued at $276,972,000 after acquiring an additional 532,016 shares during the last quarter. Benjamin Edwards Inc. grew its position in Elevance Health by 1,711.9% in the third quarter. Benjamin Edwards Inc. now owns 53,559 shares of the company’s stock valued at $27,858,000 after acquiring an additional 50,603 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Elevance Health by 5.0% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 209,859 shares of the company’s stock valued at $109,127,000 after acquiring an additional 9,916 shares during the last quarter. Finally, Seizert Capital Partners LLC grew its position in Elevance Health by 26.3% in the third quarter. Seizert Capital Partners LLC now owns 104,229 shares of the company’s stock valued at $54,199,000 after acquiring an additional 21,708 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ELV. Barclays reduced their price target on Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Morgan Stanley reduced their price target on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Stephens restated an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. Cantor Fitzgerald reduced their price target on Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. Finally, Truist Financial restated a “buy” rating and set a $520.00 price target (down from $620.00) on shares of Elevance Health in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $539.20.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $393.11 on Friday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a twelve month low of $391.02 and a twelve month high of $567.26. The stock’s 50 day moving average is $437.06 and its 200-day moving average is $500.74. The firm has a market capitalization of $91.17 billion, a price-to-earnings ratio of 14.33, a PEG ratio of 1.21 and a beta of 0.83.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. During the same period in the previous year, the company earned $8.99 earnings per share. Elevance Health’s revenue for the quarter was up 5.3% compared to the same quarter last year. Sell-side analysts forecast that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued a dividend of $1.63 per share. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.66%. Elevance Health’s dividend payout ratio (DPR) is currently 23.77%.

Insider Buying and Selling

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the transaction, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. This represents a 46.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.35% of the stock is currently owned by corporate insiders.

Elevance Health Company Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.