State Street Corp Purchases 129,709 Shares of Elevance Health, Inc. (NYSE:ELV)

State Street Corp increased its position in Elevance Health, Inc. (NYSE:ELV) by 1.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 10,687,998 shares of the company’s stock after buying an additional 129,709 shares during the period. State Street Corp owned about 4.61% of Elevance Health worth $5,557,759,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Sanders Capital LLC lifted its stake in Elevance Health by 1.0% in the 3rd quarter. Sanders Capital LLC now owns 4,609,258 shares of the company’s stock worth $2,396,814,000 after purchasing an additional 44,805 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in Elevance Health by 5.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock worth $2,054,641,000 after purchasing an additional 190,118 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Elevance Health by 16.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock worth $1,246,574,000 after purchasing an additional 334,552 shares in the last quarter. Legal & General Group Plc lifted its stake in Elevance Health by 2.9% in the 2nd quarter. Legal & General Group Plc now owns 2,247,091 shares of the company’s stock worth $1,217,607,000 after purchasing an additional 64,376 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Elevance Health by 1.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,152,613 shares of the company’s stock worth $1,119,359,000 after purchasing an additional 31,740 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. TD Cowen decreased their price target on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. UBS Group decreased their price target on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research note on Friday, October 18th. Barclays decreased their target price on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Truist Financial restated a “buy” rating and set a $520.00 target price (down from $620.00) on shares of Elevance Health in a research report on Friday, October 18th. Finally, Stephens restated an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $539.20.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the transaction, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.35% of the stock is currently owned by corporate insiders.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $400.19 on Thursday. The firm has a market cap of $92.81 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 1.22 and a beta of 0.83. The firm’s 50 day simple moving average is $439.60 and its 200-day simple moving average is $501.50. Elevance Health, Inc. has a one year low of $391.02 and a one year high of $567.26. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50.

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

Elevance Health Announces Dividend

The firm also recently disclosed 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. This represents a $6.52 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s payout ratio is 23.77%.

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.