Te Ahumairangi Investment Management Ltd Grows Holdings in Elevance Health, Inc. $ELV

Te Ahumairangi Investment Management Ltd raised its position in shares of Elevance Health, Inc. (NYSE:ELV) by 42.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,200 shares of the company’s stock after purchasing an additional 4,830 shares during the quarter. Elevance Health accounts for about 1.1% of Te Ahumairangi Investment Management Ltd’s investment portfolio, making the stock its 27th largest position. Te Ahumairangi Investment Management Ltd’s holdings in Elevance Health were worth $6,301,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ELV. Hemington Wealth Management lifted its stake in shares of Elevance Health by 13.3% during the 1st quarter. Hemington Wealth Management now owns 230 shares of the company’s stock valued at $100,000 after buying an additional 27 shares in the last quarter. Aspen Investment Management Inc increased its stake in Elevance Health by 2.6% in the 1st quarter. Aspen Investment Management Inc now owns 1,048 shares of the company’s stock worth $456,000 after buying an additional 27 shares in the last quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych raised its holdings in Elevance Health by 5.3% during the first quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 600 shares of the company’s stock valued at $261,000 after acquiring an additional 30 shares during the period. Regatta Capital Group LLC lifted its position in shares of Elevance Health by 3.0% in the second quarter. Regatta Capital Group LLC now owns 1,041 shares of the company’s stock valued at $405,000 after acquiring an additional 30 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its stake in shares of Elevance Health by 1.5% in the first quarter. Smartleaf Asset Management LLC now owns 2,163 shares of the company’s stock worth $934,000 after acquiring an additional 32 shares during the period. 89.24% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on ELV. Sanford C. Bernstein decreased their target price on Elevance Health from $445.00 to $420.00 and set an “outperform” rating on the stock in a research note on Thursday, October 16th. Morgan Stanley increased their price objective on shares of Elevance Health from $316.00 to $359.00 and gave the company an “equal weight” rating in a report on Tuesday, October 14th. The Goldman Sachs Group began coverage on shares of Elevance Health in a research report on Tuesday, October 14th. They set a “neutral” rating and a $343.00 price objective on the stock. Truist Financial set a $400.00 target price on shares of Elevance Health in a report on Tuesday, October 14th. Finally, JPMorgan Chase & Co. raised their target price on shares of Elevance Health from $384.00 to $394.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Twelve equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $397.33.

Elevance Health Stock Performance

Elevance Health stock opened at $336.28 on Wednesday. The company’s 50-day moving average price is $331.74 and its 200-day moving average price is $336.47. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.71. The company has a market cap of $74.73 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 1.23 and a beta of 0.60. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $458.75.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 EPS for the quarter, beating analysts’ consensus estimates of $5.03 by $1.00. The firm had revenue of $50.09 billion during the quarter, compared to the consensus estimate of $49.26 billion. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. The firm’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same quarter last year, the firm earned $8.37 EPS. On average, equities research analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be issued a $1.71 dividend. The ex-dividend date is Friday, December 5th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.0%. Elevance Health’s payout ratio is 27.96%.

About Elevance Health

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.