State Street Corp Acquires 137,914 Shares of Elevance Health, Inc. $ELV

State Street Corp raised its holdings in Elevance Health, Inc. (NYSE:ELV) by 1.3% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 10,426,610 shares of the company’s stock after buying an additional 137,914 shares during the period. State Street Corp’s holdings in Elevance Health were worth $4,032,283,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in ELV. Kilter Group LLC purchased a new stake in shares of Elevance Health during the second quarter valued at $28,000. WealthCollab LLC lifted its holdings in Elevance Health by 42.2% during the 1st quarter. WealthCollab LLC now owns 91 shares of the company’s stock valued at $27,000 after buying an additional 27 shares in the last quarter. Elevation Wealth Partners LLC boosted its position in Elevance Health by 600.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 105 shares of the company’s stock valued at $41,000 after buying an additional 90 shares during the period. Tacita Capital Inc bought a new position in Elevance Health in the 2nd quarter worth about $44,000. Finally, Danske Bank A S bought a new position in Elevance Health in the 2nd quarter worth about $44,000. 89.24% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Leerink Partners lifted their price target on shares of Elevance Health from $364.00 to $395.00 and gave the company a “market perform” rating in a research note on Friday, July 17th. The Goldman Sachs Group restated a “neutral” rating and set a $395.00 price objective on shares of Elevance Health in a report on Thursday, July 16th. Morgan Stanley lifted their target price on Elevance Health from $352.00 to $404.00 and gave the company an “equal weight” rating in a research report on Thursday, June 4th. Wall Street Zen cut Elevance Health from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Barclays cut their price target on Elevance Health from $480.00 to $457.00 and set an “overweight” rating on the stock in a research note on Thursday, July 16th. Fifteen analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $440.90.

Elevance Health Stock Down 1.3%

NYSE:ELV traded down $5.30 during trading hours on Tuesday, reaching $404.01. The company’s stock had a trading volume of 279,714 shares, compared to its average volume of 1,635,731. The stock has a 50 day moving average price of $396.77 and a two-hundred day moving average price of $371.29. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. The company has a market capitalization of $87.62 billion, a P/E ratio of 17.95, a price-to-earnings-growth ratio of 2.14 and a beta of 0.69. Elevance Health, Inc. has a 12 month low of $274.84 and a 12 month high of $436.24.

Elevance Health (NYSE:ELV) last announced its earnings results 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. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business had revenue of $49.83 billion for the quarter, compared to analysts’ expectations of $48.88 billion. During the same quarter last year, the firm earned $8.84 EPS. The business’s revenue for the quarter was up .8% on a year-over-year basis. Equities analysts predict that Elevance Health, Inc. will post 27.18 EPS for the current fiscal year.

Elevance Health Announces Dividend

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

Elevance Health Profile

Elevance Health, Inc is a health benefits and services company that provides health insurance, care management and related healthcare solutions in the United States. The company serves individuals, employers and government-sponsored programs through a portfolio that includes commercial health plans, Medicare Advantage and other Medicare products, Medicaid plans, and specialty coverage.

Elevance Health operates a portfolio of Blue Cross Blue Shield-affiliated health plans and offers products such as medical, pharmacy, dental and vision benefits.