Wellington Management Group LLP Has $3.56 Billion Stake in Elevance Health, Inc. $ELV

Wellington Management Group LLP grew its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 12.0% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 9,213,513 shares of the company’s stock after purchasing an additional 984,976 shares during the period. Elevance Health comprises approximately 0.6% of Wellington Management Group LLP’s portfolio, making the stock its 23rd biggest position. Wellington Management Group LLP owned about 4.25% of Elevance Health worth $3,563,142,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of Elevance Health during the second quarter valued at approximately $7,344,424,000. Bank of New York Mellon Corp purchased a new stake in Elevance Health in the 2nd quarter valued at $1,246,349,000. Norges Bank purchased a new stake in Elevance Health in the 4th quarter valued at $1,058,165,000. Legal & General Group Plc bought a new position in Elevance Health during the 2nd quarter valued at $688,469,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in Elevance Health by 27.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company’s stock valued at $2,610,261,000 after acquiring an additional 1,607,274 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the subject of several recent analyst reports. Mizuho upped their target price on shares of Elevance Health from $435.00 to $465.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. Evercore reissued a “hold” rating on shares of Elevance Health in a research report on Tuesday, May 19th. JPMorgan Chase & Co. boosted their price target on shares of Elevance Health from $411.00 to $476.00 and gave the stock an “overweight” rating in a report on Monday, June 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Elevance Health in a research report on Thursday, August 13th. Finally, Wall Street Zen lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $440.90.

Elevance Health Price Performance

ELV opened at $395.28 on Friday. Elevance Health, Inc. has a fifty-two week low of $274.84 and a fifty-two week high of $436.24. The firm has a 50-day moving average of $395.36 and a 200 day moving average of $362.06. 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 firm has a market cap of $85.72 billion, a P/E ratio of 17.57, a PEG ratio of 2.28 and a beta of 0.68.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping the consensus estimate of $6.21 by $1.24. The business had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The company’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $8.84 earnings per share. On average, research analysts expect that Elevance Health, Inc. will post 27.18 EPS for the current year.

Elevance Health Announces Dividend

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

Insider Activity at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health 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 owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. The trade was a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.34% of the company’s stock.

About Elevance Health

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.