Meeder Asset Management Inc. Takes $5.58 Million Position in Elevance Health, Inc. $ELV

Meeder Asset Management Inc. purchased a new position in Elevance Health, Inc. (NYSE:ELV) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 14,428 shares of the company’s stock, valued at approximately $5,580,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ELV. BlackRock Inc. purchased a new stake in Elevance Health during the second quarter worth $7,344,424,000. Wellington Management Group LLP boosted its position in Elevance Health by 25.2% during the 4th quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock valued at $2,906,051,000 after acquiring an additional 1,668,679 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Elevance Health by 27.5% in 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 during the period. Artisan Partners Limited Partnership increased its holdings in shares of Elevance Health by 10.0% in the 4th quarter. Artisan Partners Limited Partnership now owns 5,032,751 shares of the company’s stock valued at $1,764,231,000 after acquiring an additional 455,946 shares during the period. Finally, First Eagle Investment Management LLC raised its position in shares of Elevance Health by 0.6% in the 4th quarter. First Eagle Investment Management LLC now owns 4,022,874 shares of the company’s stock worth $1,410,219,000 after acquiring an additional 24,271 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on ELV shares. Mizuho raised their price objective on Elevance Health from $435.00 to $465.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. Morgan Stanley boosted their target price on shares of Elevance Health from $352.00 to $404.00 and gave the stock an “equal weight” rating in a report on Thursday, June 4th. Truist Financial increased their price target on shares of Elevance Health from $450.00 to $475.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Wall Street Zen cut shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Cantor Fitzgerald lifted their price objective on shares of Elevance Health from $400.00 to $450.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Fifteen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $440.90.

Insider Activity

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $401.77, for a total transaction of $60,667.27. Following the transaction, the director owned 10,734 shares in the company, valued at $4,312,599.18. This represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.34% of the stock is currently owned by company insiders.

Elevance Health Stock Down 2.4%

Elevance Health stock opened at $390.69 on Tuesday. Elevance Health, Inc. has a 1-year low of $274.84 and a 1-year high of $436.24. The business has a fifty day moving average price of $395.48 and a 200-day moving average price of $358.49. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. The stock has a market capitalization of $84.73 billion, a price-to-earnings ratio of 17.36, a PEG ratio of 2.30 and a beta of 0.68.

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 company had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. During the same period in the prior year, the company posted $8.84 EPS. The firm’s quarterly revenue was up .8% compared to the same quarter last year. Equities research analysts forecast that Elevance Health, Inc. will post 27.07 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be issued 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 1.8%. Elevance Health’s dividend payout ratio is 30.58%.

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.