OVERSEA CHINESE BANKING Corp Ltd Acquires Shares of 1,813 Elevance Health, Inc. $ELV

OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 1,813 shares of the company’s stock, valued at approximately $701,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. M&T Bank Corp boosted its stake in Elevance Health by 160.4% in the fourth quarter. M&T Bank Corp now owns 50,486 shares of the company’s stock valued at $17,698,000 after acquiring an additional 31,101 shares during the last quarter. Stoneridge Investment Partners LLC bought a new position in shares of Elevance Health during the 2nd quarter valued at approximately $970,000. Solidarity Wealth LLC purchased a new stake in shares of Elevance Health during the 4th quarter worth approximately $1,433,000. Manning & Napier Advisors LLC increased its stake in shares of Elevance Health by 1,423.1% during the 4th quarter. Manning & Napier Advisors LLC now owns 368,426 shares of the company’s stock worth $129,152,000 after purchasing an additional 344,237 shares during the last quarter. Finally, State of Wyoming bought a new stake in shares of Elevance Health in the 2nd quarter worth approximately $1,765,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV stock opened at $400.66 on Friday. The firm’s 50 day moving average is $394.76 and its 200 day moving average is $359.92. The stock has a market capitalization of $86.89 billion, a P/E ratio of 17.81, a PEG ratio of 2.28 and a beta of 0.68. Elevance Health, Inc. has a 12 month low of $274.84 and a 12 month high of $436.24. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating analysts’ consensus estimates of $6.21 by $1.24. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The business had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. During the same period in the previous year, the business earned $8.84 EPS. Elevance Health’s revenue was up .8% compared to the same quarter last year. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 27.07 earnings per share 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 given a $1.72 dividend. 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 payout ratio is 30.58%.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Leerink Partners upped their price objective on Elevance Health from $364.00 to $395.00 and gave the company a “market perform” rating in a research note on Friday, July 17th. Raymond James Financial set a $450.00 target price on Elevance Health in a research report on Tuesday, July 7th. Barclays lowered their target price 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. The Goldman Sachs Group reiterated a “neutral” rating and set a $395.00 price target on shares of Elevance Health in a research note on Thursday, July 16th. Finally, Royal Bank Of Canada decreased their price objective on Elevance Health from $439.00 to $424.00 and set a “sector perform” rating for the company in a report on Thursday, July 16th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $440.90.

Insider Buying and Selling at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the business’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the sale, the director directly owned 10,734 shares in the company, 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.

Elevance Health Company Profile

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.