Bank of New York Mellon Corp Buys 1,065,065 Shares of Elevance Health, Inc. $ELV

Bank of New York Mellon Corp increased its stake in Elevance Health, Inc. (NYSE:ELV) by 79.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,408,704 shares of the company’s stock after acquiring an additional 1,065,065 shares during the period. Bank of New York Mellon Corp’s holdings in Elevance Health were worth $844,371,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Elevance Health by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 22,998,645 shares of the company’s stock valued at $7,431,322,000 after purchasing an additional 141,747 shares during the period. Wellington Management Group LLP increased its holdings in Elevance Health by 4.8% during the 3rd quarter. Wellington Management Group LLP now owns 6,621,297 shares of the company’s stock valued at $2,139,473,000 after purchasing an additional 303,099 shares during the period. Artisan Partners Limited Partnership increased its holdings in Elevance Health by 24.5% during the 3rd quarter. Artisan Partners Limited Partnership now owns 4,576,805 shares of the company’s stock valued at $1,478,857,000 after purchasing an additional 901,626 shares during the period. First Eagle Investment Management LLC increased its holdings in Elevance Health by 0.6% during the 4th quarter. First Eagle Investment Management LLC now owns 4,022,874 shares of the company’s stock valued at $1,410,219,000 after purchasing an additional 24,271 shares during the period. Finally, Norges Bank purchased a new position in Elevance Health during the 4th quarter valued at about $1,058,165,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

ELV has been the topic of a number of research analyst reports. Mizuho boosted their price target on Elevance Health from $385.00 to $435.00 and gave the company an “outperform” rating in a report on Wednesday, May 20th. Truist Financial boosted their price target on Elevance Health from $375.00 to $450.00 and gave the company a “buy” rating in a report on Monday. Citigroup upgraded Elevance Health to a “buy” rating in a report on Wednesday, April 29th. Deutsche Bank Aktiengesellschaft upgraded Elevance Health from a “hold” rating to a “buy” rating and boosted their price target for the company from $363.00 to $498.00 in a report on Wednesday, May 20th. Finally, Robert W. Baird boosted their price target on Elevance Health from $317.00 to $331.00 and gave the company a “neutral” rating in a report on Thursday, April 23rd. Fourteen equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $407.05.

Elevance Health Stock Performance

ELV stock opened at $391.82 on Thursday. The stock has a market capitalization of $85.09 billion, a PE ratio of 16.67, a price-to-earnings-growth ratio of 2.20 and a beta of 0.67. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $408.00. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.70. The stock’s 50 day simple moving average is $349.95 and its 200 day simple moving average is $340.65.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Wednesday, April 22nd. The company reported $12.58 earnings per share for the quarter, beating the consensus estimate of $10.74 by $1.84. The firm had revenue of $49.49 billion for the quarter, compared to analysts’ expectations of $48.21 billion. Elevance Health had a return on equity of 15.58% and a net margin of 2.62%.The company’s revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $11.97 EPS. Elevance Health has set its FY 2026 guidance at 19.850- EPS. As a group, research analysts forecast that Elevance Health, Inc. will post 26.94 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Wednesday, June 10th will be issued a dividend of $1.72 per share. This represents a $6.88 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Wednesday, June 10th. Elevance Health’s dividend payout ratio is presently 29.26%.

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.