Allspring Global Investments Holdings LLC Has $44.44 Million Stock Position in Elevance Health, Inc. (NYSE:ELV)

Allspring Global Investments Holdings LLC boosted its holdings in Elevance Health, Inc. (NYSE:ELV) by 3.5% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 85,708 shares of the company’s stock after acquiring an additional 2,926 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Elevance Health were worth $44,443,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Sanders Capital LLC lifted its stake in Elevance Health by 4.6% in the 4th quarter. Sanders Capital LLC now owns 4,457,986 shares of the company’s stock valued at $2,102,208,000 after purchasing an additional 196,010 shares during the last quarter. Capital International Investors raised its holdings in Elevance Health by 7.9% in the 4th quarter. Capital International Investors now owns 3,374,709 shares of the company’s stock valued at $1,591,237,000 after buying an additional 248,150 shares during the last quarter. Baillie Gifford & Co. raised its stake in shares of Elevance Health by 0.9% during the fourth quarter. Baillie Gifford & Co. now owns 3,087,904 shares of the company’s stock valued at $1,456,132,000 after acquiring an additional 27,986 shares during the last quarter. Norges Bank bought a new stake in shares of Elevance Health in the fourth quarter worth $1,347,434,000. Finally, Morgan Stanley raised its position in Elevance Health by 1.7% during the 3rd quarter. Morgan Stanley now owns 2,784,714 shares of the company’s stock worth $1,212,521,000 after purchasing an additional 46,322 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Activity

In related news, EVP Felicia F. Norwood sold 14,111 shares of the company’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the completion of the sale, the executive vice president now owns 31,460 shares in the company, valued at $16,791,460.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ELV. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $600.00 price objective on shares of Elevance Health in a research note on Wednesday, June 12th. Barclays increased their price target on Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Jefferies Financial Group boosted their price objective on Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Mizuho boosted their price target on Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Finally, Bank of America raised their price objective on shares of Elevance Health from $621.00 to $646.00 and gave the stock a “buy” rating in a research report on Tuesday, June 4th. One investment analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $611.36.

Elevance Health Stock Performance

Shares of ELV stock opened at $530.22 on Thursday. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. The firm has a fifty day simple moving average of $534.47 and a two-hundred day simple moving average of $509.86. Elevance Health, Inc. has a 12 month low of $412.00 and a 12 month high of $550.34. The firm has a market capitalization of $123.23 billion, a PE ratio of 20.04, a price-to-earnings-growth ratio of 1.20 and a beta of 0.84.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, April 18th. The company reported $10.64 EPS for the quarter, topping the consensus estimate of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The company had revenue of $42.27 billion during the quarter, compared to the consensus estimate of $42.49 billion. During the same period in the previous year, the firm posted $9.46 earnings per share. The firm’s revenue for the quarter was up .9% on a year-over-year basis. Analysts forecast that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.23%. The ex-dividend date of this dividend was Monday, June 10th. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Elevance Health Company Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.