Wellington Management Group LLP Purchases 286,905 Shares of Elevance Health, Inc. (NYSE:ELV)

Wellington Management Group LLP grew its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 6.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,461,585 shares of the company's stock after buying an additional 286,905 shares during the quarter. Wellington Management Group LLP owned 1.92% of Elevance Health worth $2,320,024,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. State Street Corp increased its holdings in Elevance Health by 1.2% during the third quarter. State Street Corp now owns 10,687,998 shares of the company's stock worth $5,557,759,000 after buying an additional 129,709 shares during the last quarter. Sanders Capital LLC increased its stake in shares of Elevance Health by 1.0% during the 3rd quarter. Sanders Capital LLC now owns 4,609,258 shares of the company's stock worth $2,396,814,000 after purchasing an additional 44,805 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Elevance Health by 5.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company's stock worth $2,054,641,000 after purchasing an additional 190,118 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of Elevance Health by 16.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company's stock worth $1,246,574,000 after purchasing an additional 334,552 shares during the period. Finally, Legal & General Group Plc lifted its stake in Elevance Health by 2.9% in the second quarter. Legal & General Group Plc now owns 2,247,091 shares of the company's stock valued at $1,217,607,000 after purchasing an additional 64,376 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Price Performance

NYSE ELV traded down $10.84 during trading on Friday, reaching $382.14. The company's stock had a trading volume of 2,730,973 shares, compared to its average volume of 1,710,815. Elevance Health, Inc. has a one year low of $379.29 and a one year high of $567.26. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. The stock has a market capitalization of $88.63 billion, a PE ratio of 13.93, a P/E/G ratio of 1.19 and a beta of 0.83. The firm has a fifty day moving average of $437.06 and a 200 day moving average of $500.74.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts' consensus estimates of $9.66 by ($1.29). The company had revenue of $44.72 billion during the quarter, compared to analysts' expectations of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The company's revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the company posted $8.99 earnings per share. Analysts expect that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be paid a $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.71%. Elevance Health's dividend payout ratio is presently 23.77%.

Insider Activity

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business's stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the transaction, the executive vice president now owns 8,423 shares of the company's stock, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.35% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ELV shares. UBS Group lowered their target price on Elevance Health from $605.00 to $555.00 and set a "buy" rating on the stock in a research note on Friday, October 18th. Stephens restated an "underperform" rating on shares of Elevance Health in a research note on Friday, October 18th. Mizuho cut their target price on shares of Elevance Health from $585.00 to $505.00 and set an "outperform" rating for the company in a research report on Tuesday, November 5th. Barclays lowered their price target on shares of Elevance Health from $622.00 to $501.00 and set an "overweight" rating on the stock in a research report on Tuesday, October 22nd. Finally, TD Cowen cut their price objective on shares of Elevance Health from $589.00 to $484.00 and set a "buy" rating for the company in a report on Monday, October 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $539.20.

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.