Groupama Asset Management Increases Stake in Elevance Health

Groupama Asset Management has increased its stake in shares of Elevance Health, Inc. (NYSE: ELV) by 12.1% during the second quarter, according to a recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm now owns 8,797 shares of Elevance Health, following the acquisition of an additional 953 shares in the quarter, bringing the total value of its holdings to approximately $3,356,000.

This move comes as several institutional investors have adjusted their positions in Elevance Health. Notably, Arkadios Wealth Advisors increased its holdings by 74.5% in the first quarter, now owning 1,932 shares valued at $840,000 after purchasing an additional 825 shares. Similarly, Mesirow Financial Investment Management Inc. enhanced its position by 14.9%, acquiring 765 shares worth $333,000 following a purchase of 99 shares. Additionally, Sound View Wealth Advisors Group LLC grew its stake by 24.3% and now holds 1,188 shares valued at $517,000.

The interest from institutional investors highlights the confidence in Elevance Health, with 89.24% of the company’s stock currently owned by institutional entities and hedge funds.

Recent Stock Performance and Dividend Announcement

As of the most recent trading session, shares of Elevance Health opened at $332.15. The company has displayed stable performance, with a 50-day simple moving average of $333.18 and a 200-day simple moving average of $335.91. Elevance Health has a market capitalization of $73.82 billion, a PE ratio of 13.58, and a beta of 0.60.

In addition to its stock performance, Elevance Health recently announced a quarterly dividend of $1.71 per share, to be paid on December 19, 2023. Investors of record as of December 5, 2023 will receive this dividend, which represents an annualized total of $6.84 and a yield of 2.1%. The company’s payout ratio stands at 27.96%.

Analyst Ratings and Market Outlook

Recent reports from equity analysts indicate a mixed outlook for Elevance Health. Weiss Ratings has reiterated a “sell (d+)” rating, while JPMorgan Chase & Co. raised its price target from $384.00 to $394.00, maintaining an “overweight” rating. Conversely, Sanford C. Bernstein lowered its price objective from $445.00 to $420.00 but still rates the company as “outperform.”

Zacks Research upgraded Elevance Health from a “strong sell” to a “hold” rating, reflecting a shift in sentiment. A total of twelve analysts have given the stock a “buy” rating, while ten issued a “hold” rating, and one analyst recommended a sell. According to MarketBeat, Elevance Health currently holds a consensus rating of “hold” with a target price of $398.44.

Elevance Health, Inc., along with its subsidiaries, operates as a health benefits company in the United States. It functions through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other, providing a range of health plans and services, including specialty insurance products.