Elevance Health, Inc. (NYSE:ELV) Shares Acquired by Sompo Asset Management Co. Ltd.

Sompo Asset Management Co. Ltd. lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 7.6% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,830 shares of the company’s stock after purchasing an additional 130 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Elevance Health were worth $952,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Ameriprise Financial Inc. raised its stake in 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 acquiring an additional 190,118 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Elevance Health by 16.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock valued at $1,246,574,000 after purchasing an additional 334,552 shares during the period. Legal & General Group Plc raised its stake in shares of Elevance Health by 2.9% in the second quarter. Legal & General Group Plc now owns 2,247,091 shares of the company’s stock worth $1,217,607,000 after purchasing an additional 64,376 shares during the last quarter. First Eagle Investment Management LLC lifted its holdings in shares of Elevance Health by 15.5% during the second quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock worth $1,115,301,000 after purchasing an additional 275,708 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Elevance Health by 1.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,867,551 shares of the company’s stock worth $1,011,888,000 after purchasing an additional 23,872 shares during the period. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Stock Performance

NYSE ELV opened at $402.55 on Friday. The stock has a market capitalization of $93.36 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 1.20 and a beta of 0.85. The stock has a 50-day moving average of $460.70 and a 200 day moving average of $509.01. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a twelve month low of $391.02 and a twelve month high of $567.26.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The business had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. During the same period in the previous year, the company earned $8.99 earnings per share. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. Sell-side analysts anticipate that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s payout ratio is 23.77%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ELV shares. Mizuho cut their price target on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Cantor Fitzgerald cut their price objective on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. Argus cut shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Morgan Stanley lowered their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Finally, Raymond James set a $485.00 price objective on Elevance Health in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $539.20.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.35% of the company’s stock.

About Elevance Health

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.