Mitsubishi UFJ Asset Management Co. Ltd. Boosts Stake in Elevance Health, Inc. $ELV

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Elevance Health, Inc. (NYSE:ELV) by 4.7% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 433,887 shares of the company’s stock after buying an additional 19,539 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Elevance Health were worth $168,765,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of ELV. Vanguard Group Inc. increased its position in shares of Elevance Health by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company’s stock valued at $9,635,281,000 after purchasing an additional 666,534 shares during the last quarter. Orbis Allan Gray Ltd increased its stake in shares of Elevance Health by 31.4% during the 1st quarter. Orbis Allan Gray Ltd now owns 2,849,173 shares of the company’s stock worth $1,239,276,000 after purchasing an additional 680,228 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Elevance Health by 13.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,676,203 shares of the company’s stock worth $1,164,041,000 after purchasing an additional 324,040 shares during the period. Invesco Ltd. grew its holdings in Elevance Health by 1.2% during the first quarter. Invesco Ltd. now owns 2,116,289 shares of the company’s stock valued at $920,501,000 after purchasing an additional 24,833 shares during the period. Finally, Ameriprise Financial Inc. increased its position in Elevance Health by 1.5% in the first quarter. Ameriprise Financial Inc. now owns 1,943,616 shares of the company’s stock worth $845,394,000 after buying an additional 29,174 shares during the last quarter. 89.24% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Wall Street Zen cut Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, July 18th. UBS Group reduced their target price on shares of Elevance Health from $435.00 to $425.00 and set a “buy” rating for the company in a research note on Friday, September 5th. The Goldman Sachs Group initiated coverage on shares of Elevance Health in a research note on Tuesday, October 14th. They set a “neutral” rating and a $343.00 price target on the stock. TD Cowen boosted their target price on shares of Elevance Health from $330.00 to $380.00 and gave the company a “buy” rating in a report on Thursday, October 23rd. Finally, Bank of America boosted their price objective on Elevance Health from $330.00 to $370.00 and gave the company a “neutral” rating in a research note on Friday, October 10th. Twelve analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $397.33.

Insiders Place Their Bets

In related news, Director Susan D. Devore bought 1,200 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were acquired at an average cost of $312.15 per share, with a total value of $374,580.00. Following the completion of the purchase, the director directly owned 3,502 shares of the company’s stock, valued at $1,093,149.30. This trade represents a 52.13% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.29% of the stock is owned by corporate insiders.

Elevance Health Stock Up 1.0%

Shares of NYSE:ELV opened at $317.51 on Friday. The firm has a fifty day moving average price of $329.41 and a two-hundred day moving average price of $344.86. The company has a market cap of $70.56 billion, a price-to-earnings ratio of 12.98, a PEG ratio of 1.23 and a beta of 0.60. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.56 and a quick ratio of 1.56. Elevance Health, Inc. has a one year low of $273.71 and a one year high of $458.75.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.03 by $1.00. The company had revenue of $50.09 billion for the quarter, compared to the consensus estimate of $49.26 billion. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The firm’s revenue was up 12.0% compared to the same quarter last year. During the same quarter last year, the business posted $8.37 earnings per share. Analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, December 5th. Elevance Health’s dividend payout ratio (DPR) is 27.96%.

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.