Elevance Health, Inc. $ELV Stake Lowered by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 2.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 557,556 shares of the company’s stock after selling 13,783 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Elevance Health were worth $216,789,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Elevance Health during the third quarter worth $27,570,000. ProShare Advisors LLC boosted its stake in Elevance Health by 1.6% in the 3rd quarter. ProShare Advisors LLC now owns 35,106 shares of the company’s stock valued at $13,650,000 after purchasing an additional 546 shares during the period. Vise Technologies Inc. acquired a new stake in Elevance Health in the 3rd quarter worth about $4,496,000. Unison Advisors LLC grew its position in Elevance Health by 0.4% during the third quarter. Unison Advisors LLC now owns 7,495 shares of the company’s stock worth $2,914,000 after buying an additional 30 shares in the last quarter. Finally, Americana Partners LLC raised its stake in Elevance Health by 135.6% in the third quarter. Americana Partners LLC now owns 1,423 shares of the company’s stock valued at $553,000 after purchasing an additional 819 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ELV shares. Robert W. Baird raised their price objective on shares of Elevance Health from $393.00 to $406.00 and gave the company a “neutral” rating in a report on Thursday, October 22nd. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $451.00 target price on shares of Elevance Health in a report on Friday, October 23rd. Wells Fargo & Company boosted their price objective on Elevance Health from $473.00 to $492.00 and gave the company an “overweight” rating in a research note on Tuesday, October 27th. Morgan Stanley upped their target price on shares of Elevance Health from $404.00 to $449.00 and gave the stock an “equal weight” rating in a report on Thursday, October 22nd. Finally, Barclays boosted their price target on shares of Elevance Health from $469.00 to $472.00 and gave the stock an “overweight” rating in a research note on Thursday, October 22nd. Fifteen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, Elevance Health currently has a consensus rating of “Moderate Buy” and an average price target of $456.48.

Insider Activity at Elevance Health

In other news, CFO Mark Kaye sold 10,584 shares of the firm’s stock in a transaction dated Thursday, October 22nd. The stock was sold at an average price of $440.13, for a total value of $4,658,335.92. Following the transaction, the chief financial officer owned 19,919 shares of the company’s stock, valued at $8,766,949.47. This trade represents a 34.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.34% of the stock is owned by company insiders.

Elevance Health Stock Performance

Shares of ELV stock opened at $419.67 on Monday. Elevance Health, Inc. has a 52 week low of $274.84 and a 52 week high of $450.69. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.68. The stock has a fifty day moving average of $410.62 and a 200 day moving average of $372.32. The firm has a market capitalization of $90.67 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 2.00 and a beta of 0.70.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Wednesday, October 21st. The company reported $6.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.71 by $2.28. Elevance Health had a return on equity of 14.97% and a net margin of 2.55%. The business had revenue of $50.44 billion during the quarter, compared to the consensus estimate of $49.28 billion. During the same quarter in the prior year, the company earned $6.03 earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year. As a group, research analysts expect that Elevance Health, Inc. will post 29.18 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be paid a $1.72 dividend. This represents a $6.88 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, December 4th. Elevance Health’s dividend payout ratio is 29.34%.

About Elevance Health

Elevance Health, Inc (NYSE: ELV) is a diversified health benefits company that provides health insurance and related services in the United States. Its offerings serve employers, individuals and families, as well as members of government-sponsored programs, including Medicare and Medicaid. The company provides medical, pharmacy, behavioral health and other benefits through a range of health plans and specialty products.

Elevance Health operates its health benefits businesses through a portfolio that includes Blue Cross and Blue Shield-affiliated plans and other insurance offerings.