Sumitomo Mitsui DS Asset Management Company Ltd Grows Position in Elevance Health, Inc. $ELV

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Elevance Health, Inc. by 6.7%, owning a total of 32,056 shares valued at approximately $12.47 million.
• Elevance Health reported earnings of $8.84 per share for the last quarter, falling short of analyst expectations of $9.30, although revenue increased by 14.3% year-over-year to $49.42 billion.
• The company has announced a quarterly dividend of $1.71, with an annualized dividend yield of 2.2%, representing a payout ratio of 29.11%.

Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 6.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,056 shares of the company's stock after purchasing an additional 2,001 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Elevance Health were worth $12,469,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Private Wealth Management Group LLC raised its holdings in shares of Elevance Health by 152.0% in the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after buying an additional 38 shares during the period. WPG Advisers LLC purchased a new stake in shares of Elevance Health in the 1st quarter valued at $29,000. Riverview Trust Co raised its holdings in shares of Elevance Health by 1,340.0% in the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after buying an additional 67 shares during the period. North Capital Inc. purchased a new stake in shares of Elevance Health in the 1st quarter valued at $36,000. Finally, Orion Capital Management LLC purchased a new stake in shares of Elevance Health in the 4th quarter valued at $39,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ELV. Truist Financial cut their price objective on Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. UBS Group reduced their price target on Elevance Health from $435.00 to $425.00 and set a "buy" rating on the stock in a research report on Friday, September 5th. Leerink Partnrs downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. Morgan Stanley cut their target price on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a research note on Friday, July 18th. Finally, Argus reiterated a "hold" rating on shares of Elevance Health in a research note on Monday, July 21st. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Elevance Health has a consensus rating of "Moderate Buy" and an average target price of $411.06.

Elevance Health Stock Up 1.5%

ELV stock traded up $4.76 during trading on Monday, hitting $318.47. 1,456,167 shares of the company's stock were exchanged, compared to its average volume of 1,950,699. The business has a 50-day moving average price of $302.61 and a two-hundred day moving average price of $366.74. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $71.71 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 1.15 and a beta of 0.59. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $542.22.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing the consensus estimate of $9.30 by ($0.46). The company had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The business's revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $10.12 earnings per share. As a group, equities research analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 2.1%. The ex-dividend date is Wednesday, September 10th. Elevance Health's dividend payout ratio is currently 29.11%.

Insider Activity at Elevance Health

In related news, CEO Gail Boudreaux purchased 8,500 shares of the company's stock in a transaction on Friday, July 18th. The shares were bought at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the purchase, the chief executive officer directly owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Susan D. Devore purchased 1,200 shares of the company's stock in a transaction on Tuesday, August 19th. The stock was bought at an average price of $312.15 per share, for a total transaction 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. The trade was a 52.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.29% of the company's stock.

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.