Elevance Health, Inc. $ELV Stock: Sumitomo Mitsui Trust Group Inc. Cuts Position

Sumitomo Mitsui Trust Group Inc. trimmed its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 2.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 557,556 shares of the company's stock after selling 13,783 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.26% of Elevance Health worth $216,789,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Elevance Health during the 3rd quarter worth about $27,570,000. ProShare Advisors LLC lifted its position in Elevance Health by 1.6% during the third quarter. ProShare Advisors LLC now owns 35,106 shares of the company's stock valued at $13,650,000 after buying an additional 546 shares in the last quarter. Vise Technologies Inc. purchased a new stake in Elevance Health during the 3rd quarter worth $4,496,000. Unison Advisors LLC grew its stake in shares of Elevance Health by 0.4% in the third quarter. Unison Advisors LLC now owns 7,495 shares of the company's stock valued at $2,914,000 after buying an additional 30 shares in the last quarter. Finally, Americana Partners LLC raised its stake in shares of Elevance Health by 135.6% during 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 during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Elevance Health

In related news, CFO Mark Kaye sold 10,584 shares of the company's stock in a transaction on 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 completion of the transaction, the chief financial officer directly owned 19,919 shares in the company, valued at approximately $8,766,949.47. This represents a 34.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.34% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. Mizuho set a $490.00 target price on Elevance Health in a report on Friday, October 23rd. Truist Financial raised their price objective on Elevance Health from $450.00 to $475.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Cantor Fitzgerald lifted their price objective on shares of Elevance Health from $400.00 to $450.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. Raymond James Financial set a $450.00 target price on shares of Elevance Health in a research note on Tuesday, July 7th. Finally, Guggenheim raised their price target on shares of Elevance Health from $460.00 to $485.00 and gave the stock a "buy" rating in a research report on Thursday, October 22nd. Fifteen equities 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 presently has an average rating of "Moderate Buy" and an average target price of $456.48.

Elevance Health Trading Down 0.1%

Shares of NYSE ELV opened at $419.67 on Monday. The business has a 50-day moving average price of $410.62 and a two-hundred day moving average price of $372.32. Elevance Health, Inc. has a one year low of $274.84 and a one year high of $450.69. The firm has a market capitalization of $90.67 billion, a PE ratio of 17.90, a PEG ratio of 2.00 and a beta of 0.70. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.68.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings results on Wednesday, October 21st. The company reported $6.99 earnings per share 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 company had revenue of $50.44 billion during the quarter, compared to the consensus estimate of $49.28 billion. During the same period last year, the business earned $6.03 EPS. The business's quarterly revenue was up .7% on a year-over-year basis. As a group, analysts predict that Elevance Health, Inc. will post 29.18 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

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

Elevance Health Company Profile

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.

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