Mitsubishi UFJ Asset Management Co. Ltd. Has $180.23 Million Stock Position in Elevance Health, Inc. (NYSE:ELV)

Key Points

• Mitsubishi UFJ Asset Management has increased its stake in Elevance Health by 14.5% during the first quarter, owning 414,348 shares valued at approximately $180.23 million.
• Elevance Health recently reported earnings of $8.84 per share, missing estimates by $0.46, while its revenue for the quarter was $49.42 billion, exceeding expectations.
• The company declared a quarterly dividend of $1.71 per share, representing a yield of 2.4%, with the ex-dividend date set for September 10th.

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 14.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 414,348 shares of the company's stock after acquiring an additional 52,317 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.18% of Elevance Health worth $180,225,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in ELV. CWA Asset Management Group LLC acquired a new stake in Elevance Health in the first quarter valued at about $299,000. GAMMA Investing LLC lifted its holdings in shares of Elevance Health by 88.1% in the first quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock worth $1,475,000 after acquiring an additional 1,588 shares during the last quarter. Ritholtz Wealth Management boosted its stake in shares of Elevance Health by 185.7% in the 1st quarter. Ritholtz Wealth Management now owns 3,083 shares of the company's stock valued at $1,341,000 after purchasing an additional 2,004 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in shares of Elevance Health by 15.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 6,717 shares of the company's stock valued at $2,922,000 after purchasing an additional 913 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in Elevance Health by 36.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company's stock worth $11,991,000 after purchasing an additional 7,410 shares in the last quarter. Institutional investors own 89.24% of the company's stock.

Elevance Health Trading Up 2.7%

NYSE:ELV opened at $283.65 on Friday. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $567.26. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The firm's fifty day moving average is $341.96 and its 200-day moving average is $386.08. The firm has a market cap of $63.87 billion, a P/E ratio of 12.07, a P/E/G ratio of 1.01 and a beta of 0.58.

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

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Wednesday, September 10th. Elevance Health's payout ratio is presently 29.11%.

Insiders Place Their Bets

In other Elevance Health news, CEO Gail Boudreaux purchased 8,500 shares of the company's stock in a transaction on Friday, July 18th. The shares were purchased at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the purchase, the chief executive officer owned 151,020 shares in the company, valued at $43,333,678.80. This represents a 5.96% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ELV shares. Cantor Fitzgerald restated an "overweight" rating and issued a $485.00 target price on shares of Elevance Health in a research report on Wednesday, April 23rd. UBS Group reissued a "buy" rating and set a $484.00 price objective (down previously from $555.00) on shares of Elevance Health in a report on Monday, July 14th. Argus reaffirmed a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Morgan Stanley cut their price target on 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, Wall Street Zen cut Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $418.19.

Elevance Health 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.

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