Mitsubishi UFJ Asset Management Co. Ltd. Makes New $205.91 Million Investment in Elevance Health, Inc. $ELV

Key Points

• Mitsubishi UFJ Asset Management bought 532,437 Elevance Health shares worth approximately $205.9 million, giving it a 0.25% stake; institutional investors collectively own 89.24% of the company.
• Analysts maintain a generally positive outlook, with 15 Buy and eight Hold ratings, producing a “Moderate Buy” consensus and an average price target of $440.90.
• Elevance exceeded quarterly earnings expectations with $7.45 in EPS and $49.83 billion in revenue, while declaring a $1.72 quarterly dividend, equivalent to a 1.8% yield.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 532,437 shares of the company's stock, valued at approximately $205,912,000. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.25% of Elevance Health at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in ELV. WealthCollab LLC raised its position in Elevance Health by 42.2% during the first quarter. WealthCollab LLC now owns 91 shares of the company's stock valued at $27,000 after acquiring an additional 27 shares in the last quarter. Kemnay Advisory Services Inc. bought a new stake in Elevance Health in the fourth quarter worth approximately $31,000. J.Safra Asset Management Corp bought a new stake in Elevance Health in the fourth quarter worth approximately $32,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in shares of Elevance Health during the 4th quarter worth $38,000. Finally, Main Street Group LTD acquired a new position in shares of Elevance Health during the 1st quarter worth $39,000. Institutional investors own 89.24% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ELV shares. Leerink Partners upped their target price on Elevance Health from $364.00 to $395.00 and gave the stock a "market perform" rating in a research report on Friday, July 17th. Truist Financial boosted their price objective on shares of Elevance Health from $450.00 to $475.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Wells Fargo & Company decreased their price objective on shares of Elevance Health from $492.00 to $473.00 and set an "overweight" rating for the company in a report on Thursday, July 16th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $395.00 target price on shares of Elevance Health in a report on Thursday, July 16th. Finally, Sanford C. Bernstein set a $488.00 target price on shares of Elevance Health in a research report on Thursday, July 16th. Fifteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $440.90.

Insider Buying and Selling at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the company's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the sale, the director owned 10,734 shares of the company's stock, valued at approximately $4,312,599.18. This represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.34% of the company's stock.

Elevance Health Trading Down 2.4%

Shares of ELV opened at $390.69 on Tuesday. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. The stock has a market cap of $84.73 billion, a PE ratio of 17.36, a PEG ratio of 2.30 and a beta of 0.68. Elevance Health, Inc. has a 1 year low of $274.84 and a 1 year high of $436.24. The stock has a 50 day simple moving average of $395.48 and a 200-day simple moving average of $358.49.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating the consensus estimate of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. During the same quarter in the previous year, the firm earned $8.84 EPS. Elevance Health's quarterly revenue was up .8% on a year-over-year basis. On average, sell-side analysts predict that Elevance Health, Inc. will post 27.07 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be paid a $1.72 dividend. This represents a $6.88 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Thursday, September 10th. Elevance Health's payout ratio is currently 30.58%.

About Elevance Health

Elevance Health, Inc NYSE: ELV is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company's strategic focus on integrated health care and benefit delivery.

Elevance's core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.

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