Elevance Health, Inc. (NYSE:ELV) Shares Sold by Mitsubishi UFJ Trust & Banking Corp

Key Points

• Mitsubishi UFJ Trust & Banking Corp has decreased its stake in Elevance Health, Inc. by 6.2%, owning about 0.14% of the company after selling 20,872 shares in the first quarter.
• Elevance Health reported $8.84 earnings per share for the latest quarter, missing the consensus estimate of $9.30, despite revenue of $49.42 billion exceeding projections.
• The company announced a quarterly dividend of $1.71 per share, reflecting an annualized amount of $6.84 and a dividend yield of 2.5%.

Mitsubishi UFJ Trust & Banking Corp decreased its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 6.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 313,786 shares of the company's stock after selling 20,872 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned 0.14% of Elevance Health worth $136,484,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Castellan Group boosted its stake in shares of Elevance Health by 98.6% in the first quarter. Castellan Group now owns 11,362 shares of the company's stock worth $4,942,000 after acquiring an additional 5,642 shares during the period. ProVise Management Group LLC boosted its stake in shares of Elevance Health by 18.1% in the first quarter. ProVise Management Group LLC now owns 20,247 shares of the company's stock worth $8,807,000 after acquiring an additional 3,104 shares during the period. Nicolet Advisory Services LLC bought a new position in shares of Elevance Health in the first quarter worth about $223,000. Wealthquest Corp bought a new position in shares of Elevance Health in the first quarter worth about $411,000. Finally, King Wealth Management Group boosted its stake in shares of Elevance Health by 23.6% in the first quarter. King Wealth Management Group now owns 3,760 shares of the company's stock worth $1,635,000 after acquiring an additional 717 shares during the period. Institutional investors own 89.24% of the company's stock.

Elevance Health Trading Down 3.2%

ELV traded down $8.98 during trading on Friday, hitting $274.10. 3,380,911 shares of the stock were exchanged, compared to its average volume of 3,196,180. The firm has a 50 day simple moving average of $349.86 and a 200 day simple moving average of $389.08. The firm has a market cap of $61.72 billion, a price-to-earnings ratio of 11.66, a P/E/G ratio of 1.01 and a beta of 0.58. Elevance Health, Inc. has a 1 year low of $273.84 and a 1 year 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.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (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 company had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. During the same quarter in the prior year, the business posted $10.12 earnings per share. The company's revenue was up 14.3% compared to the same quarter last year. As a group, equities analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be issued a $1.71 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.5%. Elevance Health's dividend payout ratio (DPR) is currently 29.11%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on ELV shares. Wells Fargo & Company dropped their price objective on Elevance Health from $478.00 to $400.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Guggenheim dropped their price target on Elevance Health from $447.00 to $360.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Morgan Stanley dropped their price target on Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a research note on Friday, July 18th. Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Finally, UBS Group restated a "buy" rating and set a $484.00 price objective (down from $555.00) on shares of Elevance Health in a research report on Monday, July 14th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $418.19.

Insider Activity

In related news, CEO Gail Boudreaux purchased 8,500 shares of the business's stock in a transaction dated Friday, July 18th. The shares were acquired at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the acquisition, the chief executive officer owned 151,020 shares of the company's stock, valued at $43,333,678.80. The trade was a 5.96% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.29% of the company's stock.

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.