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 lessened its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 6.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 313,786 shares of the company's stock after selling 20,872 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.14% of Elevance Health worth $136,484,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of ELV. Private Wealth Management Group LLC boosted its position 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 worth $27,000 after purchasing an additional 38 shares in the last quarter. Accredited Wealth Management LLC acquired a new stake in shares of Elevance Health in the 4th quarter worth $25,000. Riverview Trust Co boosted its position 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 worth $31,000 after purchasing an additional 67 shares in the last quarter. North Capital Inc. acquired a new stake in shares of Elevance Health in the 1st quarter worth $36,000. Finally, Berbice Capital Management LLC acquired a new stake in shares of Elevance Health in the 1st quarter worth $43,000. Institutional investors own 89.24% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ELV shares. Wells Fargo & Company lowered their price objective on Elevance Health from $478.00 to $400.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Leerink Partners restated a "market perform" rating and issued a $310.00 target price (down previously from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Argus restated a "hold" rating on shares of Elevance Health in a research note on Monday, July 21st. Truist Financial reduced their target price on Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $478.00 target price on shares of Elevance Health in a research note on Wednesday, June 4th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Elevance Health currently has a consensus rating of "Moderate Buy" and an average price target of $418.19.

Insider Transactions at Elevance Health

In related news, CEO Gail Boudreaux bought 8,500 shares of the 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 directly owned 151,020 shares in the company, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.29% of the company's stock.

Elevance Health Price Performance

ELV stock traded down $0.02 during trading on Wednesday, hitting $276.39. The stock had a trading volume of 1,877,597 shares, compared to its average volume of 1,947,814. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $567.26. The stock has a market capitalization of $62.24 billion, a P/E ratio of 11.76, a PEG ratio of 1.01 and a beta of 0.58. The company's 50-day moving average price is $345.92 and its two-hundred day moving average price is $387.54.

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

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 2.5%. The ex-dividend date is Wednesday, September 10th. Elevance Health's payout ratio is presently 29.11%.

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.