Norinchukin Bank The Boosts Stock Position in Elevance Health, Inc. $ELV

Key Points

• Norinchukin Bank increased its stake in Elevance Health, Inc. by 15.9%, acquiring an additional 1,721 shares, bringing its total holdings to 12,546 shares valued at approximately $5.46 million.
• Elevance Health reported quarterly earnings of $8.84 per share, missing estimates of $9.30, but demonstrated a revenue increase of 14.3% year-over-year, reaching $49.42 billion.
• The company announced a quarterly dividend of $1.71 per share, translating to an annualized amount of $6.84 and a yield of 2.2%, with a payout ratio of 29.11%.

Norinchukin Bank The increased its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 15.9% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,546 shares of the company's stock after buying an additional 1,721 shares during the period. Norinchukin Bank The's holdings in Elevance Health were worth $5,457,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Kaufman Rossin Wealth LLC bought a new stake in shares of Elevance Health during the first quarter valued at approximately $382,000. Dorsey & Whitney Trust CO LLC increased its position in shares of Elevance Health by 6.2% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 3,590 shares of the company's stock valued at $1,562,000 after acquiring an additional 209 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of Elevance Health by 73.5% during the first quarter. T. Rowe Price Investment Management Inc. now owns 2,321 shares of the company's stock valued at $1,010,000 after acquiring an additional 983 shares in the last quarter. Capital Analysts LLC increased its position in shares of Elevance Health by 6.5% during the first quarter. Capital Analysts LLC now owns 577 shares of the company's stock valued at $251,000 after acquiring an additional 35 shares in the last quarter. Finally, Level Four Advisory Services LLC increased its position in shares of Elevance Health by 48.0% during the first quarter. Level Four Advisory Services LLC now owns 15,997 shares of the company's stock valued at $6,959,000 after acquiring an additional 5,187 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Insider Buying and Selling at Elevance Health

In related news, Director Susan D. Devore acquired 1,200 shares of the stock in a transaction dated Tuesday, August 19th. The shares were purchased at an average cost of $312.15 per share, with a total value of $374,580.00. Following the transaction, the director directly owned 3,502 shares in the company, valued at approximately $1,093,149.30. This represents a 52.13% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Gail Boudreaux acquired 8,500 shares of the stock in a transaction dated Friday, July 18th. The shares were bought at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the transaction, the chief executive officer owned 151,020 shares in the company, valued at approximately $43,333,678.80. This represents a 5.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by insiders.

Elevance Health Stock Performance

Shares of ELV traded up $6.2370 during mid-day trading on Friday, hitting $315.8370. 2,961,044 shares of the company traded hands, compared to its average volume of 2,474,865. 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 stock has a 50-day moving average price of $324.18 and a two-hundred day moving average price of $378.47. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $567.26. The stock has a market cap of $71.12 billion, a price-to-earnings ratio of 13.44, a P/E/G ratio of 1.16 and a beta of 0.58.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The company reported $8.84 earnings per share 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 business had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. During the same quarter last year, the company earned $10.12 EPS. Elevance Health's revenue for the quarter was up 14.3% on a year-over-year basis. Equities analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be given a dividend of $1.71 per share. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.2%. Elevance Health's payout ratio is 29.11%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ELV. JPMorgan Chase & Co. reduced their price target on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating for the company in a research report on Tuesday, July 22nd. Barclays reduced their price target on shares of Elevance Health from $434.00 to $358.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Argus reissued a "hold" rating on shares of Elevance Health in a research report on Monday, July 21st. Morgan Stanley decreased their price objective on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a report on Friday, July 18th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $478.00 price objective on shares of Elevance Health in a report on Wednesday, June 4th. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Elevance Health presently has an average rating of "Moderate Buy" and a consensus target price of $413.81.

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.