Sumitomo Mitsui Trust Group Inc. Acquires 3,339 Shares of Elevance Health, Inc. (NYSE:ELV)

Sumitomo Mitsui Trust Group Inc. raised its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 0.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 849,454 shares of the company's stock after buying an additional 3,339 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.38% of Elevance Health worth $369,479,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Marathon Asset Management Ltd boosted its position in shares of Elevance Health by 5.9% during the 1st quarter. Marathon Asset Management Ltd now owns 240,582 shares of the company's stock valued at $104,645,000 after purchasing an additional 13,470 shares in the last quarter. Confluence Wealth Services Inc. bought a new position in Elevance Health in the first quarter worth approximately $566,000. BSW Wealth Partners boosted its holdings in Elevance Health by 34.6% in the first quarter. BSW Wealth Partners now owns 954 shares of the company's stock worth $415,000 after acquiring an additional 245 shares in the last quarter. 3Chopt Investment Partners LLC bought a new position in Elevance Health in the first quarter worth approximately $318,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Elevance Health by 15.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,855 shares of the company's stock worth $16,365,000 after acquiring an additional 5,137 shares in the last quarter. Institutional investors own 89.24% of the company's stock.

Insider Transactions at Elevance Health

In related news, CFO Mark Kaye sold 4,588 shares of the company's stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the completion of the sale, the chief financial officer now directly owns 18,977 shares in the company, valued at $8,061,809.14. This represents a 19.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Cantor Fitzgerald reiterated an "overweight" rating and issued a $485.00 target price on shares of Elevance Health in a research note on Wednesday, April 23rd. Royal Bank Of Canada reiterated an "outperform" rating and issued a $478.00 target price on shares of Elevance Health in a report on Wednesday, June 4th. Robert W. Baird reaffirmed a "neutral" rating and issued a $529.00 target price (down from $625.00) on shares of Elevance Health in a report on Tuesday, April 15th. Truist Financial set a $500.00 target price on Elevance Health and gave the company a "buy" rating in a report on Monday, June 9th. Finally, Argus set a $465.00 target price on Elevance Health in a report on Friday, April 25th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $498.87.

Elevance Health Price Performance

NYSE ELV traded up $8.07 during trading hours on Friday, reaching $381.25. 1,774,243 shares of the stock traded hands, compared to its average volume of 1,581,942. The stock has a 50 day simple moving average of $392.98 and a two-hundred day simple moving average of $398.64. Elevance Health, Inc. has a 1 year low of $357.45 and a 1 year high of $567.26. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.43 and a quick ratio of 1.43. The company has a market cap of $86.14 billion, a price-to-earnings ratio of 11.12, a price-to-earnings-growth ratio of 0.97 and a beta of 0.60.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, beating analysts' consensus estimates of $10.60 by $1.37. Elevance Health had a return on equity of 18.61% and a net margin of 3.23%. The business had revenue of $48.77 billion for the quarter, compared to the consensus estimate of $46.26 billion. On average, analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th were issued a $1.71 dividend. The ex-dividend date was Tuesday, June 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.79%. Elevance Health's dividend payout ratio is currently 26.69%.

About Elevance Health

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.