Elevance Health, Inc. (NYSE:ELV) Shares Sold by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. reduced its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 5.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 2,582 shares of the company’s stock after selling 135 shares during the period. Sumitomo Life Insurance Co.’s holdings in Elevance Health were worth $1,218,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Elevance Health during the 4th quarter worth about $1,253,211,000. Legal & General Group Plc purchased a new position in Elevance Health in the 4th quarter worth approximately $944,528,000. Moneta Group Investment Advisors LLC purchased a new position in Elevance Health in the 4th quarter worth approximately $664,077,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Elevance Health by 825.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 758,754 shares of the company’s stock worth $372,715,000 after buying an additional 676,769 shares during the last quarter. Finally, Barclays PLC increased its holdings in shares of Elevance Health by 52.9% during the 2nd quarter. Barclays PLC now owns 1,263,401 shares of the company’s stock worth $561,318,000 after buying an additional 437,225 shares during the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the sale, the director now directly owns 9,109 shares of the company’s stock, valued at $4,554,500. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.29% of the stock is owned by corporate insiders.

Elevance Health Price Performance

Elevance Health stock opened at $497.49 on Monday. The stock has a market cap of $115.77 billion, a P/E ratio of 19.77, a price-to-earnings-growth ratio of 1.09 and a beta of 0.78. The company has a fifty day simple moving average of $507.48 and a 200-day simple moving average of $481.22. Elevance Health, Inc. has a 12-month low of $412.00 and a 12-month high of $521.18. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.59.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Wednesday, January 24th. The company reported $5.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.60 by $0.02. The business had revenue of $42.45 billion during the quarter, compared to analysts’ expectations of $42.19 billion. Elevance Health had a net margin of 3.49% and a return on equity of 20.47%. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same period in the previous year, the company earned $5.23 EPS. Equities analysts expect that Elevance Health, Inc. will post 37.03 EPS for the current fiscal year.

Elevance Health Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were given a $1.63 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This is a boost from Elevance Health’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a yield of 1.31%. Elevance Health’s payout ratio is 25.90%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $580.00 price target on shares of Elevance Health in a report on Wednesday, April 10th. Royal Bank of Canada lifted their target price on shares of Elevance Health from $572.00 to $574.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. StockNews.com downgraded shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. Wells Fargo & Company dropped their target price on shares of Elevance Health from $561.00 to $557.00 and set an “overweight” rating for the company in a report on Monday, April 8th. Finally, Barclays assumed coverage on shares of Elevance Health in a report on Wednesday, March 6th. They issued an “overweight” rating and a $584.00 target price for the company. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Elevance Health currently has a consensus rating of “Moderate Buy” and a consensus target price of $569.00.

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.