Meiji Yasuda Asset Management Co Ltd. Cuts Stake in Elevance Health, Inc. (NYSE:ELV)

Meiji Yasuda Asset Management Co Ltd. trimmed its stake in Elevance Health, Inc. (NYSE:ELV) by 0.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,280 shares of the company’s stock after selling 39 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Elevance Health were worth $1,579,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Larson Financial Group LLC increased its holdings in shares of Elevance Health by 24.1% during the 3rd quarter. Larson Financial Group LLC now owns 624 shares of the company’s stock worth $324,000 after buying an additional 121 shares during the last quarter. Fisher Asset Management LLC grew its position in Elevance Health by 3.8% during the third quarter. Fisher Asset Management LLC now owns 838 shares of the company’s stock valued at $436,000 after acquiring an additional 31 shares during the period. Truvestments Capital LLC acquired a new stake in Elevance Health during the third quarter worth about $90,000. Avestar Capital LLC raised its holdings in shares of Elevance Health by 4.8% in the 3rd quarter. Avestar Capital LLC now owns 1,193 shares of the company’s stock worth $620,000 after purchasing an additional 55 shares during the period. Finally, Townsquare Capital LLC lifted its stake in shares of Elevance Health by 6.3% in the 3rd quarter. Townsquare Capital LLC now owns 8,727 shares of the company’s stock valued at $4,538,000 after purchasing an additional 517 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of Elevance Health stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total value of $1,388,635.20. Following the completion of the transaction, the executive vice president now directly owns 10,116 shares in the company, valued at $4,008,970.80. The trade was a 25.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Ronald W. Penczek sold 443 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the sale, the chief accounting officer now owns 1,847 shares in the company, valued at $766,745.11. The trade was a 19.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.35% of the stock is owned by insiders.

Elevance Health Price Performance

ELV opened at $430.29 on Thursday. The company has a market capitalization of $97.83 billion, a P/E ratio of 16.80, a PEG ratio of 1.18 and a beta of 0.86. The company has a 50-day moving average of $402.56 and a 200-day moving average of $422.85. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. Elevance Health, Inc. has a 1-year low of $362.21 and a 1-year high of $567.26.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, beating the consensus estimate of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. Equities analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date was Monday, March 10th. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s payout ratio is currently 26.71%.

Analyst Ratings Changes

ELV has been the subject of a number of research analyst reports. Wells Fargo & Company dropped their target price on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Cantor Fitzgerald reissued an “overweight” rating and issued a $485.00 target price on shares of Elevance Health in a research note on Friday, January 24th. Truist Financial decreased their price target on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Barclays raised their price objective on Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. Finally, StockNews.com raised Elevance Health from a “hold” rating to a “buy” rating in a research report on Thursday, March 20th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $519.81.

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.