Mitsubishi UFJ Asset Management Co. Ltd. Takes $205.91 Million Position in Elevance Health, Inc. $ELV

Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Elevance Health, Inc. (NYSE:ELV) during the 2nd quarter, Holdings Channel reports. The firm bought 532,437 shares of the company’s stock, valued at approximately $205,912,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. WealthCollab LLC raised its position in Elevance Health by 42.2% in the 1st quarter. WealthCollab LLC now owns 91 shares of the company’s stock valued at $27,000 after purchasing an additional 27 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new stake in shares of Elevance Health in the fourth quarter valued at $31,000. J.Safra Asset Management Corp acquired a new stake in Elevance Health in the 4th quarter valued at about $32,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in shares of Elevance Health in the fourth quarter worth about $38,000. Finally, Main Street Group LTD bought a new stake in shares of Elevance Health during the first quarter valued at approximately $39,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Stock Down 2.4%

Shares of NYSE:ELV opened at $390.69 on Tuesday. The company has a 50 day moving average price of $395.48 and a two-hundred day moving average price of $358.49. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. The company has a market capitalization of $84.73 billion, a PE ratio of 17.36, a PEG ratio of 2.30 and a beta of 0.68. Elevance Health, Inc. has a 52 week low of $274.84 and a 52 week high of $436.24.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The company had revenue of $49.83 billion for the quarter, compared to analysts’ expectations of $48.88 billion. During the same period last year, the firm posted $8.84 earnings per share. The business’s quarterly revenue was up .8% compared to the same quarter last year. Analysts forecast that Elevance Health, Inc. will post 27.07 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be paid a $1.72 dividend. This represents a $6.88 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s payout ratio is presently 30.58%.

Insider Activity

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the sale, the director directly owned 10,734 shares in the company, valued at $4,312,599.18. This represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.34% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently weighed in on ELV. Mizuho boosted their price objective on shares of Elevance Health from $435.00 to $465.00 and gave the stock an “outperform” rating in a research report on Monday, June 8th. Citigroup upgraded Elevance Health to a “buy” rating in a research report on Wednesday, April 29th. Truist Financial boosted their target price on Elevance Health from $450.00 to $475.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Barclays decreased their price target on Elevance Health from $480.00 to $457.00 and set an “overweight” rating on the stock in a report on Thursday, July 16th. Finally, Sanford C. Bernstein set a $488.00 price objective on Elevance Health in a research report on Thursday, July 16th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $440.90.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.