Daiichi Life Insurance Co. Ltd. Invests $4.20 Million in Elevance Health, Inc. $ELV

Daiichi Life Insurance Co. Ltd. purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the 2nd quarter, Holdings Channel reports. The firm purchased 10,863 shares of the company’s stock, valued at approximately $4,201,000.

Several other hedge funds also recently modified their holdings of ELV. WealthCollab LLC increased its position in shares of Elevance Health by 42.2% during the 1st quarter. WealthCollab LLC now owns 91 shares of the company’s stock worth $27,000 after purchasing an additional 27 shares during the last quarter. Kilter Group LLC bought a new position in shares of Elevance Health in the second quarter valued at $28,000. Kemnay Advisory Services Inc. acquired a new position in Elevance Health during the fourth quarter worth $31,000. J.Safra Asset Management Corp acquired a new position in Elevance Health during the fourth quarter worth $32,000. Finally, Main Street Group LTD bought a new stake in Elevance Health during the first quarter worth $39,000. Institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total transaction of $60,667.27. Following the sale, the director directly owned 10,734 shares in the company, valued at $4,312,599.18. This trade represents a 1.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.34% of the company’s stock.

Elevance Health Stock Performance

NYSE ELV opened at $400.66 on Monday. Elevance Health, Inc. has a 1 year low of $274.84 and a 1 year high of $436.24. The firm’s 50 day simple moving average is $394.76 and its 200 day simple moving average is $360.04. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $86.89 billion, a price-to-earnings ratio of 17.81, a P/E/G ratio of 2.29 and a beta of 0.68.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The company had revenue of $49.83 billion during the quarter, compared to analysts’ expectations of $48.88 billion. During the same quarter in the previous year, the firm earned $8.84 EPS. Elevance Health’s revenue was up .8% on a year-over-year basis. As a group, research analysts expect that Elevance Health, Inc. will post 27.18 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be given a $1.72 dividend. The ex-dividend date is Thursday, September 10th. This represents a $6.88 annualized dividend and a yield of 1.7%. Elevance Health’s dividend payout ratio (DPR) is currently 30.58%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ELV. The Goldman Sachs Group reissued a “neutral” rating and set a $395.00 price target on shares of Elevance Health in a research report on Thursday, July 16th. Guggenheim lifted their target price on Elevance Health from $399.00 to $455.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Cantor Fitzgerald lifted their target price on Elevance Health from $400.00 to $450.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Truist Financial boosted their target price on Elevance Health from $450.00 to $475.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Finally, Evercore restated a “hold” rating on shares of Elevance Health in a research note on Tuesday, May 19th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, Elevance Health has an average rating of “Moderate Buy” and an average price target of $440.90.

Elevance Health 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.