Resona Asset Management Co. Ltd. Buys Shares of 76,286 Elevance Health, Inc. (NYSE:ELV)

Resona Asset Management Co. Ltd. acquired a new stake in Elevance Health, Inc. (NYSE:ELV - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 76,286 shares of the company's stock, valued at approximately $28,164,000.

Several other large investors have also modified their holdings of ELV. Raelipskie Partnership purchased a new position in Elevance Health during the 3rd quarter worth $26,000. Flagship Wealth Advisors LLC acquired a new position in Elevance Health in the 4th quarter valued at about $26,000. OFI Invest Asset Management purchased a new stake in Elevance Health during the 4th quarter valued at approximately $29,000. WealthTrak Capital Management LLC acquired a new stake in Elevance Health during the 4th quarter worth approximately $29,000. Finally, Lee Danner & Bass Inc. purchased a new position in shares of Elevance Health in the 4th quarter valued at approximately $30,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ELV has been the subject of several recent research reports. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Elevance Health in a report on Friday, March 28th. Mizuho boosted their price target on shares of Elevance Health from $455.00 to $505.00 and gave the stock an "outperform" rating in a research note on Wednesday. Argus raised shares of Elevance Health from a "hold" rating to a "buy" rating and set a $450.00 price target for the company in a report on Monday, March 17th. Stephens cut Elevance Health from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $485.00 price target on shares of Elevance Health in a report on Friday, January 24th. Two investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $521.47.

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Elevance Health Price Performance

Shares of ELV traded down $1.81 during mid-day trading on Friday, reaching $434.57. 417,495 shares of the company's stock were exchanged, compared to its average volume of 1,435,959. Elevance Health, Inc. has a 52-week low of $362.21 and a 52-week high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. The company has a 50-day simple moving average of $412.18 and a two-hundred day simple moving average of $413.88. The company has a market cap of $98.38 billion, a price-to-earnings ratio of 16.97, a PEG ratio of 1.18 and a beta of 0.77.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) 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%. On average, sell-side analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Monday, March 10th were paid a dividend of $1.71 per share. This is an increase from Elevance Health's previous quarterly dividend of $1.63. The ex-dividend date was Monday, March 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.57%. Elevance Health's dividend payout ratio is presently 26.71%.

Insider Buying and Selling at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the stock in a transaction dated 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 sale, the executive vice president now owns 10,116 shares in the company, valued at approximately $4,008,970.80. This trade represents a 25.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Ronald W. Penczek sold 443 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction of $183,902.59. Following the completion of the sale, the chief accounting officer now directly owns 1,847 shares of the company's stock, valued at $766,745.11. This trade represents a 19.34 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by insiders.

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.