Sumitomo Mitsui Trust Group Inc. Purchases 49,755 Shares of Elevance Health, Inc. (NYSE:ELV)

Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 6.2% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 856,589 shares of the company's stock after buying an additional 49,755 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.37% of Elevance Health worth $445,426,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Bank & Trust Co acquired a new stake in shares of Elevance Health during the second quarter worth approximately $27,000. Opal Wealth Advisors LLC acquired a new stake in shares of Elevance Health during the second quarter worth approximately $28,000. PSI Advisors LLC acquired a new stake in shares of Elevance Health during the third quarter worth approximately $27,000. Eastern Bank acquired a new stake in shares of Elevance Health during the third quarter worth approximately $31,000. Finally, Crewe Advisors LLC acquired a new stake in shares of Elevance Health during the first quarter worth approximately $40,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Insiders Place Their Bets

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm's stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the sale, the executive vice president now directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.35% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on ELV shares. Mizuho decreased their price target on shares of Elevance Health from $585.00 to $505.00 and set an "outperform" rating on the stock in a research note on Tuesday, November 5th. Cantor Fitzgerald lowered their price objective on shares of Elevance Health from $600.00 to $485.00 and set an "overweight" rating on the stock in a research note on Friday, October 18th. UBS Group lowered their price objective on shares of Elevance Health from $605.00 to $555.00 and set a "buy" rating on the stock in a research note on Friday, October 18th. Raymond James set a $485.00 price target on shares of Elevance Health in a research note on Friday, October 18th. Finally, Wells Fargo & Company decreased their price target on shares of Elevance Health from $593.00 to $495.00 and set an "overweight" rating on the stock in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $539.20.

Elevance Health Trading Down 2.0 %

Shares of ELV stock traded down $8.54 during trading hours on Tuesday, hitting $416.85. 1,147,154 shares of the company's stock traded hands, compared to its average volume of 1,150,104. Elevance Health, Inc. has a 12 month low of $397.98 and a 12 month high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The stock's 50 day simple moving average is $486.59 and its 200 day simple moving average is $516.91. The stock has a market cap of $96.68 billion, a PE ratio of 15.02, a price-to-earnings-growth ratio of 1.26 and a beta of 0.85.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. During the same quarter last year, the company earned $8.99 earnings per share. The company's quarterly revenue was up 5.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Thursday, December 5th. Elevance Health's dividend payout ratio (DPR) is presently 23.77%.

About Elevance Health

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.