Resona Asset Management Co. Ltd. Has $35.78 Million Stock Position in Elevance Health, Inc. $ELV

Resona Asset Management Co. Ltd. lifted its holdings in Elevance Health, Inc. (NYSE:ELV) by 12.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 92,217 shares of the company’s stock after purchasing an additional 10,069 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Elevance Health were worth $35,778,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Private Wealth Management Group LLC boosted its stake in shares of Elevance Health by 152.0% during the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company’s stock worth $27,000 after acquiring an additional 38 shares in the last quarter. WPG Advisers LLC bought a new stake in Elevance Health during the first quarter worth approximately $29,000. Glass Jacobson Investment Advisors llc boosted its position in Elevance Health by 400.0% during the second quarter. Glass Jacobson Investment Advisors llc now owns 100 shares of the company’s stock worth $39,000 after purchasing an additional 80 shares during the period. Saudi Central Bank acquired a new position in Elevance Health during the first quarter valued at approximately $40,000. Finally, Berbice Capital Management LLC bought a new position in shares of Elevance Health in the first quarter valued at approximately $43,000. 89.24% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on ELV shares. Cowen reiterated a “buy” rating on shares of Elevance Health in a research note on Thursday, October 23rd. Leerink Partners reiterated a “market perform” rating and issued a $310.00 price objective (down from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Wells Fargo & Company decreased their target price on Elevance Health from $412.00 to $403.00 and set an “overweight” rating for the company in a research note on Wednesday, October 22nd. Mizuho lowered their target price on Elevance Health from $420.00 to $400.00 and set an “outperform” rating on the stock in a report on Monday. Finally, Weiss Ratings upgraded Elevance Health from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 8th. Twelve equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $397.33.

Elevance Health Stock Down 0.9%

NYSE ELV opened at $315.08 on Friday. Elevance Health, Inc. has a one year low of $273.71 and a one year high of $458.75. The firm has a market cap of $70.02 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 1.23 and a beta of 0.60. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.56 and a quick ratio of 1.56. The stock’s 50 day simple moving average is $329.44 and its 200 day simple moving average is $345.97.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.03 by $1.00. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. The business had revenue of $50.09 billion for the quarter, compared to the consensus estimate of $49.26 billion. During the same quarter in the prior year, the company earned $8.37 EPS. The firm’s quarterly revenue was up 12.0% on a year-over-year basis. As a group, sell-side analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be given a dividend of $1.71 per share. The ex-dividend date is Friday, December 5th. This represents a $6.84 dividend on an annualized basis and a yield of 2.2%. Elevance Health’s dividend payout ratio is presently 27.96%.

Insiders Place Their Bets

In other Elevance Health news, Director Susan D. Devore acquired 1,200 shares of Elevance Health stock in a transaction on Tuesday, August 19th. The shares were purchased at an average cost of $312.15 per share, with a total value of $374,580.00. Following the completion of the purchase, the director owned 3,502 shares in the company, valued at $1,093,149.30. The trade was a 52.13% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.29% of the stock is owned by corporate insiders.

Elevance Health 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.