Sumitomo Life Insurance Co. Sells 269 Shares of Elevance Health, Inc. (NYSE:ELV)

Sumitomo Life Insurance Co. trimmed its position in shares of Elevance Health, Inc. (NYSE:ELV) by 10.9% during the 2nd quarter, Holdings Channel reports. The fund owned 2,203 shares of the company’s stock after selling 269 shares during the period. Sumitomo Life Insurance Co.’s holdings in Elevance Health were worth $1,194,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Bank & Trust Co bought a new stake in Elevance Health in the second quarter worth $27,000. Opal Wealth Advisors LLC bought a new stake in Elevance Health in the second quarter worth $28,000. Palisade Asset Management LLC bought a new stake in Elevance Health in the first quarter worth $28,000. Pin Oak Investment Advisors Inc. bought a new stake in Elevance Health in the fourth quarter worth $28,000. Finally, Register Financial Advisors LLC bought a new stake in Elevance Health in the first quarter worth $32,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Stock Up 0.4 %

ELV traded up $1.98 on Friday, hitting $543.70. The company had a trading volume of 910,167 shares, compared to its average volume of 1,044,202. The stock has a fifty day moving average price of $529.79 and a 200-day moving average price of $521.78. Elevance Health, Inc. has a 12-month low of $431.38 and a 12-month high of $555.35. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The stock has a market capitalization of $126.37 billion, a price-to-earnings ratio of 20.55, a P/E/G ratio of 1.18 and a beta of 0.84.

Elevance Health (NYSE:ELV) last posted its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.99 by $0.13. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The company had revenue of $43.22 billion for the quarter, compared to analyst estimates of $42.99 billion. During the same quarter in the previous year, the firm earned $9.04 earnings per share. The firm’s quarterly revenue was down .4% compared to the same quarter last year. Analysts predict that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be paid a $1.63 dividend. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $6.52 annualized dividend and a yield of 1.20%. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Insider Transactions at Elevance Health

In other news, CEO Gail Boudreaux sold 34,000 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the sale, the chief executive officer now owns 126,709 shares in the company, valued at $63,478,674.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the completion of the sale, the chief executive officer now owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the sale, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,058 shares of company stock worth $17,588,116. Insiders own 0.35% of the company’s stock.

Analyst Ratings Changes

ELV has been the subject of a number of analyst reports. Morgan Stanley initiated coverage on Elevance Health in a research report on Monday, June 24th. They issued an “overweight” rating and a $643.00 price target for the company. Mizuho lifted their target price on Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. TD Cowen decreased their target price on Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a research report on Friday, July 19th. Finally, Bank of America reiterated a “neutral” rating and set a $530.00 target price (down from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $604.29.

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.