Sumitomo Mitsui Trust Group Inc. Has $304.72 Million Stake in Elevance Health, Inc. $ELV

Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 0.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 943,067 shares of the company’s stock after buying an additional 8,023 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.42% of Elevance Health worth $304,724,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Vermillion & White Wealth Management Group LLC increased its stake in Elevance Health by 94.9% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 76 shares of the company’s stock valued at $30,000 after buying an additional 37 shares during the last quarter. BOK Financial Private Wealth Inc. bought a new position in shares of Elevance Health during the 2nd quarter valued at approximately $32,000. Glass Jacobson Investment Advisors llc increased its stake in shares of Elevance Health by 400.0% during the 2nd 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 last quarter. Motco raised its holdings in shares of Elevance Health by 334.8% in the 3rd quarter. Motco now owns 100 shares of the company’s stock worth $32,000 after purchasing an additional 77 shares during the period. Finally, Trust Co. of Toledo NA OH purchased a new position in Elevance Health in the second quarter valued at approximately $43,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Down 0.5%

ELV stock opened at $372.80 on Monday. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $458.75. The stock has a market cap of $82.85 billion, a price-to-earnings ratio of 15.24, a price-to-earnings-growth ratio of 1.92 and a beta of 0.51. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.71. The company’s 50 day moving average is $338.20 and its 200 day moving average is $327.98.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $49.26 billion. During the same quarter in the previous year, the company earned $8.37 EPS. The business’s quarterly revenue was up 12.0% compared to the same quarter last year. Sell-side analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were given a dividend of $1.71 per share. The ex-dividend date was Friday, December 5th. This represents a $6.84 annualized dividend and a dividend yield of 1.8%. Elevance Health’s dividend payout ratio is 27.96%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ELV shares. Cowen reiterated a “buy” rating on shares of Elevance Health in a research note on Wednesday, November 26th. Wall Street Zen downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Saturday, December 13th. Barclays boosted their price objective on Elevance Health from $385.00 to $404.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Robert W. Baird raised their price objective on shares of Elevance Health from $297.00 to $340.00 and gave the company a “neutral” rating in a research report on Thursday, December 11th. Finally, Bank of America upped their target price on shares of Elevance Health from $330.00 to $370.00 and gave the stock a “neutral” rating in a report on Friday, October 10th. Thirteen analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Elevance Health currently has a consensus rating of “Hold” and a consensus target price of $400.85.

About Elevance Health

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.