Resona Asset Management Co. Ltd. Takes Position in Elevance Health, Inc. (NYSE:ELV)

Resona Asset Management Co. Ltd. purchased a new stake in Elevance Health, Inc. (NYSE:ELV) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 76,286 shares of the company’s stock, valued at approximately $28,164,000.

Other large investors have also recently bought and sold shares of the company. Raelipskie Partnership bought a new position in shares of Elevance Health in the third quarter valued at approximately $26,000. Flagship Wealth Advisors LLC acquired a new stake in Elevance Health during the 4th quarter valued at $26,000. Dunhill Financial LLC increased its holdings in Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after purchasing an additional 26 shares in the last quarter. WealthTrak Capital Management LLC bought a new position in Elevance Health in the 4th quarter valued at $29,000. Finally, Lee Danner & Bass Inc. bought a new stake in shares of Elevance Health during the fourth quarter worth $30,000. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ELV. Barclays lifted their price target on Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th. StockNews.com upgraded shares of Elevance Health from a “hold” rating to a “buy” rating in a research report on Thursday, March 20th. 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 downgraded Elevance Health from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $520.00 to $440.00 in a report on Wednesday, January 22nd. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $485.00 target price on shares of Elevance Health in a research note on Friday, January 24th. Two analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $519.81.

Elevance Health Stock Performance

Shares of ELV stock opened at $428.62 on Friday. The stock has a market cap of $97.03 billion, a PE ratio of 16.74, a price-to-earnings-growth ratio of 1.18 and a beta of 0.77. The stock has a 50-day moving average of $408.70 and a 200-day moving average of $417.38. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. Elevance Health, Inc. has a one year low of $362.21 and a one year high of $567.26.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, beating the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. As a group, sell-side analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th were paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 1.60%. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date was Monday, March 10th. Elevance Health’s payout ratio is presently 26.71%.

Insiders Place Their Bets

In related news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the sale, the executive vice president now directly owns 10,116 shares in the company, valued at $4,008,970.80. This trade represents a 25.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Ronald W. Penczek sold 443 shares of the business’s stock in a transaction 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 in the company, valued at $766,745.11. This represents a 19.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.

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.