Daiwa Securities Group Inc. Purchases 1,391 Shares of Elevance Health, Inc. (NYSE:ELV)

Daiwa Securities Group Inc. increased its position in Elevance Health, Inc. (NYSE:ELV) by 5.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 29,101 shares of the company’s stock after purchasing an additional 1,391 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Elevance Health were worth $15,132,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Ameriprise Financial Inc. lifted its holdings in shares of Elevance Health by 5.3% during the second quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock valued at $2,054,641,000 after acquiring an additional 190,118 shares during the period. Massachusetts Financial Services Co. MA increased its position in Elevance Health by 16.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock worth $1,246,574,000 after purchasing an additional 334,552 shares during the period. Legal & General Group Plc increased its position in Elevance Health by 2.9% in the second quarter. Legal & General Group Plc now owns 2,247,091 shares of the company’s stock worth $1,217,607,000 after purchasing an additional 64,376 shares during the period. First Eagle Investment Management LLC increased its position in Elevance Health by 15.5% in the second quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock worth $1,115,301,000 after purchasing an additional 275,708 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Elevance Health by 1.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,867,551 shares of the company’s stock worth $1,011,888,000 after purchasing an additional 23,872 shares during the period. 89.24% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.35% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

ELV has been the topic of several recent analyst reports. Royal Bank of Canada cut their price objective on Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a report on Friday, October 18th. Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Raymond James set a $485.00 price objective on Elevance Health in a report on Friday, October 18th. Cantor Fitzgerald cut their target price on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research report on Friday, October 18th. Finally, Morgan Stanley cut their target price on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $539.20.

Elevance Health Trading Down 0.3 %

Shares of ELV stock opened at $402.55 on Monday. The stock has a market cap of $93.36 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 1.20 and a beta of 0.85. The stock has a 50-day moving average of $460.70 and a 200-day moving average of $508.84. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a 1-year low of $391.02 and a 1-year high of $567.26.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results 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). The company had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The company’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the company posted $8.99 EPS. On average, equities research analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be paid a dividend of $1.63 per share. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.62%. Elevance Health’s dividend payout ratio is currently 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.