Sompo Asset Management Co. Ltd. Has $921,000 Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Sompo Asset Management Co. Ltd. lessened its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 6.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,700 shares of the company’s stock after selling 120 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Elevance Health were worth $921,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Accretive Wealth Partners LLC acquired a new stake in shares of Elevance Health in the fourth quarter worth $209,000. D.A. Davidson & CO. grew its stake in shares of Elevance Health by 1.2% in the fourth quarter. D.A. Davidson & CO. now owns 5,657 shares of the company’s stock worth $2,668,000 after acquiring an additional 69 shares during the last quarter. CreativeOne Wealth LLC grew its stake in shares of Elevance Health by 56.9% in the fourth quarter. CreativeOne Wealth LLC now owns 786 shares of the company’s stock worth $371,000 after acquiring an additional 285 shares during the last quarter. King Luther Capital Management Corp acquired a new stake in shares of Elevance Health in the fourth quarter worth $316,000. Finally, US Bancorp DE grew its stake in shares of Elevance Health by 4.1% in the fourth quarter. US Bancorp DE now owns 60,461 shares of the company’s stock worth $28,512,000 after acquiring an additional 2,396 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Activity

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ELV. Royal Bank of Canada raised their price objective on shares of Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Stephens reaffirmed an “overweight” rating and issued a $615.00 target price on shares of Elevance Health in a research report on Thursday, September 5th. JPMorgan Chase & Co. raised their target price on Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. TD Cowen reduced 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, Truist Financial raised their target price on Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $604.29.

Elevance Health Stock Performance

Elevance Health stock opened at $539.79 on Friday. The stock has a 50-day simple moving average of $536.19 and a 200 day simple moving average of $529.08. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. Elevance Health, Inc. has a 12-month low of $431.38 and a 12-month high of $567.26. The stock has a market capitalization of $125.46 billion, a price-to-earnings ratio of 20.40, a P/E/G ratio of 1.19 and a beta of 0.82.

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

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Tuesday, September 10th. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

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.