Dai ichi Life Insurance Company Ltd Reduces Position in Elevance Health, Inc. (NYSE:ELV)

Dai ichi Life Insurance Company Ltd trimmed its holdings in Elevance Health, Inc. (NYSE:ELV) by 11.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,540 shares of the company’s stock after selling 2,545 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Elevance Health were worth $10,161,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bank & Trust Co acquired a new stake in Elevance Health in the 2nd quarter valued at approximately $27,000. PSI Advisors LLC acquired a new stake in shares of Elevance Health in the third quarter valued at $27,000. Opal Wealth Advisors LLC purchased a new stake in shares of Elevance Health in the 2nd quarter valued at $28,000. Strategic Financial Concepts LLC purchased a new stake in shares of Elevance Health in the 2nd quarter valued at $30,000. Finally, Eastern Bank acquired a new position in Elevance Health during the 3rd quarter worth about $31,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on ELV shares. TD Cowen reduced their price target on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. Cantor Fitzgerald cut their target price on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. Argus downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. UBS Group cut their price objective on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Finally, Wells Fargo & Company decreased their target price on Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Elevance Health presently has an average rating of “Moderate Buy” and a consensus price target of $539.20.

Insider Activity

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the transaction, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. This represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.29% of the company’s stock.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $407.59 on Tuesday. Elevance Health, Inc. has a one year low of $391.02 and a one year high of $567.26. The stock has a market capitalization of $94.53 billion, a price-to-earnings ratio of 14.86, a PEG ratio of 1.20 and a beta of 0.85. The company has a 50-day simple moving average of $457.79 and a 200-day simple moving average of $507.92. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The company had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm’s revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the business posted $8.99 earnings per share. On average, analysts predict that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a yield of 1.60%. Elevance Health’s 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.