Meiji Yasuda Asset Management Co Ltd. Acquires New Shares in Elevance Health, Inc. $ELV

Meiji Yasuda Asset Management Co Ltd. purchased a new stake in Elevance Health, Inc. (NYSE:ELV) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,395 shares of the company’s stock, valued at approximately $2,086,000.

A number of other hedge funds have also modified their holdings of the business. Te Ahumairangi Investment Management Ltd acquired a new position in shares of Elevance Health in the second quarter worth $4,106,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Elevance Health during the second quarter valued at $175,048,000. Benchmark Investment Advisors LLC purchased a new stake in Elevance Health during the 2nd quarter worth about $363,000. True Freedom Investing LLC purchased a new stake in Elevance Health during the 2nd quarter worth about $3,811,000. Finally, LM Advisors LLC acquired a new position in Elevance Health in the 2nd quarter valued at about $311,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Trading Up 0.5%

NYSE:ELV opened at $402.62 on Tuesday. The firm has a market capitalization of $87.32 billion, a PE ratio of 17.89, a price-to-earnings-growth ratio of 2.29 and a beta of 0.68. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. Elevance Health, Inc. has a 12 month low of $274.84 and a 12 month high of $436.24. The business’s 50-day moving average is $394.79 and its two-hundred day moving average is $360.49.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping the consensus estimate of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The firm had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. During the same period in the previous year, the company posted $8.84 EPS. Elevance Health’s revenue for the quarter was up .8% on a year-over-year basis. Research analysts predict that Elevance Health, Inc. will post 27.18 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be paid a $1.72 dividend. The ex-dividend date is Thursday, September 10th. This represents a $6.88 annualized dividend and a dividend yield of 1.7%. Elevance Health’s dividend payout ratio is 30.58%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ELV shares. Wall Street Zen downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. JPMorgan Chase & Co. raised their price objective on Elevance Health from $411.00 to $476.00 and gave the stock an “overweight” rating in a report on Monday, June 8th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $395.00 price objective on shares of Elevance Health in a research report on Thursday, July 16th. Truist Financial increased their target price on Elevance Health from $450.00 to $475.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Finally, Bank of America upped their price objective on shares of Elevance Health from $435.00 to $460.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $440.90.

Insider Buying and Selling at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total transaction of $60,667.27. Following the completion of the sale, the director directly owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. This trade represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.34% of the company’s stock.

Elevance Health Company Profile

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.