Sumitomo Life Insurance Co. Buys 61 Shares of Elevance Health, Inc. (NYSE:ELV)

Sumitomo Life Insurance Co. grew its stake in Elevance Health, Inc. (NYSE:ELV) by 2.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,264 shares of the company’s stock after purchasing an additional 61 shares during the period. Sumitomo Life Insurance Co.’s holdings in Elevance Health were worth $1,177,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of ELV. Ameriprise Financial Inc. lifted its position in Elevance Health by 5.3% in the second quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock worth $2,054,641,000 after buying an additional 190,118 shares during the last quarter. Capital International Investors lifted its holdings in shares of Elevance Health by 3.7% in the 1st quarter. Capital International Investors now owns 3,498,511 shares of the company’s stock worth $1,814,118,000 after acquiring an additional 123,802 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Elevance Health by 2.9% in the 2nd quarter. Legal & General Group Plc now owns 2,247,091 shares of the company’s stock worth $1,217,607,000 after acquiring an additional 64,376 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Elevance Health by 34.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after purchasing an additional 523,910 shares during the period. Finally, First Eagle Investment Management LLC grew its holdings in Elevance Health by 15.5% during the 2nd quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock valued at $1,115,301,000 after purchasing an additional 275,708 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Cantor Fitzgerald restated an “overweight” rating and set a $600.00 target price on shares of Elevance Health in a research report on Tuesday, October 1st. Stephens restated an “overweight” rating and set a $615.00 price objective on shares of Elevance Health in a report on Thursday, September 5th. Bank of America reaffirmed a “neutral” rating and issued a $530.00 price objective (down previously from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. TD Cowen decreased 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, Morgan Stanley began coverage on shares of Elevance Health in a report on Monday, June 24th. They issued an “overweight” rating and a $643.00 price target on the stock. 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 stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $605.07.

Elevance Health Stock Up 2.7 %

Elevance Health stock opened at $496.99 on Thursday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. The firm has a market cap of $115.51 billion, a P/E ratio of 18.78, a P/E/G ratio of 1.08 and a beta of 0.82. The business has a fifty day moving average of $530.38 and a two-hundred day moving average of $528.62. Elevance Health, Inc. has a twelve month low of $437.42 and a twelve month high of $567.26.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping analysts’ consensus estimates of $9.99 by $0.13. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The firm had revenue of $43.22 billion during the quarter, compared to analysts’ expectations of $42.99 billion. During the same period in the prior year, the business posted $9.04 EPS. The firm’s quarterly revenue was down .4% on a year-over-year basis. On average, analysts forecast that Elevance Health, Inc. will post 37.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction that occurred on 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 $63,478,674.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the transaction, the director now directly owns 8,744 shares of the company’s stock, valued at $4,647,610.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the sale, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,058 shares of company stock worth $17,588,116. 0.35% of the stock is owned by corporate insiders.

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.