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

Daiwa Securities Group Inc. boosted its position in Elevance Health, Inc. (NYSE:ELV) by 5.0% during the 3rd quarter, Holdings Channel reports. The fund owned 29,101 shares of the company’s stock after buying an additional 1,391 shares during the period. Daiwa Securities Group Inc.’s holdings in Elevance Health were worth $15,132,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ELV. Bank & Trust Co bought a new position in Elevance Health in the second quarter worth approximately $27,000. PSI Advisors LLC purchased a new position in shares of Elevance Health during the third quarter valued at approximately $27,000. Opal Wealth Advisors LLC purchased a new position in shares of Elevance Health during the second quarter valued at approximately $28,000. Strategic Financial Concepts LLC purchased a new position in shares of Elevance Health during the second quarter valued at approximately $30,000. Finally, Eastern Bank purchased a new position in shares of Elevance Health during the third quarter valued at approximately $31,000. Institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ELV. Royal Bank of Canada cut their target price on Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. Stephens reissued an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. Mizuho cut their price objective on Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 5th. Barclays cut their price objective on Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Finally, TD Cowen lowered their target price on Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $539.20.

Insider Transactions at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction dated 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 directly owns 8,423 shares in the company, valued at $3,639,915.22. This represents a 46.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.35% of the company’s stock.

Elevance Health Price Performance

ELV opened at $402.55 on Monday. The stock has a 50-day moving average price of $460.70 and a 200-day moving average price of $508.84. Elevance Health, Inc. has a 12-month low of $391.02 and a 12-month high of $567.26. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The stock has a market capitalization of $93.36 billion, a P/E ratio of 14.68, a PEG ratio of 1.20 and a beta of 0.85.

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

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date is Thursday, December 5th. Elevance Health’s payout ratio is currently 23.77%.

Elevance Health 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.