Rakuten Investment Management Inc. Buys 38,926 Shares of Elevance Health, Inc. $ELV

Rakuten Investment Management Inc. purchased a new stake in Elevance Health, Inc. (NYSE:ELV) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 38,926 shares of the company’s stock, valued at approximately $15,287,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ELV. BlackRock Inc. bought a new stake in shares of Elevance Health in the 2nd quarter valued at $7,344,424,000. State Street Corp grew its stake in shares of Elevance Health by 1.3% in the second quarter. State Street Corp now owns 10,426,610 shares of the company’s stock valued at $4,032,283,000 after acquiring an additional 137,914 shares in the last quarter. Wellington Management Group LLP raised its holdings in Elevance Health by 12.0% during the second quarter. Wellington Management Group LLP now owns 9,213,513 shares of the company’s stock worth $3,563,142,000 after buying an additional 984,976 shares during the last quarter. First Eagle Investment Management LLC boosted its position in shares of Elevance Health by 1.4% during the second quarter. First Eagle Investment Management LLC now owns 4,188,196 shares of the company’s stock valued at $1,619,701,000 after buying an additional 55,905 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Elevance Health during the second quarter worth about $1,246,349,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Transactions at Elevance Health

In other news, CFO Mark Kaye sold 10,584 shares of Elevance Health stock in a transaction on Thursday, October 22nd. The shares were sold at an average price of $440.13, for a total transaction of $4,658,335.92. Following the transaction, the chief financial officer owned 19,919 shares in the company, valued at approximately $8,766,949.47. The trade was a 34.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.34% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts recently weighed in on ELV shares. Wells Fargo & Company upped their price target on Elevance Health from $473.00 to $492.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 27th. Mizuho set a $490.00 price objective on Elevance Health in a report on Friday, October 23rd. Guggenheim lifted their price target on Elevance Health from $460.00 to $485.00 and gave the stock a “buy” rating in a report on Thursday, October 22nd. Leerink Partners upped their price objective on shares of Elevance Health from $364.00 to $395.00 and gave the stock a “market perform” rating in a research report on Friday, July 17th. Finally, Sanford C. Bernstein set a $488.00 target price on Elevance Health in a report on Thursday, July 16th. Fifteen research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $456.48.

Elevance Health Stock Performance

NYSE ELV opened at $434.44 on Thursday. The company’s 50-day simple moving average is $411.80 and its 200 day simple moving average is $373.00. The stock has a market cap of $93.86 billion, a P/E ratio of 18.53, a PEG ratio of 1.97 and a beta of 0.63. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.68. Elevance Health, Inc. has a twelve month low of $274.84 and a twelve month high of $450.69.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Wednesday, October 21st. The company reported $6.99 EPS for the quarter, beating analysts’ consensus estimates of $4.71 by $2.28. The business had revenue of $50.44 billion during the quarter, compared to the consensus estimate of $49.28 billion. Elevance Health had a return on equity of 14.97% and a net margin of 2.55%. The firm’s revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the company posted $6.03 earnings per share. As a group, research analysts forecast that Elevance Health, Inc. will post 29.18 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be paid a $1.72 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $6.88 annualized dividend and a yield of 1.6%. Elevance Health’s dividend payout ratio is presently 29.34%.

Elevance Health Profile

Elevance Health, Inc (NYSE: ELV) is a diversified health benefits company that provides health insurance and related services in the United States. Its offerings serve employers, individuals and families, as well as members of government-sponsored programs, including Medicare and Medicaid. The company provides medical, pharmacy, behavioral health and other benefits through a range of health plans and specialty products.

Elevance Health operates its health benefits businesses through a portfolio that includes Blue Cross and Blue Shield-affiliated plans and other insurance offerings.