Sumitomo Mitsui Trust Group Inc. Sells 10,474 Shares of Elevance Health, Inc. (NYSE:ELV)

Sumitomo Mitsui Trust Group Inc. decreased its position in shares of Elevance Health, Inc. (NYSE:ELV) by 1.2% during the fourth quarter, Holdings Channel reports. The fund owned 846,115 shares of the company’s stock after selling 10,474 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Elevance Health were worth $312,132,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Raelipskie Partnership purchased a new stake in Elevance Health in the third quarter worth $26,000. PSI Advisors LLC bought a new position in shares of Elevance Health in the 3rd quarter worth about $27,000. Eastern Bank purchased a new position in Elevance Health during the 3rd quarter valued at about $31,000. Dunhill Financial LLC lifted its position in Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after acquiring an additional 26 shares during the period. Finally, Peterson Financial Group Inc. purchased a new stake in Elevance Health in the third quarter worth about $44,000. Institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Down 3.0 %

Shares of ELV stock opened at $389.94 on Friday. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a 12-month low of $362.21 and a 12-month high of $567.26. The stock has a market capitalization of $90.44 billion, a P/E ratio of 15.23, a P/E/G ratio of 1.19 and a beta of 0.83. The firm’s 50 day moving average is $386.45 and its 200 day moving average is $454.94.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. Research analysts expect that Elevance Health, Inc. will post 34.07 earnings per share for the current year.

Elevance Health Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be given a dividend of $1.71 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.75%. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio is presently 26.71%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ELV shares. Mizuho lowered their target price on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. StockNews.com upgraded Elevance Health from a “hold” rating to a “buy” rating in a research note on Tuesday. UBS Group cut their target price on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research note on Friday, October 18th. Raymond James set a $485.00 price target on Elevance Health in a research report on Friday, October 18th. Finally, Stephens downgraded shares of Elevance Health from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $517.03.

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.