Elevance Health, Inc. (NYSE:ELV) Shares Purchased by Arizona State Retirement System

Arizona State Retirement System boosted its position in Elevance Health, Inc. (NYSE:ELV) by 0.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 66,885 shares of the company’s stock after acquiring an additional 246 shares during the quarter. Arizona State Retirement System’s holdings in Elevance Health were worth $24,674,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ELV. Van ECK Associates Corp raised its holdings in Elevance Health by 4.1% during the third quarter. Van ECK Associates Corp now owns 12,782 shares of the company’s stock worth $6,647,000 after purchasing an additional 507 shares in the last quarter. Impax Asset Management Group plc raised its holdings in Elevance Health by 6.0% during the third quarter. Impax Asset Management Group plc now owns 25,305 shares of the company’s stock worth $13,159,000 after purchasing an additional 1,435 shares in the last quarter. Crestwood Advisors Group LLC acquired a new stake in Elevance Health during the third quarter worth approximately $274,000. HF Advisory Group LLC raised its holdings in Elevance Health by 12.5% during the third quarter. HF Advisory Group LLC now owns 3,731 shares of the company’s stock worth $1,940,000 after purchasing an additional 415 shares in the last quarter. Finally, Balentine LLC raised its holdings in Elevance Health by 261.0% during the third quarter. Balentine LLC now owns 2,083 shares of the company’s stock worth $1,083,000 after purchasing an additional 1,506 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Argus reissued a “hold” rating and set a $405.40 price objective on shares of Elevance Health in a report on Wednesday, January 29th. Wells Fargo & Company lowered their target price on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. Truist Financial lowered their target price on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. StockNews.com upgraded shares of Elevance Health from a “hold” rating to a “buy” rating in a research report on Saturday, March 1st. Finally, Stephens lowered shares of Elevance Health from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock 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 given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $517.03.

Elevance Health Price Performance

Shares of NYSE ELV opened at $397.67 on Thursday. The firm has a market capitalization of $90.41 billion, a P/E ratio of 15.53, a PEG ratio of 1.18 and a beta of 0.83. Elevance Health, Inc. has a one year low of $362.21 and a one year high of $567.26. The company’s fifty day moving average is $389.26 and its two-hundred day moving average is $436.03. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. Analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be given a dividend of $1.71 per share. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 1.72%. The ex-dividend date is Monday, March 10th. Elevance Health’s payout ratio is presently 26.71%.

Insiders Place Their Bets

In other news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of Elevance Health stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the completion of the transaction, the executive vice president now owns 10,116 shares of the company’s stock, valued at $4,008,970.80. The trade was a 25.73 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.35% of the company’s stock.

About Elevance Health

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.