Kentucky Retirement Systems Insurance Trust Fund Sells 630 Shares of Elevance Health, Inc. (NYSE:ELV)

Kentucky Retirement Systems Insurance Trust Fund reduced its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 8.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,866 shares of the company’s stock after selling 630 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Elevance Health were worth $3,570,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Simplify Asset Management Inc. boosted its holdings in shares of Elevance Health by 67.3% during the 3rd quarter. Simplify Asset Management Inc. now owns 8,762 shares of the company’s stock valued at $4,556,000 after acquiring an additional 3,526 shares during the last quarter. Empowered Funds LLC lifted its position in Elevance Health by 24.9% during the third quarter. Empowered Funds LLC now owns 41,965 shares of the company’s stock valued at $21,822,000 after purchasing an additional 8,379 shares during the period. Empirical Finance LLC boosted its holdings in Elevance Health by 2.0% in the third quarter. Empirical Finance LLC now owns 9,327 shares of the company’s stock worth $4,850,000 after purchasing an additional 180 shares during the last quarter. First Business Financial Services Inc. grew its position in Elevance Health by 6.0% in the 3rd quarter. First Business Financial Services Inc. now owns 2,635 shares of the company’s stock worth $1,370,000 after purchasing an additional 150 shares during the period. Finally, CIBC Asset Management Inc raised its stake in Elevance Health by 8.1% during the 3rd quarter. CIBC Asset Management Inc now owns 34,012 shares of the company’s stock valued at $17,686,000 after buying an additional 2,541 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ELV has been the topic of several recent research reports. TD Cowen lowered their price objective on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Barclays decreased their target price on Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Mizuho cut their price target on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. UBS Group lowered their price objective on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Finally, Truist Financial reissued a “buy” rating and issued a $520.00 target price (down from $620.00) on shares of Elevance Health in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $539.20.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the transaction, the executive vice president now directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. This represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.35% of the company’s stock.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $400.78 on Friday. The stock has a 50 day moving average price of $475.29 and a 200-day moving average price of $513.63. Elevance Health, Inc. has a one year low of $397.98 and a one year high of $567.26. The stock has a market cap of $92.95 billion, a price-to-earnings ratio of 14.61, a price-to-earnings-growth ratio of 1.22 and a beta of 0.85. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50.

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

Elevance Health Announces Dividend

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

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.