New York Life Investment Management LLC Cuts Stake in Elevance Health, Inc. $ELV

New York Life Investment Management LLC decreased its position in shares of Elevance Health, Inc. (NYSE:ELV) by 1.7% during the second quarter, HoldingsChannel reports. The institutional investor owned 34,490 shares of the company’s stock after selling 602 shares during the period. New York Life Investment Management LLC’s holdings in Elevance Health were worth $13,415,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Howard Capital Management Inc. grew its holdings in shares of Elevance Health by 25.9% during the second quarter. Howard Capital Management Inc. now owns 1,659 shares of the company’s stock valued at $645,000 after buying an additional 341 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in Elevance Health by 73.9% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 81,212 shares of the company’s stock valued at $31,588,000 after purchasing an additional 34,500 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in Elevance Health by 1.7% during the 2nd quarter. Teacher Retirement System of Texas now owns 158,790 shares of the company’s stock valued at $61,763,000 after purchasing an additional 2,603 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its position in shares of Elevance Health by 2,836.0% during the second quarter. Y Intercept Hong Kong Ltd now owns 23,547 shares of the company’s stock valued at $9,159,000 after buying an additional 22,745 shares during the last quarter. Finally, Transcend Capital Advisors LLC boosted its position in shares of Elevance Health by 6.6% during the second quarter. Transcend Capital Advisors LLC now owns 876 shares of the company’s stock valued at $341,000 after buying an additional 54 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insiders Place Their Bets

In related news, Director Susan D. Devore acquired 1,200 shares of the stock in a transaction dated Tuesday, August 19th. The shares were purchased at an average cost of $312.15 per share, with a total value of $374,580.00. Following the transaction, the director directly owned 3,502 shares in the company, valued at approximately $1,093,149.30. This represents a 52.13% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.29% of the company’s stock.

Elevance Health Stock Performance

ELV opened at $339.94 on Wednesday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.71. The company has a market cap of $75.55 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 1.25 and a beta of 0.59. The company’s 50 day moving average is $328.28 and its 200 day moving average is $350.94. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $458.75.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, topping the consensus estimate of $5.03 by $1.00. The business had revenue of $50.09 billion for the quarter, compared to analysts’ expectations of $49.26 billion. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. The company’s revenue was up 12.0% compared to the same quarter last year. During the same quarter last year, the company posted $8.37 EPS. On average, equities research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be given a dividend of $1.71 per share. The ex-dividend date is Friday, December 5th. This represents a $6.84 annualized dividend and a yield of 2.0%. Elevance Health’s payout ratio is 27.96%.

Analyst Upgrades and Downgrades

Several research firms recently commented on ELV. UBS Group dropped their price objective on Elevance Health from $435.00 to $425.00 and set a “buy” rating on the stock in a research report on Friday, September 5th. Wall Street Zen downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, July 18th. Bank of America raised their target price on shares of Elevance Health from $330.00 to $370.00 and gave the stock a “neutral” rating in a report on Friday, October 10th. TD Cowen raised their target price on shares of Elevance Health from $330.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, October 23rd. Finally, Cowen restated a “buy” rating on shares of Elevance Health in a report on Thursday, October 23rd. Twelve equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, Elevance Health currently has an average rating of “Moderate Buy” and an average price target of $398.44.

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.