VIRGINIA RETIREMENT SYSTEMS ET Al Invests $32.78 Million in Elevance Health, Inc. $ELV

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Elevance Health, Inc. (NYSE:ELV) during the second quarter, HoldingsChannel reports. The fund purchased 84,760 shares of the company’s stock, valued at approximately $32,779,000.

Several other hedge funds have also recently bought and sold shares of the company. WealthCollab LLC boosted its position in Elevance Health by 42.2% during the first quarter. WealthCollab LLC now owns 91 shares of the company’s stock worth $27,000 after purchasing an additional 27 shares in the last quarter. Kilter Group LLC acquired a new stake in Elevance Health in the second quarter valued at $28,000. Kemnay Advisory Services Inc. acquired a new stake in Elevance Health in the fourth quarter valued at $31,000. J.Safra Asset Management Corp purchased a new position in shares of Elevance Health in the fourth quarter valued at $32,000. Finally, Main Street Group LTD purchased a new position in shares of Elevance Health in the first quarter valued at $39,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Morgan Stanley boosted their price objective on shares of Elevance Health from $352.00 to $404.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 4th. Robert W. Baird lifted their target price on shares of Elevance Health from $331.00 to $393.00 and gave the stock a “neutral” rating in a research report on Thursday, July 16th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $395.00 price target on shares of Elevance Health in a report on Thursday, July 16th. Truist Financial increased their price target on shares of Elevance Health from $450.00 to $475.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Finally, Wall Street Zen cut shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Elevance Health has an average rating of “Moderate Buy” and a consensus target price of $440.90.

Elevance Health Trading Down 0.1%

Shares of ELV stock opened at $407.05 on Tuesday. The company has a market capitalization of $88.28 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 2.12 and a beta of 0.69. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. The firm has a 50-day moving average price of $397.11 and a 200 day moving average price of $365.14. Elevance Health, Inc. has a twelve month low of $274.84 and a twelve month high of $436.24.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.21 by $1.24. The company had revenue of $49.83 billion for the quarter, compared to analysts’ expectations of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period last year, the company earned $8.84 EPS. Research analysts forecast that Elevance Health, Inc. will post 27.18 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be given a dividend of $1.72 per share. The ex-dividend date is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a yield of 1.7%. Elevance Health’s dividend payout ratio (DPR) is 30.58%.

Insider Buying and Selling

In other Elevance Health news, Director Robert Dixon, Jr. sold 151 shares of Elevance Health stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the sale, the director directly owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. The trade was a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.34% of the company’s stock.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.