Elevance Health, Inc. $ELV Stock Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in Elevance Health, Inc. (NYSE:ELV) by 11.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 94,320 shares of the company’s stock after purchasing an additional 9,560 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Elevance Health were worth $36,674,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in shares of Elevance Health in the second quarter worth $7,344,424,000. Bank of New York Mellon Corp purchased a new stake in Elevance Health during the 2nd quarter valued at $1,246,349,000. Legal & General Group Plc bought a new stake in Elevance Health in the 2nd quarter worth $688,469,000. Amundi increased its position in shares of Elevance Health by 145.7% in the first quarter. Amundi now owns 2,693,664 shares of the company’s stock valued at $788,570,000 after acquiring an additional 1,597,497 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Elevance Health in the second quarter valued at about $591,084,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

ELV stock opened at $419.67 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.47 and a quick ratio of 1.47. Elevance Health, Inc. has a 1 year low of $274.84 and a 1 year high of $450.69. The firm has a 50-day moving average of $410.62 and a 200 day moving average of $372.32. The company has a market cap of $90.67 billion, a P/E ratio of 17.90, a PEG ratio of 2.02 and a beta of 0.70.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Wednesday, October 21st. The company reported $6.99 earnings per share for the quarter, beating the consensus estimate of $4.71 by $2.28. Elevance Health had a return on equity of 14.97% and a net margin of 2.55%. The business had revenue of $50.44 billion for the quarter, compared to analysts’ expectations of $49.28 billion. During the same period in the previous year, the firm posted $6.03 EPS. The business’s revenue was up .7% on a year-over-year basis. On average, sell-side analysts forecast that Elevance Health, Inc. will post 29.13 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be given a dividend of $1.72 per share. The ex-dividend date is Friday, December 4th. This represents a $6.88 annualized dividend and a dividend yield of 1.6%. Elevance Health’s payout ratio is currently 29.34%.

Analyst Ratings Changes

A number of analysts have recently weighed in on ELV shares. Barclays increased their target price on shares of Elevance Health from $469.00 to $472.00 and gave the stock an “overweight” rating in a report on Thursday, October 22nd. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $451.00 price target on shares of Elevance Health in a research report on Friday, October 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Elevance Health in a report on Thursday, August 13th. Raymond James Financial set a $450.00 price objective on Elevance Health in a research report on Tuesday, July 7th. Finally, Guggenheim boosted their target price on Elevance Health from $460.00 to $485.00 and gave the company a “buy” rating in a research note on Thursday, October 22nd. Fifteen research analysts have rated the stock with a Buy rating and eight have assigned 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 price target of $456.48.

Insider Buying and Selling at Elevance Health

In related news, CFO Mark Kaye sold 10,584 shares of Elevance Health stock in a transaction that occurred on Thursday, October 22nd. The stock was sold at an average price of $440.13, for a total transaction of $4,658,335.92. Following the sale, the chief financial officer directly owned 19,919 shares in the company, valued at $8,766,949.47. The trade was a 34.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.34% of the stock is owned by corporate insiders.

Elevance Health Profile

Elevance Health, Inc (NYSE: ELV) is a diversified health benefits company that provides health insurance and related services in the United States. Its offerings serve employers, individuals and families, as well as members of government-sponsored programs, including Medicare and Medicaid. The company provides medical, pharmacy, behavioral health and other benefits through a range of health plans and specialty products.

Elevance Health operates its health benefits businesses through a portfolio that includes Blue Cross and Blue Shield-affiliated plans and other insurance offerings.