Maryland State Retirement & Pension System Has $4.28 Million Stock Holdings in Elevance Health, Inc. $ELV

Maryland State Retirement & Pension System grew its position in shares of Elevance Health, Inc. (NYSE:ELV) by 1.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,991 shares of the company’s stock after purchasing an additional 118 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Elevance Health were worth $4,275,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in ELV. Private Wealth Management Group LLC lifted its stake in shares of Elevance Health by 152.0% in the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company’s stock worth $27,000 after acquiring an additional 38 shares during the period. WPG Advisers LLC acquired a new position in shares of Elevance Health in the first quarter worth approximately $29,000. North Capital Inc. acquired a new position in shares of Elevance Health in the first quarter worth approximately $36,000. Saudi Central Bank acquired a new position in shares of Elevance Health in the first quarter worth approximately $40,000. Finally, Berbice Capital Management LLC acquired a new position in shares of Elevance Health in the first quarter worth approximately $43,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Elevance Health

In related news, Director Susan D. Devore purchased 1,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The stock was acquired at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the acquisition, the director owned 3,502 shares of the company’s stock, valued at $1,093,149.30. This represents a 52.13% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gail Boudreaux purchased 8,500 shares of the firm’s stock in a transaction that occurred on Friday, July 18th. The shares were bought at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the acquisition, the chief executive officer directly owned 151,020 shares of the company’s stock, valued at $43,333,678.80. This represents a 5.96% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on ELV. JPMorgan Chase & Co. cut their price objective on Elevance Health from $472.00 to $384.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 22nd. Argus reaffirmed a “hold” rating on shares of Elevance Health in a research note on Monday, July 21st. Leerink Partnrs downgraded Elevance Health from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 17th. Barclays lifted their target price on Elevance Health from $373.00 to $395.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Mizuho lifted their target price on Elevance Health from $342.00 to $420.00 and gave the stock an “outperform” rating in a report on Thursday. Twelve investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $414.63.

Elevance Health Trading Down 1.1%

NYSE ELV opened at $358.24 on Friday. The company has a market cap of $80.67 billion, a price-to-earnings ratio of 15.24, a P/E/G ratio of 1.32 and a beta of 0.59. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $510.24. The business has a 50 day moving average price of $313.51 and a 200-day moving average price of $359.66. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing the consensus estimate of $9.30 by ($0.46). The firm had revenue of $49.42 billion for the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The company’s revenue was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $10.12 EPS. As a group, equities analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 25th. Investors of record on Wednesday, September 10th were issued a dividend of $1.71 per share. The ex-dividend date was Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 1.9%. Elevance Health’s dividend payout ratio is 29.11%.

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.