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

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Elevance Health, Inc. (NYSE:ELV) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 84,760 shares of the company’s stock, valued at approximately $32,779,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. California State Teachers Retirement System increased its stake in Elevance Health by 37,390.0% in the second quarter. California State Teachers Retirement System now owns 124,019,670 shares of the company’s stock valued at $47,962,127,000 after purchasing an additional 123,688,863 shares during the period. BlackRock Inc. purchased a new stake in shares of Elevance Health in the second quarter valued at about $7,344,424,000. Wellington Management Group LLP boosted its stake in shares of Elevance Health by 12.0% during the second quarter. Wellington Management Group LLP now owns 9,213,513 shares of the company’s stock worth $3,563,142,000 after buying an additional 984,976 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Elevance Health by 27.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company’s stock worth $2,610,261,000 after buying an additional 1,607,274 shares during the last quarter. Finally, Artisan Partners Limited Partnership increased its position in Elevance Health by 10.0% in the 4th quarter. Artisan Partners Limited Partnership now owns 5,032,751 shares of the company’s stock valued at $1,764,231,000 after acquiring an additional 455,946 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

Shares of ELV opened at $407.05 on Tuesday. 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 stock’s 50 day moving average is $397.11 and its two-hundred day moving average is $365.14. Elevance Health, Inc. has a twelve month low of $274.84 and a twelve month high of $436.24. The firm has a market capitalization of $88.28 billion, a PE ratio of 18.09, a P/E/G ratio of 2.12 and a beta of 0.69.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. The business had revenue of $49.83 billion during the quarter, compared to the consensus estimate of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The company’s revenue for the quarter was up .8% on a year-over-year basis. During the same period in the prior year, the business posted $8.84 EPS. Research analysts anticipate that Elevance Health, Inc. will post 27.18 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be given a $1.72 dividend. The ex-dividend date is Thursday, September 10th. This represents a $6.88 annualized dividend and a yield of 1.7%. Elevance Health’s dividend payout ratio is presently 30.58%.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Robert Dixon, Jr. sold 151 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the sale, the director owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. This trade represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Morgan Stanley increased their price objective on Elevance Health from $352.00 to $404.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 4th. Deutsche Bank Aktiengesellschaft raised Elevance Health from a “hold” rating to a “buy” rating and boosted their target price for the company from $363.00 to $498.00 in a report on Wednesday, May 20th. Robert W. Baird increased their price target on Elevance Health from $331.00 to $393.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. TD Cowen increased their price target on Elevance Health from $400.00 to $465.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Elevance Health in a research report on Thursday, August 13th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $440.90.

About Elevance Health

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.