Retirement Systems of Alabama Sells 1,500 Shares of Elevance Health, Inc. (NYSE:ELV)

Retirement Systems of Alabama lowered its stake in Elevance Health, Inc. (NYSE:ELV) by 2.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 51,782 shares of the company’s stock after selling 1,500 shares during the quarter. Retirement Systems of Alabama’s holdings in Elevance Health were worth $24,418,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Avestar Capital LLC bought a new stake in Elevance Health during the 3rd quarter worth approximately $237,000. Compagnie Lombard Odier SCmA bought a new position in shares of Elevance Health in the third quarter worth $523,000. Edmp Inc. raised its position in shares of Elevance Health by 9.4% in the third quarter. Edmp Inc. now owns 6,472 shares of the company’s stock worth $2,818,000 after buying an additional 554 shares in the last quarter. Accurate Wealth Management LLC bought a new stake in Elevance Health during the third quarter valued at $2,188,000. Finally, Cambridge Investment Research Advisors Inc. grew its position in Elevance Health by 10.2% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 24,428 shares of the company’s stock worth $10,637,000 after buying an additional 2,270 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Transactions at Elevance Health

In related news, EVP Felicia F. Norwood sold 14,111 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the transaction, the executive vice president now owns 31,460 shares in the company, valued at approximately $16,791,460.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Felicia F. Norwood sold 14,111 shares of the firm’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total value of $7,531,605.14. Following the completion of the sale, the executive vice president now owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total transaction of $376,500.00. Following the transaction, the director now directly owns 9,109 shares in the company, valued at $4,554,500. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. UBS Group boosted their price objective on Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Jefferies Financial Group boosted their price target on shares of Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. Mizuho raised their price objective on shares of Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Royal Bank of Canada lifted their price objective on shares of Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a report on Friday, April 19th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $580.00 target price on shares of Elevance Health in a research note on Wednesday, April 10th. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $587.42.

Elevance Health Stock Down 0.6 %

ELV opened at $533.89 on Tuesday. Elevance Health, Inc. has a 12 month low of $412.00 and a 12 month high of $542.07. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. The business’s 50-day moving average price is $512.32 and its 200-day moving average price is $487.42. The company has a market cap of $124.09 billion, a P/E ratio of 20.18, a P/E/G ratio of 1.19 and a beta of 0.78.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.54 by $0.10. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The business had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. During the same period last year, the company earned $9.46 EPS. Elevance Health’s revenue for the quarter was up .9% compared to the same quarter last year. On average, equities analysts expect that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be issued a dividend of $1.63 per share. The ex-dividend date is Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.22%. Elevance Health’s dividend payout ratio is currently 24.64%.

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.