Kentucky Retirement Systems Has $8.40 Million Position in Elevance Health, Inc. (NYSE:ELV)

Kentucky Retirement Systems cut its position in Elevance Health, Inc. (NYSE:ELV) by 7.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,154 shares of the company’s stock after selling 1,360 shares during the period. Kentucky Retirement Systems’ holdings in Elevance Health were worth $8,400,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank & Trust Co bought a new stake in Elevance Health during the 2nd quarter worth approximately $27,000. PSI Advisors LLC acquired a new stake in shares of Elevance Health during the third quarter worth $27,000. Opal Wealth Advisors LLC bought a new stake in Elevance Health in the 2nd quarter valued at $28,000. Strategic Financial Concepts LLC acquired a new stake in shares of Elevance Health in the 2nd quarter valued at about $30,000. Finally, Eastern Bank acquired a new stake in shares of Elevance Health in the 3rd quarter valued at about $31,000. 89.24% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ELV shares. Truist Financial reiterated a “buy” rating and set a $520.00 price objective (down from $620.00) on shares of Elevance Health in a report on Friday, October 18th. Raymond James set a $485.00 price target on shares of Elevance Health in a research note on Friday, October 18th. Wells Fargo & Company cut their price objective on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Royal Bank of Canada decreased their target price on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Finally, Cantor Fitzgerald cut their price target on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $539.20.

Elevance Health Trading Down 1.5 %

Shares of NYSE:ELV opened at $400.78 on Friday. Elevance Health, Inc. has a 12-month low of $397.98 and a 12-month high of $567.26. The business has a 50 day moving average of $475.29 and a 200-day moving average of $513.63. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The stock has a market cap of $92.95 billion, a PE ratio of 14.61, a P/E/G ratio of 1.22 and a beta of 0.85.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The firm had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same period in the prior year, the company earned $8.99 earnings per share. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. As a group, equities research analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be given a $1.63 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.63%. Elevance Health’s payout ratio is 23.77%.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.35% of the stock is currently owned by corporate insiders.

Elevance Health Company Profile

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.