Elevance Health, Inc. (NYSE:ELV) Shares Bought by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 21.6% during the second quarter, Holdings Channel.com reports. The fund owned 49,085 shares of the company’s stock after purchasing an additional 8,729 shares during the period. Illinois Municipal Retirement Fund’s holdings in Elevance Health were worth $26,597,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Canoe Financial LP increased its position in shares of Elevance Health by 158.1% during the 4th quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock valued at $398,054,000 after purchasing an additional 517,116 shares during the period. Tower Research Capital LLC TRC grew its position in Elevance Health by 114.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock worth $14,765,000 after buying an additional 16,737 shares during the last quarter. Brave Warrior Advisors LLC increased its holdings in shares of Elevance Health by 7.9% in the fourth quarter. Brave Warrior Advisors LLC now owns 1,756,653 shares of the company’s stock valued at $828,367,000 after buying an additional 129,055 shares in the last quarter. New Mexico Educational Retirement Board lifted its position in shares of Elevance Health by 14.6% during the 1st quarter. New Mexico Educational Retirement Board now owns 14,146 shares of the company’s stock valued at $6,949,000 after acquiring an additional 1,800 shares during the last quarter. Finally, Bank of Nova Scotia grew its holdings in shares of Elevance Health by 276.0% in the 4th quarter. Bank of Nova Scotia now owns 82,331 shares of the company’s stock worth $38,823,000 after acquiring an additional 60,436 shares during the last quarter. Institutional investors own 89.24% of the company’s stock.

Insider Transactions at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 305 shares of the business’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the transaction, the director now owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Robert L. Dixon, Jr. sold 305 shares of the business’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the transaction, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The disclosure for this sale can be found here. Insiders sold a total of 35,058 shares of company stock worth $17,588,116 over the last three months. 0.35% of the stock is currently owned by insiders.

Elevance Health Stock Performance

Shares of NYSE ELV traded down $2.49 during trading hours on Friday, hitting $541.91. 1,059,242 shares of the stock were exchanged, compared to its average volume of 1,017,658. Elevance Health, Inc. has a one year low of $431.38 and a one year high of $567.26. The company’s 50 day moving average is $533.79 and its 200 day moving average is $526.48. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49. The firm has a market capitalization of $125.95 billion, a P/E ratio of 20.48, a P/E/G ratio of 1.22 and a beta of 0.84.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.99 by $0.13. The company had revenue of $43.22 billion during the quarter, compared to analysts’ expectations of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The business’s quarterly revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the company earned $9.04 earnings per share. On average, research analysts expect that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.20%. The ex-dividend date is Tuesday, September 10th. Elevance Health’s dividend payout ratio is currently 24.64%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ELV shares. Robert W. Baird assumed coverage on Elevance Health in a report on Thursday, May 30th. They set an “outperform” rating and a $649.00 price objective on the stock. JPMorgan Chase & Co. upped their price target on Elevance Health from $628.00 to $631.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Wells Fargo & Company cut their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Stephens restated an “overweight” rating and issued a $615.00 target price on shares of Elevance Health in a research note on Thursday. Finally, Barclays lowered their price target on Elevance Health from $621.00 to $611.00 and set an “overweight” rating for the company in a research note on Thursday, July 18th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Elevance Health currently has an average rating of “Buy” and a consensus price target of $604.29.

Elevance Health 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.