California State Teachers Retirement System Lowers Stake in Elevance Health, Inc. (NYSE:ELV)

California State Teachers Retirement System trimmed its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 2.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 362,601 shares of the company's stock after selling 10,439 shares during the quarter. California State Teachers Retirement System owned 0.16% of Elevance Health worth $133,764,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Flagship Wealth Advisors LLC purchased a new position in shares of Elevance Health during the fourth quarter valued at approximately $26,000. OFI Invest Asset Management purchased a new position in shares of Elevance Health during the fourth quarter valued at approximately $29,000. WealthTrak Capital Management LLC purchased a new position in shares of Elevance Health during the fourth quarter valued at approximately $29,000. Lee Danner & Bass Inc. bought a new stake in Elevance Health during the fourth quarter valued at approximately $30,000. Finally, Crews Bank & Trust bought a new stake in Elevance Health during the fourth quarter valued at approximately $34,000. 89.24% of the stock is owned by institutional investors.

Elevance Health Trading Down 2.9 %

Shares of ELV traded down $12.06 during midday trading on Thursday, hitting $408.52. The stock had a trading volume of 1,321,810 shares, compared to its average volume of 1,465,424. Elevance Health, Inc. has a 1 year low of $362.21 and a 1 year high of $567.26. The firm has a market cap of $92.30 billion, a PE ratio of 15.95, a price-to-earnings-growth ratio of 1.18 and a beta of 0.77. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. The stock's 50 day moving average is $421.60 and its 200 day moving average is $406.82.

Elevance Health (NYSE:ELV - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, beating the consensus estimate of $10.60 by $1.37. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. The business had revenue of $48.77 billion for the quarter, compared to the consensus estimate of $46.26 billion. As a group, analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th will be issued a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a yield of 1.67%. Elevance Health's payout ratio is 26.69%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Sanford C. Bernstein restated an "outperform" rating on shares of Elevance Health in a research report on Friday, March 28th. Stephens lowered shares of Elevance Health from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $520.00 to $440.00 in a research report on Wednesday, January 22nd. StockNews.com upgraded shares of Elevance Health from a "hold" rating to a "buy" rating in a research report on Thursday, March 20th. Robert W. Baird restated a "neutral" rating and set a $529.00 target price (down previously from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Finally, Guggenheim restated a "buy" rating and set a $518.00 target price on shares of Elevance Health in a research report on Wednesday, April 23rd. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $510.38.

Insider Buying and Selling at Elevance Health

In related news, CFO Mark Kaye sold 4,588 shares of the business's stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the sale, the chief financial officer now owns 18,977 shares in the company, valued at approximately $8,061,809.14. The trade was a 19.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total value of $1,388,635.20. Following the completion of the sale, the executive vice president now owns 10,116 shares of the company's stock, valued at $4,008,970.80. The trade was a 25.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 8,535 shares of company stock valued at $3,521,612 in the last three months. Company insiders own 0.29% of the company's stock.

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.