California Public Employees Retirement System Trims Holdings in Elevance Health, Inc. $ELV

Key Points

• CalPERS cut its Elevance Health stake by 45.5% in the first quarter, selling 264,430 shares and ending with 316,145 shares worth about $92.6 million.
• Elevance reported strong second-quarter results, beating EPS and revenue estimates and raising its full-year outlook, though shares still faced pressure from margin and Medicaid concerns.
• Analysts remain broadly constructive after earnings, with several firms raising price targets and the stock carrying a consensus “Moderate Buy” rating and average target near $440.90.

California Public Employees Retirement System reduced its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 45.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 316,145 shares of the company's stock after selling 264,430 shares during the period. California Public Employees Retirement System owned 0.15% of Elevance Health worth $92,551,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of ELV. Kemnay Advisory Services Inc. acquired a new stake in Elevance Health during the fourth quarter worth approximately $31,000. J.Safra Asset Management Corp acquired a new position in Elevance Health in the 4th quarter valued at $32,000. ORG Partners LLC lifted its stake in shares of Elevance Health by 120.4% during the 4th quarter. ORG Partners LLC now owns 108 shares of the company's stock worth $38,000 after purchasing an additional 59 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in shares of Elevance Health during the 4th quarter worth $38,000. Finally, Main Street Group LTD acquired a new stake in shares of Elevance Health during the first quarter worth $39,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Key Headlines Impacting Elevance Health

Here are the key news stories impacting Elevance Health this week:

• Positive Sentiment: Elevance posted stronger-than-expected second-quarter results and raised its full-year outlook, which supports the bullish case for the stock. Elevance Health Beats Q2 And Raises Outlook While Leaving More Medicaid Markets
• Positive Sentiment: Several analysts turned more constructive after earnings, including Guggenheim raising its target to $455 and TD Cowen reiterating a Buy rating, suggesting confidence in upside from current levels. These Analysts Revise Their Forecasts On Elevance Health Following Q2 Earnings
• Positive Sentiment: Barclays also maintained an Overweight rating, even though it trimmed its price target, which still implies meaningful upside and reflects continued analyst support. Barclays price target update on Elevance Health
• Neutral Sentiment: Elevance’s Q2 earnings call highlighted growth opportunities, but also acknowledged ongoing strain in parts of the business, making the near-term outlook more balanced than purely upbeat. Elevance Health earnings call: growth levers amid strain
• Negative Sentiment: Shares are being held back by margin pressure and concerns around the company’s Medicaid exposure, which some coverage framed as a reason the stock slipped despite the earnings beat. Elevance Health beats second-quarter forecasts but shares slide on margin pressure
• Negative Sentiment: Market commentary also noted ELV underperformed peers recently, indicating investor caution even after the earnings report. Elevance Health Inc. stock underperforms Thursday when compared to competitors

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on ELV shares. Evercore reaffirmed a "hold" rating on shares of Elevance Health in a research report on Tuesday, May 19th. Deutsche Bank Aktiengesellschaft upgraded Elevance Health from a "hold" rating to a "buy" rating and increased their target price for the stock from $363.00 to $498.00 in a research report on Wednesday, May 20th. Bank of America raised their price target on Elevance Health from $435.00 to $460.00 and gave the stock a "buy" rating in a research note on Thursday, June 4th. Wells Fargo & Company lowered their price target on Elevance Health from $492.00 to $473.00 and set an "overweight" rating for the company in a report on Thursday. Finally, Morgan Stanley upped their price objective on shares of Elevance Health from $352.00 to $404.00 and gave the company an "equal weight" rating in a research note on Thursday, June 4th. Fifteen analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $440.90.

Insider Activity at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the transaction, the director directly owned 10,734 shares of the company's stock, valued at $4,312,599.18. The trade was a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.34% of the stock is currently owned by company insiders.

Elevance Health Stock Down 0.1%

Shares of NYSE ELV opened at $372.68 on Monday. The stock has a market capitalization of $80.82 billion, a PE ratio of 16.56, a P/E/G ratio of 2.10 and a beta of 0.67. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. The firm has a fifty day moving average of $399.55 and a 200-day moving average of $355.39. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $436.24.

Elevance Health (NYSE:ELV - Get Free Report) last issued its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping the consensus estimate of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. During the same period last year, the company posted $8.84 EPS. The business's quarterly revenue was up .8% on a year-over-year basis. On average, analysts anticipate that Elevance Health, Inc. will post 27.08 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be issued a $1.72 dividend. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Thursday, September 10th. Elevance Health's dividend payout ratio (DPR) is 30.58%.

Elevance Health Company Profile

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.

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