California State Teachers Retirement System Raises Stake in Elevance Health, Inc. $ELV

Key Points

• California State Teachers Retirement System dramatically increased its Elevance Health stake by purchasing 123.7 million additional shares in the second quarter, bringing its holdings to 124.0 million shares, or approximately 57.19% of the company.
• Elevance Health reported quarterly earnings of $7.45 per share, surpassing estimates of $6.21, while revenue reached $49.83 billion. The company also declared a quarterly dividend of $1.72 per share, yielding approximately 1.7% annually.
• Analyst sentiment remains favorable, with 15 Buy ratings and eight Hold ratings producing a consensus “Moderate Buy” rating and an average price target of $440.90.

California State Teachers Retirement System boosted its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 37,390.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 124,019,670 shares of the company's stock after buying an additional 123,688,863 shares during the quarter. California State Teachers Retirement System owned approximately 57.19% of Elevance Health worth $47,962,127,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in ELV. Kilter Group LLC purchased a new position in Elevance Health in the second quarter valued at about $28,000. Kemnay Advisory Services Inc. bought a new position in shares of Elevance Health during the 4th quarter valued at approximately $31,000. J.Safra Asset Management Corp purchased a new stake in shares of Elevance Health during the 4th quarter worth approximately $32,000. WealthCollab LLC raised its holdings in shares of Elevance Health by 42.2% in the 1st quarter. WealthCollab LLC now owns 91 shares of the company's stock worth $27,000 after purchasing an additional 27 shares during the period. Finally, Elevation Wealth Partners LLC raised its holdings in shares of Elevance Health by 600.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 105 shares of the company's stock worth $41,000 after purchasing an additional 90 shares during the period. Hedge funds and other institutional investors own 89.24% of the company's stock.

Insider Buying and Selling

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

Elevance Health Stock Performance

NYSE:ELV opened at $407.05 on Monday. The business's fifty day moving average is $396.72 and its 200 day moving average is $364.70. The firm has a market cap of $88.28 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 2.12 and a beta of 0.69. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. Elevance Health, Inc. has a 52-week low of $274.84 and a 52-week high of $436.24.

Elevance Health (NYSE:ELV - Get Free Report) last posted its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $48.88 billion. During the same quarter in the previous year, the firm earned $8.84 EPS. The company's quarterly revenue was up .8% compared to the same quarter last year. Research analysts predict that Elevance Health, Inc. will post 27.18 EPS for the current year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be paid a $1.72 dividend. The ex-dividend date is Thursday, September 10th. This represents a $6.88 annualized dividend and a yield of 1.7%. Elevance Health's dividend payout ratio is currently 30.58%.

Analysts Set New Price Targets

Several brokerages have weighed in on ELV. Deutsche Bank Aktiengesellschaft raised Elevance Health from a "hold" rating to a "buy" rating and increased their price objective for the company from $363.00 to $498.00 in a report on Wednesday, May 20th. UBS Group boosted their target price on Elevance Health from $400.00 to $460.00 and gave the company a "buy" rating in a research note on Friday, May 22nd. Evercore reaffirmed a "hold" rating on shares of Elevance Health in a research report on Tuesday, May 19th. Truist Financial increased their price target on Elevance Health from $450.00 to $475.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Finally, Robert W. Baird lifted their price objective on Elevance Health from $331.00 to $393.00 and gave the stock a "neutral" rating in a report on Thursday, July 16th. Fifteen research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $440.90.

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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