Elevance Health, Inc. (NYSE:ELV) Shares Purchased by Arizona State Retirement System

Arizona State Retirement System raised its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 1.8% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 68,063 shares of the company's stock after purchasing an additional 1,178 shares during the period. Arizona State Retirement System's holdings in Elevance Health were worth $29,605,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ELV. Accredited Wealth Management LLC purchased a new position in Elevance Health in the 4th quarter valued at $25,000. Flagship Wealth Advisors LLC purchased a new position in Elevance Health in the 4th quarter valued at $26,000. WealthTrak Capital Management LLC purchased a new stake in shares of Elevance Health in the fourth quarter valued at approximately $29,000. Lee Danner & Bass Inc. purchased a new stake in shares of Elevance Health in the fourth quarter valued at approximately $30,000. Finally, Riverview Trust Co grew its position in shares of Elevance Health by 1,340.0% in the first quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after purchasing an additional 67 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Stock Down 1.7%

Shares of NYSE:ELV opened at $340.04 on Friday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.43 and a quick ratio of 1.43. The firm has a market capitalization of $76.83 billion, a PE ratio of 13.27, a price-to-earnings-growth ratio of 0.88 and a beta of 0.60. The firm's 50-day moving average is $380.88 and its two-hundred day moving average is $397.40. Elevance Health, Inc. has a 1 year low of $337.61 and a 1 year high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $10.60 by $1.37. The company had revenue of $48.77 billion for the quarter, compared to analyst estimates of $46.26 billion. Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. Analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th were paid a dividend of $1.71 per share. The ex-dividend date was Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.01%. Elevance Health's payout ratio is 26.69%.

Insider Buying and Selling at Elevance Health

In related news, CFO Mark Kaye sold 4,588 shares of the company's stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the sale, the chief financial officer directly owned 18,977 shares in the company, valued at approximately $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Cantor Fitzgerald restated an "overweight" rating and issued a $485.00 price target on shares of Elevance Health in a research report on Wednesday, April 23rd. Mizuho lifted their price target on Elevance Health from $455.00 to $505.00 and gave the stock an "outperform" rating in a report on Wednesday, April 9th. Royal Bank Of Canada reiterated an "outperform" rating and set a $478.00 price target on shares of Elevance Health in a report on Wednesday, June 4th. Truist Financial set a $500.00 price target on Elevance Health and gave the stock a "buy" rating in a report on Monday, June 9th. Finally, Barclays reduced their price target on Elevance Health from $480.00 to $434.00 and set an "overweight" rating on the stock in a report on Wednesday. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $495.80.

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.

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