Kentucky Retirement Systems Insurance Trust Fund Takes $2.94 Million Position in Elevance Health, Inc. (NYSE:ELV)

Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Elevance Health, Inc. (NYSE:ELV - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,764 shares of the company's stock, valued at approximately $2,942,000.

Several other hedge funds and other institutional investors have also made changes to their positions in ELV. Legacy Capital Group California Inc. raised its stake in shares of Elevance Health by 37.5% in the fourth quarter. Legacy Capital Group California Inc. now owns 756 shares of the company's stock valued at $279,000 after acquiring an additional 206 shares during the period. Centricity Wealth Management LLC purchased a new position in Elevance Health in the 4th quarter worth about $60,000. Dahring Cusmano LLC purchased a new position in Elevance Health in the 4th quarter worth about $377,000. Deseret Mutual Benefit Administrators increased its stake in Elevance Health by 9.2% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 489 shares of the company's stock worth $180,000 after buying an additional 41 shares during the period. Finally, Oxbow Advisors LLC increased its stake in Elevance Health by 11.0% in the 4th quarter. Oxbow Advisors LLC now owns 11,573 shares of the company's stock worth $4,269,000 after buying an additional 1,147 shares during the period. Hedge funds and other institutional investors own 89.24% of the company's stock.

Insider Activity

In other news, CFO Mark Kaye sold 4,588 shares of the firm's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $424.82, for a total value of $1,949,074.16. Following the sale, the chief financial officer now directly owns 18,977 shares in the company, valued at approximately $8,061,809.14. This trade represents a 19.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Argus set a $465.00 price target on shares of Elevance Health in a research note on Friday, April 25th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $478.00 price target on shares of Elevance Health in a research note on Wednesday, June 4th. Truist Financial set a $500.00 price target on shares of Elevance Health and gave the stock a "buy" rating in a research note on Monday, June 9th. Mizuho raised their price target on shares of Elevance Health from $455.00 to $505.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 9th. Finally, Robert W. Baird reaffirmed a "neutral" rating and issued a $529.00 price target (down previously from $625.00) on shares of Elevance Health in a research note on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Elevance Health has an average rating of "Moderate Buy" and a consensus price target of $498.87.

Elevance Health Stock Down 0.6%

Shares of Elevance Health stock opened at $373.71 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. Elevance Health, Inc. has a 1 year low of $357.45 and a 1 year high of $567.26. The firm's 50-day moving average is $398.68 and its two-hundred day moving average is $399.11. The stock has a market cap of $84.43 billion, a price-to-earnings ratio of 14.58, a PEG ratio of 0.95 and a beta of 0.60.

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

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date is Tuesday, June 10th. Elevance Health's dividend payout ratio is currently 26.69%.

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.

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