New York State Teachers Retirement System Increases Stock Position in Elevance Health, Inc. $ELV

Key Points

• The New York State Teachers Retirement System increased its stake in Elevance Health, Inc. by 1.2%, owning approximately 0.09% of the company valued at $75.2 million after acquiring 2,343 additional shares.
• Institutional investors keep boosting their positions, with significant increases by firms such as Nuveen LLC and Boston Partners, indicating strong institutional support for Elevance Health.
• Analysts have a consensus rating of "Moderate Buy" for Elevance Health, with recent price targets lifted by firms like Guggenheim and Wells Fargo & Company.

New York State Teachers Retirement System raised its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 1.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 193,453 shares of the company's stock after buying an additional 2,343 shares during the quarter. New York State Teachers Retirement System owned about 0.09% of Elevance Health worth $75,245,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nuveen LLC purchased a new position in shares of Elevance Health in the 1st quarter worth about $789,943,000. Orbis Allan Gray Ltd raised its position in shares of Elevance Health by 31.4% in the 1st quarter. Orbis Allan Gray Ltd now owns 2,849,173 shares of the company's stock worth $1,239,276,000 after purchasing an additional 680,228 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Elevance Health by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company's stock worth $9,635,281,000 after purchasing an additional 666,534 shares during the last quarter. Boston Partners increased its holdings in Elevance Health by 241.3% in the 1st quarter. Boston Partners now owns 856,737 shares of the company's stock worth $372,039,000 after buying an additional 605,689 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Elevance Health by 13.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,676,203 shares of the company's stock worth $1,164,041,000 after buying an additional 324,040 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ELV shares. Weiss Ratings upgraded Elevance Health from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, October 8th. Guggenheim lifted their price objective on Elevance Health from $360.00 to $398.00 and gave the stock a "buy" rating in a report on Wednesday, October 8th. Wells Fargo & Company lifted their price objective on Elevance Health from $330.00 to $412.00 and gave the stock an "overweight" rating in a report on Tuesday, October 7th. JPMorgan Chase & Co. reduced their price objective on Elevance Health from $472.00 to $384.00 and set an "overweight" rating for the company in a report on Tuesday, July 22nd. Finally, Wall Street Zen downgraded Elevance Health from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Eleven analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, Elevance Health currently has a consensus rating of "Moderate Buy" and an average price target of $408.33.

Insider Activity at Elevance Health

In other news, CEO Gail Boudreaux bought 8,500 shares of Elevance Health stock in a transaction that occurred on Friday, July 18th. The stock was bought at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the acquisition, the chief executive officer owned 151,020 shares of the company's stock, valued at $43,333,678.80. The trade was a 5.96% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Susan D. Devore bought 1,200 shares of Elevance Health stock in a transaction that occurred on Tuesday, August 19th. The stock was purchased at an average cost of $312.15 per share, with a total value of $374,580.00. Following the completion of the acquisition, the director directly owned 3,502 shares in the company, valued at $1,093,149.30. This represents a 52.13% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.29% of the company's stock.

Elevance Health Trading Down 0.3%

Elevance Health stock opened at $349.46 on Thursday. The firm has a 50 day moving average of $319.56 and a 200 day moving average of $357.50. The firm has a market capitalization of $78.69 billion, a price-to-earnings ratio of 14.87, a P/E/G ratio of 1.28 and a beta of 0.59. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $497.34. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.30 by ($0.46). The firm had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The company's revenue was up 14.3% compared to the same quarter last year. During the same period in the prior year, the company posted $10.12 earnings per share. As a group, research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Company 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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