Strs Ohio Invests $62.43 Million in Elevance Health, Inc. $ELV

Key Points

• Strs Ohio has invested approximately $62.43 million in Elevance Health, acquiring 143,524 shares during the first quarter, which represents 0.06% of the company.
• Elevance Health recently reported quarterly earnings of $8.84 per share, missing analyst expectations, while also achieving a revenue of $49.42 billion, exceeding forecasts.
• The company announced a quarterly dividend of $1.71 per share to be paid on September 25th, which results in an annualized dividend yield of 2.2%.

Strs Ohio bought a new stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 143,524 shares of the company's stock, valued at approximately $62,427,000. Strs Ohio owned 0.06% of Elevance Health at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ELV. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Elevance Health by 8.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,815 shares of the company's stock valued at $14,688,000 after purchasing an additional 2,991 shares during the last quarter. Numerai GP LLC bought a new position in Elevance Health during the 4th quarter valued at approximately $767,000. NorthRock Partners LLC raised its position in Elevance Health by 121.1% during the 4th quarter. NorthRock Partners LLC now owns 2,067 shares of the company's stock valued at $763,000 after purchasing an additional 1,132 shares during the last quarter. Nearwater Capital Markets Ltd bought a new position in Elevance Health during the 4th quarter valued at approximately $15,003,000. Finally, Nomura Holdings Inc. raised its position in Elevance Health by 168.8% during the 4th quarter. Nomura Holdings Inc. now owns 8,335 shares of the company's stock valued at $3,075,000 after purchasing an additional 5,234 shares during the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Elevance Health news, CEO Gail Boudreaux acquired 8,500 shares of the stock in a transaction dated Friday, July 18th. The shares were acquired at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the transaction, the chief executive officer directly owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Susan D. Devore acquired 1,200 shares of the stock in a transaction dated Tuesday, August 19th. The stock was acquired at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the transaction, the director directly owned 3,502 shares of the company's stock, valued at approximately $1,093,149.30. This represents a 52.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.29% of the stock is owned by insiders.

Elevance Health Stock Performance

Shares of ELV opened at $307.01 on Thursday. The business's fifty day simple moving average is $307.94 and its two-hundred day simple moving average is $371.82. 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, Inc. has a 12 month low of $273.71 and a 12 month high of $559.95. The company has a market cap of $69.13 billion, a price-to-earnings ratio of 13.06, a P/E/G ratio of 1.15 and a beta of 0.59.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business's quarterly revenue was up 14.3% on a year-over-year basis. During the same quarter last year, the business earned $10.12 earnings per share. Research analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be given a dividend of $1.71 per share. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.2%. Elevance Health's payout ratio is 29.11%.

Wall Street Analyst Weigh In

ELV has been the subject of several research reports. Guggenheim decreased their target price on Elevance Health from $447.00 to $360.00 and set a "buy" rating for the company in a research report on Friday, July 18th. Truist Financial decreased their target price on Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Leerink Partnrs lowered Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. Leerink Partners reissued a "market perform" rating and issued a $310.00 target price (down previously from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Finally, Wells Fargo & Company decreased their target price on Elevance Health from $400.00 to $330.00 and set an "overweight" rating for the company in a research report on Friday, August 15th. Twelve equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Elevance Health presently has an average rating of "Moderate Buy" and a consensus price target of $411.06.

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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