University of Texas Texas AM Investment Management Co. Buys 2,810 Shares of Elevance Health, Inc. $ELV

University of Texas Texas AM Investment Management Co. boosted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 18.9% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 17,670 shares of the company’s stock after buying an additional 2,810 shares during the quarter. Elevance Health accounts for 1.1% of University of Texas Texas AM Investment Management Co.’s investment portfolio, making the stock its 17th biggest position. University of Texas Texas AM Investment Management Co.’s holdings in Elevance Health were worth $6,873,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ELV. Private Wealth Management Group LLC grew its holdings in Elevance Health by 152.0% during the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares during the period. WPG Advisers LLC bought a new position in Elevance Health during the first quarter worth about $29,000. North Capital Inc. acquired a new stake in shares of Elevance Health in the first quarter valued at approximately $36,000. Glass Jacobson Investment Advisors llc grew its holdings in shares of Elevance Health by 400.0% during the 2nd quarter. Glass Jacobson Investment Advisors llc now owns 100 shares of the company’s stock worth $39,000 after purchasing an additional 80 shares in the last quarter. Finally, Saudi Central Bank acquired a new position in shares of Elevance Health in the 1st quarter valued at approximately $40,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV opened at $342.45 on Friday. The firm’s fifty day simple moving average is $327.09 and its two-hundred day simple moving average is $352.85. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $458.75. The company has a current ratio of 1.56, a quick ratio of 1.44 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $76.11 billion, a P/E ratio of 14.00, a price-to-earnings-growth ratio of 1.25 and a beta of 0.59.

Elevance Health (NYSE:ELV) last released its earnings results on Tuesday, October 21st. The company reported $6.03 EPS for the quarter, topping the consensus estimate of $5.03 by $1.00. The business had revenue of $50.09 billion during the quarter, compared to analysts’ expectations of $49.26 billion. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The firm’s revenue was up 12.0% on a year-over-year basis. During the same quarter last year, the firm posted $8.37 earnings per share. As a group, analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be issued a $1.71 dividend. The ex-dividend date is Friday, December 5th. This represents a $6.84 annualized dividend and a yield of 2.0%. Elevance Health’s dividend payout ratio is presently 27.96%.

Insider Buying and Selling

In other news, Director Susan D. Devore acquired 1,200 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The stock was purchased at an average price of $312.15 per share, for a total transaction 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. The trade was a 52.13% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the subject of a number of research analyst reports. Argus reissued a “hold” rating on shares of Elevance Health in a report on Monday, July 21st. Guggenheim raised their price objective on shares of Elevance Health from $360.00 to $398.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. The Goldman Sachs Group started coverage on shares of Elevance Health in a research report on Tuesday, October 14th. They set a “neutral” rating and a $343.00 target price on the stock. Wells Fargo & Company decreased their price target on shares of Elevance Health from $412.00 to $403.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Morgan Stanley boosted their price objective on shares of Elevance Health from $316.00 to $359.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 14th. Twelve investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $397.89.

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.