Police & Firemen s Retirement System of New Jersey Raises Stake in Elevance Health, Inc. $ELV

Police & Firemen s Retirement System of New Jersey increased its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 1.4% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 34,356 shares of the company’s stock after purchasing an additional 464 shares during the quarter. Police & Firemen s Retirement System of New Jersey’s holdings in Elevance Health were worth $13,363,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Elevance Health by 3.1% in the first quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company’s stock worth $9,635,281,000 after acquiring an additional 666,534 shares in the last quarter. Orbis Allan Gray Ltd boosted its position in Elevance Health by 31.4% during 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 period. 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 valued at $1,164,041,000 after purchasing an additional 324,040 shares in the last quarter. Invesco Ltd. increased its holdings in Elevance Health by 1.2% in the 1st quarter. Invesco Ltd. now owns 2,116,289 shares of the company’s stock valued at $920,501,000 after purchasing an additional 24,833 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in Elevance Health by 1.5% in the first quarter. Ameriprise Financial Inc. now owns 1,943,616 shares of the company’s stock valued at $845,394,000 after purchasing an additional 29,174 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Barclays decreased their target price on Elevance Health from $395.00 to $385.00 and set an “overweight” rating for the company in a research report on Wednesday, October 22nd. Argus reissued a “hold” rating on shares of Elevance Health in a research report on Monday, July 21st. Robert W. Baird lowered their price objective on shares of Elevance Health from $492.00 to $297.00 and set a “neutral” rating for the company in a research report on Friday, July 25th. Mizuho reduced their target price on shares of Elevance Health from $420.00 to $400.00 and set an “outperform” rating on the stock in a research report on Monday, November 3rd. Finally, Bank of America upped their target price on shares of Elevance Health from $330.00 to $370.00 and gave the company a “neutral” rating in a research note on Friday, October 10th. Twelve analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $397.33.

Insider Buying and Selling at Elevance Health

In related news, Director Susan D. Devore bought 1,200 shares of the company’s stock in a transaction dated Tuesday, August 19th. The stock was bought at an average price of $312.15 per share, with a total value of $374,580.00. Following the transaction, the director owned 3,502 shares of the company’s stock, valued at approximately $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.29% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV opened at $328.16 on Friday. The business’s 50 day moving average is $329.49 and its two-hundred day moving average is $342.44. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $458.75. The firm has a market cap of $72.93 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 1.23 and a beta of 0.60. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.71.

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

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Elevance Health’s dividend payout ratio (DPR) is currently 27.96%.

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.