Kentucky Retirement Systems Sells 1,360 Shares of Elevance Health, Inc. (NYSE:ELV)

Kentucky Retirement Systems cut its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 7.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,154 shares of the company's stock after selling 1,360 shares during the period. Kentucky Retirement Systems' holdings in Elevance Health were worth $8,400,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Bank & Trust Co acquired a new stake in shares of Elevance Health in the second quarter valued at $27,000. PSI Advisors LLC bought a new position in shares of Elevance Health during the 3rd quarter valued at about $27,000. Opal Wealth Advisors LLC acquired a new position in shares of Elevance Health in the 2nd quarter worth approximately $28,000. Strategic Financial Concepts LLC bought a new stake in shares of Elevance Health in the 2nd quarter worth approximately $30,000. Finally, Eastern Bank acquired a new stake in Elevance Health during the third quarter valued at approximately $31,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on ELV shares. Argus cut Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, October 18th. UBS Group decreased their price target on Elevance Health from $605.00 to $555.00 and set a "buy" rating for the company in a research report on Friday, October 18th. Stephens restated an "underperform" rating on shares of Elevance Health in a report on Friday, October 18th. Wells Fargo & Company decreased their target price on shares of Elevance Health from $593.00 to $495.00 and set an "overweight" rating for the company in a report on Monday, November 4th. Finally, Mizuho cut their price target on shares of Elevance Health from $585.00 to $505.00 and set an "outperform" rating on the stock in a report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Elevance Health has an average rating of "Moderate Buy" and an average target price of $539.20.

Insider Buying and Selling at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business's stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the sale, the executive vice president now directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.35% of the company's stock.

Elevance Health Stock Down 1.6 %

ELV traded down $6.35 during trading on Friday, reaching $400.69. 2,616,673 shares of the stock traded hands, compared to its average volume of 1,164,884. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. Elevance Health, Inc. has a fifty-two week low of $397.98 and a fifty-two week high of $567.26. The stock's 50-day simple moving average is $475.29 and its two-hundred day simple moving average is $513.63. The stock has a market cap of $92.93 billion, a price-to-earnings ratio of 14.61, a price-to-earnings-growth ratio of 1.22 and a beta of 0.85.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings data on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts' consensus estimates of $9.66 by ($1.29). The firm had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The company's quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $8.99 EPS. As a group, equities research analysts expect that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.63%. The ex-dividend date is Thursday, December 5th. Elevance Health's payout ratio is 23.77%.

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.