State of Tennessee Department of Treasury Sells 19,691 Shares of Elevance Health, Inc. (NYSE:ELV)

State of Tennessee Department of Treasury cut its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 20.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 74,670 shares of the company's stock after selling 19,691 shares during the quarter. State of Tennessee Department of Treasury's holdings in Elevance Health were worth $27,546,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of ELV. Flagship Wealth Advisors LLC purchased a new stake in shares of Elevance Health during the fourth quarter valued at approximately $26,000. OFI Invest Asset Management purchased a new position in shares of Elevance Health in the 4th quarter worth about $29,000. WealthTrak Capital Management LLC purchased a new position in shares of Elevance Health in the 4th quarter worth about $29,000. Lee Danner & Bass Inc. purchased a new position in shares of Elevance Health in the 4th quarter worth about $30,000. Finally, Crews Bank & Trust purchased a new position in shares of Elevance Health in the 4th quarter worth about $34,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Price Performance

Shares of ELV stock traded down $7.24 during trading on Friday, hitting $421.55. The company had a trading volume of 1,534,488 shares, compared to its average volume of 1,460,139. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. The stock's 50-day moving average is $420.00 and its two-hundred day moving average is $407.30. The stock has a market capitalization of $95.43 billion, a price-to-earnings ratio of 16.46, a price-to-earnings-growth ratio of 1.18 and a beta of 0.77. Elevance Health, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, topping the consensus estimate of $10.60 by $1.37. The company had revenue of $48.77 billion for the quarter, compared to analysts' expectations of $46.26 billion. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. As a group, analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health's dividend payout ratio (DPR) is presently 26.71%.

Insider Buying and Selling

In related news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the sale, the executive vice president now owns 10,116 shares of the company's stock, valued at $4,008,970.80. The trade was a 25.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Mark Kaye sold 4,588 shares of the company's stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the completion of the transaction, the chief financial officer now owns 18,977 shares in the company, valued at approximately $8,061,809.14. This represents a 19.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 8,535 shares of company stock valued at $3,521,612 over the last quarter. 0.29% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Stephens downgraded shares of Elevance Health from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $520.00 to $440.00 in a report on Wednesday, January 22nd. Robert W. Baird reissued a "neutral" rating and issued a $529.00 price target (down from $625.00) on shares of Elevance Health in a report on Tuesday, April 15th. Barclays boosted their price objective on Elevance Health from $512.00 to $522.00 and gave the company an "overweight" rating in a research note on Wednesday. Guggenheim restated a "buy" rating and issued a $518.00 price objective on shares of Elevance Health in a research note on Wednesday. Finally, Sanford C. Bernstein restated an "outperform" rating on shares of Elevance Health in a research note on Friday, March 28th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Elevance Health has a consensus rating of "Moderate Buy" and a consensus target price of $509.44.

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.