Teacher Retirement System of Texas lessened its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 30.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 85,866 shares of the company's stock after selling 37,135 shares during the period. Teacher Retirement System of Texas' holdings in Elevance Health were worth $31,676,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. PNC Financial Services Group Inc. boosted its position in shares of Elevance Health by 1.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 83,994 shares of the company's stock valued at $43,677,000 after purchasing an additional 832 shares in the last quarter. Prospera Private Wealth LLC bought a new stake in Elevance Health during the third quarter worth approximately $52,000. Connor Clark & Lunn Investment Management Ltd. grew its position in Elevance Health by 460.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,923 shares of the company's stock worth $2,560,000 after buying an additional 4,044 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Elevance Health by 57.4% in the third quarter. Advisors Asset Management Inc. now owns 8,377 shares of the company's stock valued at $4,356,000 after buying an additional 3,054 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its position in shares of Elevance Health by 6.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 854 shares of the company's stock valued at $444,000 after acquiring an additional 52 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.
Wall Street Analysts Forecast Growth
ELV has been the topic of a number of recent analyst reports. Wells Fargo & Company cut their target price on Elevance Health from $483.00 to $478.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 28th. StockNews.com raised shares of Elevance Health from a "hold" rating to a "buy" rating in a research note on Thursday, March 20th. Barclays lifted their target price on shares of Elevance Health from $501.00 to $512.00 and gave the stock an "overweight" rating in a research report on Friday, January 24th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $485.00 price objective on shares of Elevance Health in a research note on Friday, January 24th. Finally, Truist Financial cut their target price on shares of Elevance Health from $520.00 to $480.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $519.81.
Check Out Our Latest Stock Analysis on Elevance Health
Elevance Health Stock Down 1.0 %
NYSE:ELV traded down $4.20 during mid-day trading on Tuesday, reaching $423.03. The stock had a trading volume of 1,309,735 shares, compared to its average volume of 1,319,262. The stock has a market cap of $96.18 billion, a P/E ratio of 16.52, a PEG ratio of 1.18 and a beta of 0.86. The business's 50 day moving average is $401.13 and its 200 day moving average is $423.64. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. Elevance Health, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26.
Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. As a group, sell-side analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.
Elevance Health Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be given a $1.71 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.62%. This is a boost from Elevance Health's previous quarterly dividend of $1.63. Elevance Health's payout ratio is currently 26.71%.
Insider Transactions at Elevance Health
In related news, CAO Ronald W. Penczek sold 443 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of the sale, the chief accounting officer now directly owns 1,847 shares in the company, valued at approximately $766,745.11. The trade was a 19.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total value of $1,388,635.20. Following the transaction, the executive vice president now owns 10,116 shares in the company, valued at approximately $4,008,970.80. This trade represents a 25.73 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by corporate insiders.
About Elevance Health
(
Free Report)
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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