Retirement Systems of Alabama Sells 347 Shares of Elevance Health, Inc. (NYSE:ELV)

Retirement Systems of Alabama decreased its stake in Elevance Health, Inc. (NYSE:ELV) by 0.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 50,214 shares of the company’s stock after selling 347 shares during the quarter. Retirement Systems of Alabama’s holdings in Elevance Health were worth $18,524,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. State Street Corp increased its position in Elevance Health by 1.2% during the third quarter. State Street Corp now owns 10,687,998 shares of the company’s stock valued at $5,557,759,000 after acquiring an additional 129,709 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Elevance Health by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 4,848,020 shares of the company’s stock worth $2,511,814,000 after purchasing an additional 85,770 shares during the period. Sanders Capital LLC grew its holdings in Elevance Health by 1.0% during the 3rd quarter. Sanders Capital LLC now owns 4,609,258 shares of the company’s stock valued at $2,396,814,000 after purchasing an additional 44,805 shares during the last quarter. Wellington Management Group LLP raised its position in Elevance Health by 6.9% in the 3rd quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock worth $2,320,024,000 after purchasing an additional 286,905 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in Elevance Health by 16.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock worth $1,246,574,000 after purchasing an additional 334,552 shares during the last quarter. Institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the topic of several recent analyst reports. UBS Group reduced their price target on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a report on Friday, October 18th. Morgan Stanley decreased their target price on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Cantor Fitzgerald restated an “overweight” rating and issued a $485.00 price target on shares of Elevance Health in a report on Friday, January 24th. Raymond James set a $485.00 price objective on shares of Elevance Health in a report on Friday, October 18th. Finally, TD Cowen lowered their price objective on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research report on Monday, October 21st. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $517.03.

Elevance Health Trading Down 3.0 %

ELV opened at $389.94 on Friday. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. The firm has a market cap of $90.44 billion, a price-to-earnings ratio of 15.23, a PEG ratio of 1.19 and a beta of 0.83. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26. The stock has a fifty day moving average price of $386.45 and a 200-day moving average price of $454.94.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping analysts’ consensus estimates 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, equities research analysts anticipate that Elevance Health, Inc. will post 34.07 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 1.75%. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Monday, March 10th. Elevance Health’s dividend payout ratio (DPR) is 26.71%.

About Elevance Health

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.