Retirement Systems of Alabama Sells 709 Shares of Elevance Health, Inc. (NYSE:ELV)

Retirement Systems of Alabama trimmed its position in shares of Elevance Health, Inc. (NYSE:ELV) by 1.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,561 shares of the company’s stock after selling 709 shares during the period. Retirement Systems of Alabama’s holdings in Elevance Health were worth $26,292,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Raelipskie Partnership bought a new stake in shares of Elevance Health during the third quarter valued at approximately $26,000. PSI Advisors LLC bought a new stake in Elevance Health in the 3rd quarter valued at $27,000. Strategic Financial Concepts LLC acquired a new position in shares of Elevance Health in the 2nd quarter valued at $30,000. Eastern Bank bought a new position in shares of Elevance Health during the 3rd quarter worth about $31,000. Finally, Dunhill Financial LLC increased its stake in Elevance Health by 57.8% in the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after acquiring an additional 26 shares during the period. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Performance

ELV stock opened at $381.38 on Friday. The company has a 50 day moving average price of $422.32 and a 200 day moving average price of $494.43. Elevance Health, Inc. has a fifty-two week low of $375.29 and a fifty-two week high of $567.26. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. The stock has a market capitalization of $88.45 billion, a PE ratio of 13.90, a price-to-earnings-growth ratio of 1.15 and a beta of 0.83.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The firm had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The company’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $8.99 EPS. Analysts forecast that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.71%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio (DPR) is presently 23.77%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ELV. TD Cowen decreased their price objective on Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Stephens reiterated an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. Wells Fargo & Company cut their price objective on Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Royal Bank of Canada lowered their target price on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a report on Friday, October 18th. Finally, Raymond James set a $485.00 price target on shares of Elevance Health in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Elevance Health currently has an average rating of “Moderate Buy” and a consensus price target of $539.20.

Insider Transactions at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.35% of the stock is owned by corporate insiders.

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.