Texas Permanent School Fund Corp Grows Position in Elevance Health, Inc. (NYSE:ELV)

Texas Permanent School Fund Corp raised its holdings in Elevance Health, Inc. (NYSE:ELV) by 0.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 48,571 shares of the company’s stock after buying an additional 56 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Elevance Health were worth $25,186,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Townsquare Capital LLC raised its stake in Elevance Health by 257.3% during the third quarter. Townsquare Capital LLC now owns 2,190 shares of the company’s stock valued at $954,000 after buying an additional 1,577 shares during the last quarter. Silver Oak Securities Incorporated purchased a new position in Elevance Health in the third quarter worth about $88,000. Hohimer Wealth Management LLC lifted its stake in shares of Elevance Health by 2.0% in the third quarter. Hohimer Wealth Management LLC now owns 1,994 shares of the company’s stock worth $868,000 after buying an additional 39 shares in the last quarter. Public Sector Pension Investment Board lifted its stake in shares of Elevance Health by 11.2% in the third quarter. Public Sector Pension Investment Board now owns 25,242 shares of the company’s stock worth $10,991,000 after buying an additional 2,543 shares in the last quarter. Finally, Polar Capital Holdings Plc increased its position in shares of Elevance Health by 56.2% during the third quarter. Polar Capital Holdings Plc now owns 137,344 shares of the company’s stock valued at $59,802,000 after acquiring an additional 49,420 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on ELV. Barclays lifted their target price on Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Bank of America raised their price target on shares of Elevance Health from $621.00 to $646.00 and gave the company a “buy” rating in a report on Tuesday, June 4th. Jefferies Financial Group increased their price objective on shares of Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research report on Friday, April 19th. UBS Group boosted their target price on shares of Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Finally, Royal Bank of Canada lifted their price objective on Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a report on Friday, April 19th. One analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $611.36.

Elevance Health Price Performance

Shares of NYSE:ELV traded down $0.77 during trading on Thursday, hitting $533.82. 865,636 shares of the company’s stock were exchanged, compared to its average volume of 1,012,211. The business’s 50-day simple moving average is $534.14 and its 200 day simple moving average is $512.28. The company has a market cap of $124.07 billion, a price-to-earnings ratio of 20.17, a PEG ratio of 1.16 and a beta of 0.84. Elevance Health, Inc. has a 52-week low of $412.00 and a 52-week high of $550.34. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, April 18th. The company reported $10.64 EPS for the quarter, topping the consensus estimate of $10.54 by $0.10. The firm had revenue of $42.27 billion for the quarter, compared to the consensus estimate of $42.49 billion. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The company’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $9.46 earnings per share. As a group, equities analysts predict that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 25th. Investors of record on Monday, June 10th were given a $1.63 dividend. The ex-dividend date of this dividend was Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.22%. Elevance Health’s dividend payout ratio is currently 24.64%.

Insider Buying and Selling at Elevance Health

In other news, EVP Felicia F. Norwood sold 14,111 shares of the stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the completion of the transaction, the executive vice president now directly owns 31,460 shares in the company, valued at approximately $16,791,460.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% of the stock is currently owned by company 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.