Elevance Health, Inc. $ELV Stock: Illinois Municipal Retirement Fund Grows Stake

Illinois Municipal Retirement Fund lifted its stake in Elevance Health, Inc. (NYSE:ELV) by 6.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 66,477 shares of the company’s stock after acquiring an additional 4,077 shares during the period. Illinois Municipal Retirement Fund’s holdings in Elevance Health were worth $25,848,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in ELV. Activest Wealth Management raised its holdings in Elevance Health by 146.2% during the third quarter. Activest Wealth Management now owns 64 shares of the company’s stock worth $25,000 after purchasing an additional 38 shares in the last quarter. Kilter Group LLC bought a new position in Elevance Health during the 2nd quarter valued at $28,000. WealthCollab LLC boosted its stake in Elevance Health by 42.2% during the 1st quarter. WealthCollab LLC now owns 91 shares of the company’s stock valued at $27,000 after purchasing an additional 27 shares in the last quarter. Elevation Wealth Partners LLC boosted its stake in Elevance Health by 600.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 105 shares of the company’s stock valued at $41,000 after purchasing an additional 90 shares in the last quarter. Finally, Tacita Capital Inc acquired a new position in shares of Elevance Health during the 2nd quarter valued at $44,000. 89.24% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Mark Kaye sold 10,584 shares of the business’s stock in a transaction on Thursday, October 22nd. The stock was sold at an average price of $440.13, for a total transaction of $4,658,335.92. Following the sale, the chief financial officer directly owned 19,919 shares of the company’s stock, valued at $8,766,949.47. The trade was a 34.70% 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. Also, EVP Ratnakar Lavu sold 1,300 shares of the company’s stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $440.00, for a total value of $572,000.00. Following the sale, the executive vice president directly owned 14,849 shares of the company’s stock, valued at approximately $6,533,560. This represents a 8.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ELV shares. Truist Financial boosted their price objective on Elevance Health from $450.00 to $475.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Mizuho set a $490.00 target price on Elevance Health in a research note on Friday, October 23rd. Barclays lifted their target price on Elevance Health from $469.00 to $472.00 and gave the stock an “overweight” rating in a report on Thursday, October 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Elevance Health in a research report on Thursday, August 13th. Finally, Sanford C. Bernstein set a $488.00 price target on shares of Elevance Health in a research report on Thursday, July 16th. Fifteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Elevance Health has a consensus rating of “Moderate Buy” and an average price target of $456.48.

Elevance Health Trading Up 2.7%

Shares of NYSE:ELV opened at $429.48 on Wednesday. The stock has a market capitalization of $92.79 billion, a price-to-earnings ratio of 18.31, a PEG ratio of 2.00 and a beta of 0.63. Elevance Health, Inc. has a 1-year low of $274.84 and a 1-year high of $450.69. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.47 and a current ratio of 1.47. The company has a 50 day moving average price of $414.10 and a 200 day moving average price of $374.11.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Wednesday, October 21st. The company reported $6.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.71 by $2.28. The firm had revenue of $50.44 billion for the quarter, compared to analyst estimates of $49.28 billion. Elevance Health had a net margin of 2.55% and a return on equity of 14.97%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $6.03 earnings per share. On average, research analysts anticipate that Elevance Health, Inc. will post 29.15 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be issued a $1.72 dividend. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, December 4th. Elevance Health’s payout ratio is presently 29.34%.

Elevance Health Profile

Elevance Health, Inc. is a U.S. health benefits and services company. Formerly known as Anthem, Inc., it adopted the Elevance Health name in 2022 while retaining the Anthem brand for many of its health plans. The company offers medical, pharmacy, dental, vision and behavioral health coverage, including plans for individuals and employers as well as programs serving Medicare and Medicaid members. Its services also include care management, pharmacy benefit services and other health-related capabilities through its Carelon business.