Elevance Health, Inc. (NYSE:ELV) Shares Purchased by State of Michigan Retirement System

State of Michigan Retirement System raised its stake in Elevance Health, Inc. (NYSE:ELV) by 1.5% during the 4th quarter, HoldingsChannel reports. The firm owned 69,551 shares of the company’s stock after acquiring an additional 1,000 shares during the quarter. State of Michigan Retirement System’s holdings in Elevance Health were worth $25,657,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Lifeworks Advisors LLC boosted its stake in shares of Elevance Health by 2.5% in the third quarter. Lifeworks Advisors LLC now owns 1,037 shares of the company’s stock valued at $539,000 after purchasing an additional 25 shares during the period. Dunhill Financial LLC increased its stake in Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after buying an additional 26 shares during the period. Catalina Capital Group LLC lifted its holdings in Elevance Health by 1.7% in the 3rd quarter. Catalina Capital Group LLC now owns 1,656 shares of the company’s stock worth $861,000 after buying an additional 27 shares in the last quarter. Tobam boosted its position in Elevance Health by 6.6% in the 4th quarter. Tobam now owns 434 shares of the company’s stock valued at $160,000 after buying an additional 27 shares during the last quarter. Finally, Jacobi Capital Management LLC grew its stake in shares of Elevance Health by 3.2% during the fourth quarter. Jacobi Capital Management LLC now owns 882 shares of the company’s stock valued at $325,000 after acquiring an additional 27 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on ELV shares. Barclays boosted their price target on Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $485.00 target price on shares of Elevance Health in a research report on Friday, January 24th. Mizuho dropped their price target on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. Stephens lowered shares of Elevance Health from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $520.00 to $440.00 in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company decreased their price objective on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $517.03.

Elevance Health Trading Up 0.6 %

NYSE:ELV opened at $397.68 on Wednesday. The firm has a market capitalization of $90.41 billion, a P/E ratio of 15.53, a P/E/G ratio of 1.18 and a beta of 0.83. The business has a 50 day simple moving average of $388.77 and a 200 day simple moving average of $436.31. 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 12-month low of $362.21 and a 12-month high of $567.26.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, beating 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%. Equities research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current 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 given a $1.71 dividend. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date is Monday, March 10th. This represents a $6.84 annualized dividend and a yield of 1.72%. Elevance Health’s dividend payout ratio is 26.71%.

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.