California Public Employees Retirement System Lowers Holdings in Elevance Health, Inc. $ELV

California Public Employees Retirement System lowered its position in shares of Elevance Health, Inc. (NYSE:ELV) by 7.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 538,983 shares of the company’s stock after selling 44,369 shares during the period. California Public Employees Retirement System owned about 0.24% of Elevance Health worth $209,643,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in ELV. Vanguard Group Inc. grew its holdings in Elevance Health by 3.2% during the 2nd quarter. Vanguard Group Inc. now owns 22,856,898 shares of the company’s stock worth $8,890,419,000 after acquiring an additional 704,790 shares in the last quarter. Sanders Capital LLC raised its holdings in shares of Elevance Health by 24.7% in the 2nd quarter. Sanders Capital LLC now owns 5,825,208 shares of the company’s stock valued at $2,265,773,000 after purchasing an additional 1,152,440 shares in the last quarter. Artisan Partners Limited Partnership lifted its position in shares of Elevance Health by 9.7% in the 2nd quarter. Artisan Partners Limited Partnership now owns 3,675,179 shares of the company’s stock worth $1,429,498,000 after purchasing an additional 324,399 shares during the period. Norges Bank purchased a new stake in shares of Elevance Health in the 2nd quarter worth approximately $1,148,379,000. Finally, Orbis Allan Gray Ltd boosted its stake in shares of Elevance Health by 31.4% during the first quarter. Orbis Allan Gray Ltd now owns 2,849,173 shares of the company’s stock valued at $1,239,276,000 after purchasing an additional 680,228 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ELV shares. Barclays reduced their price objective on shares of Elevance Health from $395.00 to $385.00 and set an “overweight” rating for the company in a research note on Wednesday, October 22nd. UBS Group cut their price target on Elevance Health from $435.00 to $425.00 and set a “buy” rating on the stock in a report on Friday, September 5th. The Goldman Sachs Group initiated coverage on Elevance Health in a research report on Tuesday, October 14th. They issued a “neutral” rating and a $343.00 price target for the company. Zacks Research upgraded Elevance Health from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Finally, Sanford C. Bernstein dropped their price objective on Elevance Health from $445.00 to $420.00 and set an “outperform” rating on the stock in a research report on Thursday, October 16th. Twelve research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $398.44.

Elevance Health Stock Performance

Shares of ELV stock opened at $330.34 on Monday. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $458.75. The business’s fifty day simple moving average is $334.22 and its 200-day simple moving average is $332.87. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.71. The company has a market cap of $73.41 billion, a PE ratio of 13.51, a PEG ratio of 1.53 and a beta of 0.52.

Elevance Health (NYSE:ELV) last announced its earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, topping the consensus estimate of $5.03 by $1.00. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The firm had revenue of $50.09 billion for the quarter, compared to the consensus estimate of $49.26 billion. During the same period in the previous year, the business earned $8.37 EPS. The firm’s revenue for the quarter was up 12.0% on a year-over-year basis. Analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be paid a dividend of $1.71 per share. The ex-dividend date is Friday, December 5th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.1%. Elevance Health’s payout ratio is presently 27.96%.

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.