State of New Jersey Common Pension Fund D Sells 1,502 Shares of Elevance Health, Inc. $ELV

State of New Jersey Common Pension Fund D lowered its position in shares of Elevance Health, Inc. (NYSE:ELV) by 1.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 76,711 shares of the company’s stock after selling 1,502 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Elevance Health were worth $29,838,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Private Wealth Management Group LLC increased its holdings in Elevance Health by 152.0% in the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company’s stock valued at $27,000 after purchasing an additional 38 shares during the last quarter. WPG Advisers LLC bought a new stake in Elevance Health in the first quarter valued at about $29,000. North Capital Inc. bought a new stake in Elevance Health in the first quarter valued at about $36,000. Glass Jacobson Investment Advisors llc increased its holdings in Elevance Health by 400.0% in the second quarter. Glass Jacobson Investment Advisors llc now owns 100 shares of the company’s stock valued at $39,000 after purchasing an additional 80 shares during the last quarter. Finally, Saudi Central Bank bought a new stake in Elevance Health in the first quarter valued at about $40,000. Institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling at Elevance Health

In other news, Director Susan D. Devore acquired 1,200 shares of Elevance Health stock in a transaction dated Tuesday, August 19th. The stock was bought at an average cost of $312.15 per share, with a total value of $374,580.00. Following the completion of the transaction, the director directly owned 3,502 shares of the company’s stock, valued at approximately $1,093,149.30. This represents a 52.13% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is owned by corporate insiders.

Elevance Health Stock Down 1.1%

ELV stock opened at $342.45 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.56 and a quick ratio of 1.44. The stock has a market capitalization of $76.11 billion, a P/E ratio of 14.00, a P/E/G ratio of 1.26 and a beta of 0.59. The business has a 50-day moving average of $327.09 and a 200-day moving average of $353.39. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $458.75.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data 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. The company had revenue of $50.09 billion during the quarter, compared to analysts’ expectations of $49.26 billion. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.Elevance Health’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $8.37 earnings per share. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, December 5th. Elevance Health’s dividend payout ratio is currently 27.96%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Robert W. Baird dropped their price objective on Elevance Health from $492.00 to $297.00 and set a “neutral” rating for the company in a report on Friday, July 25th. Truist Financial set a $400.00 target price on Elevance Health in a research note on Tuesday, October 14th. Mizuho boosted their target price on Elevance Health from $342.00 to $420.00 and gave the company an “outperform” rating in a research note on Thursday, October 9th. The Goldman Sachs Group started coverage on Elevance Health in a research note on Tuesday, October 14th. They issued a “neutral” rating and a $343.00 target price for the company. Finally, Leerink Partners reissued a “market perform” rating and issued a $310.00 target price (down from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Twelve research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $397.89.

Elevance Health Company 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.