Elevance Health, Inc. $ELV Shares Bought by Police & Firemen s Retirement System of New Jersey

Police & Firemen s Retirement System of New Jersey grew its position in Elevance Health, Inc. (NYSE:ELV) by 1.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,356 shares of the company’s stock after buying an additional 464 shares during the quarter. Police & Firemen s Retirement System of New Jersey’s holdings in Elevance Health were worth $13,363,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in ELV. WPG Advisers LLC purchased a new position in Elevance Health during the 1st quarter valued at about $29,000. BOK Financial Private Wealth Inc. acquired a new stake in shares of Elevance Health in the second quarter valued at approximately $32,000. Glass Jacobson Investment Advisors llc increased its stake in shares of Elevance Health by 400.0% during the 2nd quarter. Glass Jacobson Investment Advisors llc now owns 100 shares of the company’s stock worth $39,000 after purchasing an additional 80 shares in the last quarter. Saudi Central Bank acquired a new position in shares of Elevance Health during the 1st quarter worth approximately $40,000. Finally, Trust Co. of Toledo NA OH acquired a new position in shares of Elevance Health during the 2nd quarter worth approximately $43,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Stock Performance

NYSE ELV opened at $328.16 on Friday. The business’s 50-day moving average price is $329.49 and its 200 day moving average price is $342.44. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $458.75. The company has a market capitalization of $72.93 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 1.23 and a beta of 0.60.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 EPS for the quarter, beating 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 company had revenue of $50.09 billion during the quarter, compared to analysts’ expectations of $49.26 billion. During the same quarter in the previous year, the business earned $8.37 EPS. The firm’s revenue was up 12.0% on a year-over-year basis. On average, research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts have weighed in on ELV shares. UBS Group dropped their price target on Elevance Health from $435.00 to $425.00 and set a “buy” rating for the company in a research report on Friday, September 5th. TD Cowen lifted their price objective on Elevance Health from $330.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. JPMorgan Chase & Co. boosted their target price on shares of Elevance Health from $384.00 to $394.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Zacks Research upgraded shares of Elevance Health from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. Finally, Cowen reiterated a “buy” rating on shares of Elevance Health in a report on Thursday, October 23rd. Twelve research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $397.33.

Insiders Place Their Bets

In related news, Director Susan D. Devore purchased 1,200 shares of the firm’s stock in a transaction on Tuesday, August 19th. The shares were bought at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the acquisition, the director directly owned 3,502 shares in the company, valued at $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. 0.29% of the stock is currently owned by corporate insiders.

About Elevance Health

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.