New Mexico Educational Retirement Board Has $6.95 Million Position in Elevance Health, Inc. (NYSE:ELV)

New Mexico Educational Retirement Board grew its stake in Elevance Health, Inc. (NYSE:ELV) by 14.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,146 shares of the company’s stock after purchasing an additional 1,800 shares during the period. New Mexico Educational Retirement Board’s holdings in Elevance Health were worth $6,949,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in ELV. abrdn plc raised its holdings in Elevance Health by 86.8% in the 4th quarter. abrdn plc now owns 278,397 shares of the company’s stock valued at $131,281,000 after buying an additional 129,364 shares during the last quarter. Cerity Partners LLC raised its holdings in Elevance Health by 21.3% in the 4th quarter. Cerity Partners LLC now owns 52,300 shares of the company’s stock valued at $24,663,000 after buying an additional 9,199 shares during the last quarter. Canoe Financial LP raised its holdings in Elevance Health by 158.1% in the 4th quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock valued at $398,054,000 after buying an additional 517,116 shares during the last quarter. Wetzel Investment Advisors Inc. bought a new position in Elevance Health in the 4th quarter valued at approximately $218,000. Finally, Tower Research Capital LLC TRC raised its holdings in Elevance Health by 114.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock valued at $14,765,000 after buying an additional 16,737 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Elevance Health

In related news, EVP Felicia F. Norwood sold 14,111 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total value of $7,531,605.14. Following the sale, the executive vice president now directly owns 31,460 shares in the company, valued at approximately $16,791,460.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.35% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on ELV shares. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. Barclays raised their price target on shares of Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Truist Financial restated a “buy” rating and set a $600.00 price target (up previously from $580.00) on shares of Elevance Health in a report on Friday, April 19th. Jefferies Financial Group raised their price target on shares of Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Finally, Royal Bank of Canada lifted their price objective on shares of Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a research note on Friday, April 19th. One equities research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $611.36.

Elevance Health Stock Performance

Shares of NYSE ELV traded up $6.09 during mid-day trading on Friday, reaching $541.86. 1,711,417 shares of the company’s stock were exchanged, compared to its average volume of 978,465. The firm has a market capitalization of $125.94 billion, a price-to-earnings ratio of 20.48, a price-to-earnings-growth ratio of 1.20 and a beta of 0.83. Elevance Health, Inc. has a 52 week low of $412.00 and a 52 week high of $550.34. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37. The firm has a 50-day moving average price of $534.36 and a two-hundred day moving average price of $508.85.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, April 18th. The company reported $10.64 EPS for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. The company had revenue of $42.27 billion for the quarter, compared to analysts’ expectations of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the previous year, the business posted $9.46 EPS. Analysts predict that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th were paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend was Monday, June 10th. Elevance Health’s payout ratio is 24.64%.

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.