State of New Jersey Common Pension Fund D Sells 48,800 Shares of Elevance Health, Inc. (NYSE:ELV)

State of New Jersey Common Pension Fund D lowered its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 36.6% during the second quarter, HoldingsChannel reports. The firm owned 84,427 shares of the company’s stock after selling 48,800 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Elevance Health were worth $45,748,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Tower Research Capital LLC TRC raised its stake in shares of Elevance Health by 114.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock worth $14,765,000 after purchasing an additional 16,737 shares in the last quarter. Brave Warrior Advisors LLC raised its stake in shares of Elevance Health by 7.9% during the 4th quarter. Brave Warrior Advisors LLC now owns 1,756,653 shares of the company’s stock worth $828,367,000 after purchasing an additional 129,055 shares in the last quarter. New Mexico Educational Retirement Board raised its stake in shares of Elevance Health by 14.6% during the 1st quarter. New Mexico Educational Retirement Board now owns 14,146 shares of the company’s stock worth $6,949,000 after purchasing an additional 1,800 shares in the last quarter. Bank of Nova Scotia raised its stake in shares of Elevance Health by 276.0% during the 4th quarter. Bank of Nova Scotia now owns 82,331 shares of the company’s stock worth $38,823,000 after purchasing an additional 60,436 shares in the last quarter. Finally, Blair William & Co. IL raised its stake in shares of Elevance Health by 119.7% during the 1st quarter. Blair William & Co. IL now owns 12,134 shares of the company’s stock worth $6,292,000 after purchasing an additional 6,610 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling

In related news, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the sale, the director now directly owns 9,721 shares in the company, valued at approximately $4,926,213.96. The sale was disclosed in a filing with the SEC, which is available through this link. In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now directly owns 8,744 shares in the company, valued at $4,647,610.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the transaction, the director now owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The disclosure for this sale can be found here. Insiders sold a total of 35,058 shares of company stock worth $17,588,116 in the last ninety days. 0.35% of the stock is owned by insiders.

Elevance Health Stock Performance

ELV opened at $543.39 on Thursday. The firm has a market cap of $126.01 billion, a P/E ratio of 20.54, a price-to-earnings-growth ratio of 1.19 and a beta of 0.82. Elevance Health, Inc. has a 52-week low of $431.38 and a 52-week high of $567.26. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The business’s fifty day moving average is $534.39 and its 200-day moving average is $527.27.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping the consensus estimate of $9.99 by $0.13. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The business had revenue of $43.22 billion during the quarter, compared to the consensus estimate of $42.99 billion. During the same period in the prior year, the company earned $9.04 EPS. Elevance Health’s revenue for the quarter was down .4% on a year-over-year basis. Sell-side analysts expect that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be given a dividend of $1.63 per share. The ex-dividend date is Tuesday, September 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.20%. Elevance Health’s dividend payout ratio is currently 24.64%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ELV shares. TD Cowen decreased their target price on Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a report on Friday, July 19th. Baird R W raised Elevance Health to a “strong-buy” rating in a report on Thursday, May 30th. StockNews.com lowered Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. Bank of America reissued a “neutral” rating and set a $530.00 target price (down from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Finally, JPMorgan Chase & Co. upped their price objective on Elevance Health from $628.00 to $631.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $604.29.

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.