Elevance Health, Inc. (NYSE:ELV) Position Cut by Railway Pension Investments Ltd

Railway Pension Investments Ltd lowered its position in shares of Elevance Health, Inc. (NYSE:ELV) by 22.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 299,627 shares of the company’s stock after selling 88,500 shares during the period. Elevance Health accounts for 1.3% of Railway Pension Investments Ltd’s portfolio, making the stock its 23rd biggest holding. Railway Pension Investments Ltd’s holdings in Elevance Health were worth $133,121,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of ELV. J.Safra Asset Management Corp acquired a new stake in Elevance Health in the 1st quarter valued at approximately $25,000. BDO Wealth Advisors LLC grew its stake in shares of Elevance Health by 266.7% in the second quarter. BDO Wealth Advisors LLC now owns 55 shares of the company’s stock worth $25,000 after purchasing an additional 40 shares in the last quarter. Fortis Capital Advisors LLC acquired a new position in shares of Elevance Health during the fourth quarter valued at $29,000. TD Capital Management LLC bought a new stake in shares of Elevance Health during the fourth quarter valued at about $30,000. Finally, Newbridge Financial Services Group Inc. lifted its holdings in Elevance Health by 110.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 52 shares during the period. Institutional investors and hedge funds own 87.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ELV. StockNews.com began coverage on shares of Elevance Health in a research report on Thursday, October 5th. They set a “strong-buy” rating on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $547.00 price target on shares of Elevance Health in a research note on Thursday, October 19th. TD Cowen boosted their price objective on Elevance Health from $564.00 to $585.00 and gave the stock an “outperform” rating in a research note on Monday, July 24th. Morgan Stanley raised their target price on Elevance Health from $585.00 to $587.00 and gave the company an “overweight” rating in a research note on Thursday, October 19th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Elevance Health from $569.00 to $552.00 and set an “overweight” rating on the stock in a research report on Friday. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $565.82.

Insider Activity at Elevance Health

In other Elevance Health news, CAO Ronald W. Penczek sold 64 shares of the firm’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $454.35, for a total transaction of $29,078.40. Following the completion of the sale, the chief accounting officer now directly owns 2,842 shares in the company, valued at approximately $1,291,262.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.35% of the stock is owned by insiders.

Elevance Health Trading Up 0.3 %

Shares of ELV traded up $1.42 during midday trading on Tuesday, hitting $466.79. The stock had a trading volume of 79,276 shares, compared to its average volume of 1,167,583. The business has a 50-day simple moving average of $451.18 and a two-hundred day simple moving average of $453.67. The firm has a market cap of $109.68 billion, a P/E ratio of 18.27, a price-to-earnings-growth ratio of 1.15 and a beta of 0.84. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.62. Elevance Health, Inc. has a fifty-two week low of $412.00 and a fifty-two week high of $544.01.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Wednesday, October 18th. The company reported $8.99 EPS for the quarter, beating the consensus estimate of $8.45 by $0.54. Elevance Health had a net margin of 3.61% and a return on equity of 20.71%. The business had revenue of $42.48 billion during the quarter, compared to the consensus estimate of $42.69 billion. During the same quarter in the prior year, the firm earned $7.53 EPS. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, equities analysts forecast that Elevance Health, Inc. will post 33.07 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 21st. Stockholders of record on Wednesday, December 6th will be issued a dividend of $1.48 per share. The ex-dividend date of this dividend is Tuesday, December 5th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.27%. Elevance Health’s dividend payout ratio is 23.24%.

Elevance Health Profile

Elevance Health, Inc operates as a health benefits company. The company operates through four segments: Commercial & Specialty Business, Government Business, CarelonRx, and Other. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives.