Illinois Municipal Retirement Fund Grows Stock Holdings in Elevance Health, Inc. $ELV

Illinois Municipal Retirement Fund raised its position in Elevance Health, Inc. (NYSE:ELV) by 9.9% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 60,003 shares of the company’s stock after acquiring an additional 5,401 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Elevance Health were worth $23,339,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Private Wealth Management Group LLC boosted its stake in shares of 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 period. WPG Advisers LLC acquired a new stake in Elevance Health during the 1st quarter worth approximately $29,000. BOK Financial Private Wealth Inc. acquired a new stake in shares of Elevance Health in the 2nd quarter valued at approximately $32,000. Saudi Central Bank acquired a new position in Elevance Health during the first quarter worth $40,000. Finally, 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. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

ELV stock opened at $317.51 on Monday. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $458.75. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.56 and a quick ratio of 1.56. The stock has a market cap of $70.56 billion, a price-to-earnings ratio of 12.98, a P/E/G ratio of 1.23 and a beta of 0.60. The company has a 50 day simple moving average of $329.41 and a 200 day simple moving average of $344.28.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, beating the consensus estimate of $5.03 by $1.00. The firm had revenue of $50.09 billion for the quarter, compared to analyst estimates of $49.26 billion. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. The business’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $8.37 earnings per share. Research analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, December 5th. Elevance Health’s dividend payout ratio (DPR) is 27.96%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Zacks Research raised shares of Elevance Health from a “strong sell” rating to a “hold” rating in a research report on Thursday. The Goldman Sachs Group started coverage on Elevance Health in a report on Tuesday, October 14th. They set a “neutral” rating and a $343.00 target price on the stock. Bank of America upped their target price on Elevance Health from $330.00 to $370.00 and gave the company a “neutral” rating in a report on Friday, October 10th. Robert W. Baird decreased their price objective on shares of Elevance Health from $492.00 to $297.00 and set a “neutral” rating for the company in a research note on Friday, July 25th. Finally, Barclays decreased their price objective on Elevance Health from $395.00 to $385.00 and set an “overweight” rating for the company in a research report on Wednesday, October 22nd. Twelve equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $397.33.

Insider Activity

In other Elevance Health news, Director Susan D. Devore acquired 1,200 shares of the company’s stock in a transaction that occurred on Tuesday, August 19th. The shares were acquired at an average price of $312.15 per share, with a total value of $374,580.00. Following the completion of the purchase, the director directly owned 3,502 shares of the company’s stock, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.29% of the stock is owned by corporate insiders.

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.