State of Michigan Retirement System Grows Stake in Elevance Health, Inc. (NYSE:ELV)

State of Michigan Retirement System grew its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 1.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 69,551 shares of the company’s stock after purchasing an additional 1,000 shares during the period. State of Michigan Retirement System’s holdings in Elevance Health were worth $25,657,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Raelipskie Partnership acquired a new stake in Elevance Health during the 3rd quarter valued at approximately $26,000. Dunhill Financial LLC increased its position in shares of Elevance Health by 57.8% in the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after buying an additional 26 shares in the last quarter. Peterson Financial Group Inc. acquired a new position in Elevance Health during the third quarter worth $44,000. Crews Bank & Trust purchased a new position in Elevance Health in the 4th quarter valued at about $34,000. Finally, Prospera Private Wealth LLC acquired a new stake in shares of Elevance Health in the third quarter worth approximately $52,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Performance

NYSE:ELV opened at $397.68 on Wednesday. Elevance Health, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26. The firm’s 50 day moving average is $388.77 and its two-hundred day moving average is $436.31. The company has a market cap of $90.41 billion, a P/E ratio of 15.53, a P/E/G ratio of 1.18 and a beta of 0.83. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. Analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be issued a dividend of $1.71 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.72%. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s payout ratio is presently 26.71%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ELV. Barclays raised their target price on Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Argus reissued a “hold” rating and set a $405.40 price target on shares of Elevance Health in a research report on Wednesday, January 29th. Truist Financial cut their price target on Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a report on Monday, January 6th. StockNews.com raised shares of Elevance Health from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Wells Fargo & Company lowered their target price on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $517.03.

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.