Mutual of America Capital Management LLC Buys 2,067 Shares of Elevance Health, Inc. (NYSE:ELV)

Mutual of America Capital Management LLC lifted its stake in Elevance Health, Inc. (NYSE:ELV) by 6.6% during the 1st quarter, Holdings Channel reports. The institutional investor owned 33,585 shares of the company’s stock after purchasing an additional 2,067 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Elevance Health were worth $17,415,000 as of its most recent filing with the Securities & Exchange Commission.

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

Elevance Health Trading Down 0.7 %

Shares of ELV stock traded down $3.76 during trading hours on Monday, reaching $526.55. 656,599 shares of the stock were exchanged, compared to its average volume of 1,018,897. Elevance Health, Inc. has a 12-month low of $412.00 and a 12-month high of $550.34. The company’s 50-day moving average price is $533.93 and its 200-day moving average price is $511.68. The firm has a market capitalization of $122.38 billion, a price-to-earnings ratio of 19.90, a price-to-earnings-growth ratio of 1.17 and a beta of 0.84. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. The company had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter last year, the business posted $9.46 EPS. As a group, equities analysts anticipate that Elevance Health, Inc. will post 37.25 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend was Monday, June 10th. Elevance Health’s payout ratio is 24.64%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Baird R W raised Elevance Health to a “strong-buy” rating in a report on Thursday, May 30th. Wells Fargo & Company boosted their target price on shares of Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Morgan Stanley initiated coverage on shares of Elevance Health in a research note on Monday, June 24th. They set an “overweight” rating and a $643.00 target price for the company. StockNews.com downgraded shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. Finally, UBS Group increased their price objective on shares of Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a report on Friday, April 19th. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Elevance Health presently has an average rating of “Buy” and an average target price of $611.36.

Insider Buying and Selling at Elevance Health

In other news, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health stock in a transaction on 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 transaction, 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. Insiders own 0.29% of the company’s stock.

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.