Texas Retirement Fund Invests $4.54 Million in Elevance Health

The Employees Retirement System of Texas has made a significant investment in Elevance Health, Inc., purchasing approximately 11,673 shares valued at $4.54 million. This acquisition was disclosed in the firm’s latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC) for the second quarter of 2023.

A range of institutional investors and hedge funds have also adjusted their positions in Elevance Health (NYSE: ELV). Notably, LPL Financial LLC increased its holdings by 0.4% during the first quarter, now owning 177,911 shares valued at $77.38 million after acquiring an additional 702 shares. Prosperity Consulting Group LLC entered the fray with a new stake worth $224,000 during the same period.

Mackenzie Financial Corp also expanded its investment by 5.1%, holding 51,844 shares valued at $22.55 million after purchasing an extra 2,538 shares. Meeder Advisory Services Inc. raised its holdings by a substantial 20.0%, now possessing 4,614 shares valued at $2.01 million. Lastly, Banque Cantonale Vaudoise acquired a new position worth approximately $4.1 million. Currently, institutional investors own around 89.24% of Elevance Health’s stock.

Stock Performance and Financial Indicators

Elevance Health’s shares opened at $338.61 on Thursday, reflecting a 0.7% increase from previous trading sessions. The company maintains a current ratio and quick ratio of 1.56, along with a debt-to-equity ratio of 0.71. The stock’s 50-day moving average stands at $332.35, while the 200-day moving average is at $336.49. Over the past year, Elevance Health’s stock has seen a low of $273.71 and a high of $458.75, with a market capitalization of $75.25 billion. The company’s price-to-earnings ratio is 13.84, with a PEG ratio of 1.23 and a beta of 0.60.

In addition to stock performance, Elevance Health recently declared a quarterly dividend of $1.71, scheduled for payment on December 19, 2023. Shareholders on record by December 5, 2023 will be eligible for this payout, marking an annualized dividend of $6.84 and yielding 2.0%. The company’s payout ratio is currently 27.96%.

Analyst Recommendations and Market Outlook

Recent analyst reports have painted a mixed picture for Elevance Health. UBS Group has adjusted its target price from $435.00 to $425.00, maintaining a “buy” rating. Conversely, Weiss Ratings has reaffirmed a “sell (d+)” rating. Morgan Stanley raised its price objective from $316.00 to $359.00 and assigned an “equal weight” rating. Barclays has lowered its target price from $395.00 to $385.00, indicating an “overweight” rating.

The Goldman Sachs Group has initiated coverage on Elevance Health with a “neutral” rating and set a price target of $343.00. In total, twelve analysts have rated the stock as a Buy, ten as Hold, and one as Sell. Current consensus data from MarketBeat.com indicates an average price target of $398.44.

Elevance Health, Inc., based in the United States, operates as a health benefits company through its various segments, including Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. The company provides a wide range of health plans, administrative managed care services, and specialty insurance products.

For those interested in tracking institutional movements, the latest filings and insider transactions for Elevance Health can be accessed through HoldingsChannel.com.