Elevance Health, Inc. $ELV Shares Acquired by Cornerstone Investment Partners LLC

Cornerstone Investment Partners LLC raised its position in Elevance Health, Inc. (NYSE:ELV) by 9.0% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 194,029 shares of the company’s stock after buying an additional 16,081 shares during the quarter. Elevance Health comprises about 3.3% of Cornerstone Investment Partners LLC’s holdings, making the stock its 11th largest position. Cornerstone Investment Partners LLC owned approximately 0.09% of Elevance Health worth $75,470,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ELV. Private Wealth Management Group LLC grew its holdings in shares of Elevance Health by 152.0% in the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company’s stock worth $27,000 after acquiring an additional 38 shares during the period. WPG Advisers LLC acquired a new position in shares of Elevance Health during the 1st quarter valued at about $29,000. Glass Jacobson Investment Advisors llc increased its position in Elevance Health by 400.0% during the second quarter. Glass Jacobson Investment Advisors llc now owns 100 shares of the company’s stock worth $39,000 after purchasing an additional 80 shares during the last quarter. Saudi Central Bank purchased a new position in shares of Elevance Health in the 1st quarter worth $40,000. Finally, Berbice Capital Management LLC purchased a new position in shares of Elevance Health in the 1st quarter worth about $43,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Stock Down 0.9%

ELV opened at $315.08 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.56 and a current ratio of 1.56. The company has a market capitalization of $70.02 billion, a PE ratio of 12.88, a P/E/G ratio of 1.23 and a beta of 0.60. The stock’s fifty day moving average is $329.44 and its 200-day moving average is $345.97. Elevance Health, Inc. has a one year low of $273.71 and a one year high of $458.75.

Elevance Health (NYSE:ELV) last released its earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.03 by $1.00. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The firm had revenue of $50.09 billion for the quarter, compared to analyst estimates of $49.26 billion. During the same period in the previous year, the company earned $8.37 earnings per share. Elevance Health’s revenue was up 12.0% compared to the same quarter last year. On average, equities analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Mizuho reduced their target price on shares of Elevance Health from $420.00 to $400.00 and set an “outperform” rating on the stock in a research report on Monday. Cowen reiterated a “buy” rating on shares of Elevance Health in a research report on Thursday, October 23rd. Truist Financial set a $400.00 target price on shares of Elevance Health in a research note on Tuesday, October 14th. UBS Group reduced their price objective on Elevance Health from $435.00 to $425.00 and set a “buy” rating for the company in a research report on Friday, September 5th. Finally, JPMorgan Chase & Co. increased their price objective on Elevance Health from $384.00 to $394.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Twelve investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $397.33.

Insider Transactions at Elevance Health

In related news, Director Susan D. Devore purchased 1,200 shares of the company’s stock in a transaction on Tuesday, August 19th. The shares were bought at an average price of $312.15 per share, with a total value of $374,580.00. Following the completion of the acquisition, the director owned 3,502 shares of the company’s stock, valued at approximately $1,093,149.30. This represents a 52.13% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company 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.