Cibc World Market Inc. Makes New Investment in Elevance Health, Inc. $ELV

Key Points

• CIBC World Market acquired 49,749 shares of Elevance Health in the second quarter, valued at approximately $19.2 million. Institutional investors collectively own 89.24% of the company.
• Analysts maintain a favorable outlook, with 15 Buy ratings and eight Holds producing a “Moderate Buy” consensus and an average price target of $440.90.
• Elevance Health reported quarterly EPS of $7.45, beating estimates by $1.24, and declared a quarterly dividend of $1.72, equivalent to a 1.7% annualized yield.

Cibc World Market Inc. acquired a new stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 49,749 shares of the company's stock, valued at approximately $19,239,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. WealthCollab LLC boosted its holdings in Elevance Health by 42.2% in the first quarter. WealthCollab LLC now owns 91 shares of the company's stock worth $27,000 after acquiring an additional 27 shares in the last quarter. Kilter Group LLC acquired a new position in shares of Elevance Health during the second quarter valued at about $28,000. Kemnay Advisory Services Inc. purchased a new position in shares of Elevance Health in the 4th quarter valued at approximately $31,000. J.Safra Asset Management Corp purchased a new position in shares of Elevance Health in the 4th quarter valued at approximately $32,000. Finally, Main Street Group LTD acquired a new stake in Elevance Health in the 1st quarter worth approximately $39,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the transaction, the director owned 10,734 shares in the company, valued at $4,312,599.18. The trade was a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.34% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ELV. Mizuho boosted their price objective on shares of Elevance Health from $435.00 to $465.00 and gave the company an "outperform" rating in a report on Monday, June 8th. The Goldman Sachs Group restated a "neutral" rating and issued a $395.00 target price on shares of Elevance Health in a research note on Thursday, July 16th. UBS Group boosted their price target on Elevance Health from $400.00 to $460.00 and gave the company a "buy" rating in a research note on Friday, May 22nd. Citigroup raised Elevance Health to a "buy" rating in a report on Wednesday, April 29th. Finally, TD Cowen raised their price objective on Elevance Health from $400.00 to $465.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $440.90.

Elevance Health Stock Up 0.5%

ELV opened at $402.62 on Tuesday. The company has a fifty day moving average of $394.79 and a two-hundred day moving average of $360.49. The stock has a market capitalization of $87.32 billion, a price-to-earnings ratio of 17.89, a PEG ratio of 2.29 and a beta of 0.68. Elevance Health, Inc. has a fifty-two week low of $274.84 and a fifty-two week high of $436.24. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.21 by $1.24. The firm had revenue of $49.83 billion for the quarter, compared to analysts' expectations of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The firm's revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter last year, the company earned $8.84 EPS. On average, research analysts expect that Elevance Health, Inc. will post 27.18 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be issued a $1.72 dividend. This represents a $6.88 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health's dividend payout ratio (DPR) is currently 30.58%.

Elevance Health Profile

Elevance Health, Inc NYSE: ELV is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company's strategic focus on integrated health care and benefit delivery.

Elevance's core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.

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