Elevance Health, Inc. (NYSE:ELV) Shares Purchased by Cornerstone Investment Partners LLC

Cornerstone Investment Partners LLC lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 16.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 177,948 shares of the company's stock after buying an additional 25,738 shares during the quarter. Elevance Health makes up about 3.7% of Cornerstone Investment Partners LLC's investment portfolio, making the stock its 8th largest holding. Cornerstone Investment Partners LLC owned approximately 0.08% of Elevance Health worth $77,400,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. CIBC Private Wealth Group LLC boosted its holdings in Elevance Health by 82.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 720,367 shares of the company's stock worth $276,073,000 after purchasing an additional 326,543 shares during the period. CWA Asset Management Group LLC acquired a new position in shares of Elevance Health in the 1st quarter valued at about $299,000. GAMMA Investing LLC grew its position in shares of Elevance Health by 88.1% during the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock valued at $1,475,000 after buying an additional 1,588 shares during the last quarter. Ritholtz Wealth Management raised its stake in Elevance Health by 185.7% during the first quarter. Ritholtz Wealth Management now owns 3,083 shares of the company's stock worth $1,341,000 after acquiring an additional 2,004 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in Elevance Health by 36.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company's stock worth $11,991,000 after acquiring an additional 7,410 shares during the last quarter. Institutional investors own 89.24% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Argus set a $465.00 price objective on Elevance Health in a research report on Friday, April 25th. Robert W. Baird reaffirmed a "neutral" rating and issued a $529.00 price objective (down previously from $625.00) on shares of Elevance Health in a report on Tuesday, April 15th. Truist Financial set a $500.00 target price on shares of Elevance Health and gave the company a "buy" rating in a research note on Monday, June 9th. Cantor Fitzgerald restated an "overweight" rating and issued a $485.00 price target on shares of Elevance Health in a research note on Wednesday, April 23rd. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of Elevance Health in a research report on Friday, March 28th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $495.80.

Insider Buying and Selling at Elevance Health

In other news, CFO Mark Kaye sold 4,588 shares of the business's stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the sale, the chief financial officer directly owned 18,977 shares of the company's stock, valued at $8,061,809.14. The trade was a 19.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is currently owned by corporate insiders.

Elevance Health Price Performance

ELV stock traded down $5.82 during trading hours on Friday, hitting $340.04. 1,698,140 shares of the stock traded hands, compared to its average volume of 1,631,093. The stock has a 50-day simple moving average of $380.88 and a 200 day simple moving average of $397.40. The company has a market cap of $76.83 billion, a P/E ratio of 13.27, a P/E/G ratio of 0.88 and a beta of 0.60. Elevance Health, Inc. has a one year low of $337.61 and a one year high of $567.26. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.66.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, beating the consensus estimate of $10.60 by $1.37. Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. The company had revenue of $48.77 billion during the quarter, compared to analyst estimates of $46.26 billion. Equities analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.01%. Elevance Health's dividend payout ratio (DPR) is presently 26.69%.

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.