Cibc World Markets Corp Raises Holdings in Elevance Health, Inc. (NYSE:ELV)

Cibc World Markets Corp increased its position in Elevance Health, Inc. (NYSE:ELV) by 16.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 36,570 shares of the company’s stock after purchasing an additional 5,035 shares during the period. Cibc World Markets Corp’s holdings in Elevance Health were worth $13,491,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Raelipskie Partnership acquired a new stake in shares of Elevance Health in the third quarter valued at approximately $26,000. Dunhill Financial LLC increased its stake in Elevance Health by 57.8% in the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after purchasing an additional 26 shares during the period. OFI Invest Asset Management purchased a new stake in shares of Elevance Health in the fourth quarter valued at about $29,000. Crews Bank & Trust acquired a new stake in shares of Elevance Health during the fourth quarter worth about $34,000. Finally, Prospera Private Wealth LLC purchased a new position in shares of Elevance Health during the third quarter worth about $52,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Up 2.5 %

NYSE:ELV opened at $431.29 on Tuesday. The company has a market capitalization of $98.06 billion, a PE ratio of 16.84, a price-to-earnings-growth ratio of 1.18 and a beta of 0.86. Elevance Health, Inc. has a 52-week low of $362.21 and a 52-week high of $567.26. The stock has a fifty day simple moving average of $396.48 and a 200-day simple moving average of $427.94. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, topping analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. On average, equities research analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be given a $1.71 dividend. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 1.59%. The ex-dividend date is Monday, March 10th. Elevance Health’s dividend payout ratio is currently 26.71%.

Analysts Set New Price Targets

A number of analysts have weighed in on ELV shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $485.00 price objective on shares of Elevance Health in a research report on Friday, January 24th. Truist Financial dropped their price objective on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Argus upgraded shares of Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 target price for the company in a research note on Monday. Barclays boosted their price target on shares of Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Finally, StockNews.com lowered Elevance Health from a “buy” rating to a “hold” rating in a report on Wednesday, March 12th. Three investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $519.81.

Insider Activity at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the sale, the executive vice president now owns 10,116 shares in the company, valued at $4,008,970.80. This trade represents a 25.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Ronald W. Penczek sold 443 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the transaction, the chief accounting officer now owns 1,847 shares in the company, valued at $766,745.11. This trade represents a 19.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.

Elevance Health Company Profile

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.