Elevance Health, Inc. (NYSE:ELV) Shares Bought by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 82.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 720,367 shares of the company’s stock after acquiring an additional 326,543 shares during the period. CIBC Private Wealth Group LLC owned 0.31% of Elevance Health worth $276,073,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of ELV. Raelipskie Partnership purchased a new position in Elevance Health during the third quarter worth approximately $26,000. Flagship Wealth Advisors LLC acquired a new stake in shares of Elevance Health during the 4th quarter worth $26,000. OFI Invest Asset Management purchased a new position in shares of Elevance Health in the 4th quarter worth about $29,000. WealthTrak Capital Management LLC acquired a new position in Elevance Health during the fourth quarter valued at approximately $29,000. Finally, Lee Danner & Bass Inc. purchased a new stake in Elevance Health during the 4th quarter worth $30,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ELV. Wells Fargo & Company dropped their price objective on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Argus raised Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price target for the company in a report on Monday, March 17th. Truist Financial dropped their price objective on Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Barclays increased their target price on Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a research note on Friday, January 24th. Finally, Sanford C. Bernstein restated an “outperform” rating on shares of Elevance Health in a research note on Friday. Two equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Elevance Health has a consensus rating of “Moderate Buy” and an average target price of $519.81.

Elevance Health Stock Performance

Shares of ELV stock opened at $431.84 on Friday. The company has a market cap of $98.18 billion, a P/E ratio of 16.86, a PEG ratio of 1.18 and a beta of 0.86. The business has a 50 day moving average of $404.45 and a two-hundred day moving average of $421.28. Elevance Health, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26. 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 released its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. As a group, analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Monday, March 10th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date was Monday, March 10th. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio (DPR) is 26.71%.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total value of $1,388,635.20. Following the completion of the transaction, the executive vice president now directly owns 10,116 shares of the company’s stock, valued at $4,008,970.80. This represents a 25.73 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Ronald W. Penczek sold 443 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of the sale, the chief accounting officer now owns 1,847 shares in the company, valued at approximately $766,745.11. This represents a 19.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by insiders.

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.