Cornerstone Investment Partners LLC Acquires 10,654 Shares of Elevance Health, Inc. (NYSE:ELV)

Cornerstone Investment Partners LLC raised its holdings in Elevance Health, Inc. (NYSE:ELV) by 7.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 153,178 shares of the company’s stock after buying an additional 10,654 shares during the period. Elevance Health comprises about 4.1% of Cornerstone Investment Partners LLC’s holdings, making the stock its 5th largest position. Cornerstone Investment Partners LLC’s holdings in Elevance Health were worth $72,233,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cerity Partners LLC increased its position in shares of Elevance Health by 21.3% during the fourth quarter. Cerity Partners LLC now owns 52,300 shares of the company’s stock worth $24,663,000 after purchasing an additional 9,199 shares in the last quarter. Chicago Capital LLC increased its position in shares of Elevance Health by 244.2% during the fourth quarter. Chicago Capital LLC now owns 7,028 shares of the company’s stock worth $3,314,000 after purchasing an additional 4,986 shares in the last quarter. Lecap Asset Management Ltd. acquired a new stake in shares of Elevance Health during the fourth quarter worth about $2,235,000. International Assets Investment Management LLC increased its position in Elevance Health by 45,888.1% in the 4th quarter. International Assets Investment Management LLC now owns 255,694 shares of the company’s stock valued at $1,205,750,000 after acquiring an additional 255,138 shares during the period. Finally, Avitas Wealth Management LLC acquired a new position in Elevance Health in the 4th quarter valued at about $2,137,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Trading Up 1.7 %

ELV traded up $9.14 during trading on Friday, hitting $534.33. The company’s stock had a trading volume of 635,742 shares, compared to its average volume of 1,047,744. The firm’s 50 day moving average price is $508.63 and its 200-day moving average price is $482.59. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.44 and a quick ratio of 1.44. The stock has a market cap of $124.34 billion, a PE ratio of 21.13, a PEG ratio of 1.12 and a beta of 0.78. Elevance Health, Inc. has a twelve month low of $412.00 and a twelve month high of $539.11.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, beating the consensus estimate of $10.54 by $0.10. The company had revenue of $42.27 billion during the quarter, compared to the consensus estimate of $42.49 billion. Elevance Health had a return on equity of 20.47% and a net margin of 3.49%. Elevance Health’s revenue was up .9% on a year-over-year basis. During the same period in the previous year, the firm posted $9.46 EPS. On average, analysts expect that Elevance Health, Inc. will post 37.03 earnings per share for the current year.

Elevance Health Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.22%. This is an increase from Elevance Health’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Thursday, March 7th. Elevance Health’s dividend payout ratio is presently 25.90%.

Analyst Ratings Changes

A number of brokerages have weighed in on ELV. Truist Financial reaffirmed a “buy” rating and issued a $600.00 price objective (up previously from $580.00) on shares of Elevance Health in a report on Friday. StockNews.com lowered Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. Wells Fargo & Company lifted their price objective on Elevance Health from $557.00 to $600.00 and gave the company an “overweight” rating in a report on Friday. UBS Group lifted their price objective on Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a report on Friday. Finally, Jefferies Financial Group boosted their price target on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research note on Friday. One analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Elevance Health has a consensus rating of “Moderate Buy” and a consensus price target of $583.69.

Insider Transactions at Elevance Health

In other news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the completion of the sale, the director now directly owns 9,109 shares in the company, valued at approximately $4,554,500. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.35% 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.