CIBC Asset Management Inc Raises Stock Position in Elevance Health, Inc. (NYSE:ELV)

CIBC Asset Management Inc grew its holdings in Elevance Health, Inc. (NYSE:ELV) by 20.4% in the 4th quarter, HoldingsChannel reports. The firm owned 40,935 shares of the company’s stock after purchasing an additional 6,923 shares during the quarter. CIBC Asset Management Inc’s holdings in Elevance Health were worth $15,101,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Lifeworks Advisors LLC increased its holdings in shares of Elevance Health by 2.5% in the 3rd quarter. Lifeworks Advisors LLC now owns 1,037 shares of the company’s stock valued at $539,000 after purchasing an additional 25 shares in the last quarter. Catalyst Financial Partners LLC grew its position in Elevance Health by 2.9% during the third quarter. Catalyst Financial Partners LLC now owns 918 shares of the company’s stock worth $477,000 after buying an additional 26 shares during the period. Fullcircle Wealth LLC increased its holdings in Elevance Health by 1.5% in the third quarter. Fullcircle Wealth LLC now owns 1,743 shares of the company’s stock valued at $906,000 after buying an additional 26 shares in the last quarter. Dunhill Financial LLC lifted its position in shares of Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after acquiring an additional 26 shares during the period. Finally, TCI Wealth Advisors Inc. boosted its stake in shares of Elevance Health by 5.6% during the 3rd quarter. TCI Wealth Advisors Inc. now owns 506 shares of the company’s stock worth $263,000 after acquiring an additional 27 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

NYSE ELV opened at $389.58 on Tuesday. The business’s 50-day moving average price is $385.08 and its 200 day moving average price is $448.13. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a twelve month low of $362.21 and a twelve month high of $567.26. The company has a market capitalization of $90.35 billion, a PE ratio of 15.21, a price-to-earnings-growth ratio of 1.17 and a beta of 0.83.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, topping the consensus estimate 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, research analysts predict that Elevance Health, Inc. will post 34.05 earnings per share for the current 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 paid a dividend of $1.71 per share. The ex-dividend date is Monday, March 10th. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 1.76%. Elevance Health’s payout ratio is currently 25.46%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ELV shares. Wells Fargo & Company reduced their price objective on Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Morgan Stanley decreased their price objective on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Cantor Fitzgerald restated an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a report on Friday, January 24th. Stephens downgraded shares of Elevance Health from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Finally, Truist Financial dropped their price objective on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Three investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $517.03.

Elevance Health 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.