Cumberland Partners Ltd Makes New Investment in Elevance Health, Inc. $ELV

Cumberland Partners Ltd acquired a new stake in Elevance Health, Inc. (NYSE:ELV) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 3,500 shares of the company’s stock, valued at approximately $1,361,000.

A number of other hedge funds have also recently bought and sold shares of ELV. Verdence Capital Advisors LLC raised its stake in shares of Elevance Health by 3.9% in the 2nd quarter. Verdence Capital Advisors LLC now owns 21,213 shares of the company’s stock valued at $8,251,000 after purchasing an additional 790 shares in the last quarter. World Investment Advisors lifted its position in Elevance Health by 17.0% during the 2nd quarter. World Investment Advisors now owns 27,434 shares of the company’s stock worth $10,671,000 after acquiring an additional 3,988 shares during the last quarter. Dynamic Advisor Solutions LLC grew its stake in shares of Elevance Health by 11.3% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 8,034 shares of the company’s stock valued at $3,125,000 after purchasing an additional 817 shares during the period. Focus Partners Wealth boosted its holdings in shares of Elevance Health by 4.6% in the 1st quarter. Focus Partners Wealth now owns 22,446 shares of the company’s stock worth $9,764,000 after acquiring an additional 982 shares in the last quarter. Finally, Generate Investment Management Ltd raised its stake in shares of Elevance Health by 164.4% during the second quarter. Generate Investment Management Ltd now owns 98,052 shares of the company’s stock worth $38,138,000 after buying an additional 60,963 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Down 2.4%

Shares of NYSE:ELV opened at $316.84 on Thursday. The firm has a market capitalization of $70.41 billion, a PE ratio of 12.95, a price-to-earnings-growth ratio of 1.23 and a beta of 0.60. The business has a 50 day simple moving average of $330.57 and a two-hundred day simple moving average of $339.47. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.56 and a quick ratio of 1.56. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $458.75.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.03 by $1.00. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The firm had revenue of $50.09 billion during the quarter, compared to analysts’ expectations of $49.26 billion. During the same period last year, the business posted $8.37 earnings per share. The company’s revenue for the quarter was up 12.0% compared to the same quarter last year. On average, equities analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be given a dividend of $1.71 per share. The ex-dividend date is Friday, December 5th. This represents a $6.84 dividend on an annualized basis and a yield of 2.2%. Elevance Health’s payout ratio is presently 27.96%.

Wall Street Analyst Weigh In

ELV has been the subject of a number of analyst reports. Bank of America raised their price target on Elevance Health from $330.00 to $370.00 and gave the company a “neutral” rating in a research note on Friday, October 10th. Morgan Stanley raised their price objective on shares of Elevance Health from $316.00 to $359.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 14th. Robert W. Baird cut their price objective on shares of Elevance Health from $492.00 to $297.00 and set a “neutral” rating on the stock in a report on Friday, July 25th. Mizuho lowered their price objective on Elevance Health from $420.00 to $400.00 and set an “outperform” rating on the stock in a research note on Monday, November 3rd. Finally, Cowen reaffirmed a “buy” rating on shares of Elevance Health in a report on Thursday, October 23rd. Twelve investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $397.33.

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.