Smithbridge Asset Management Inc. DE Acquires New Holdings in Elevance Health, Inc. (NYSE:ELV)

Smithbridge Asset Management Inc. DE acquired a new stake in Elevance Health, Inc. (NYSE:ELV) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 2,627 shares of the company’s stock, valued at approximately $1,143,000.

Other institutional investors have also made changes to their positions in the company. CIBC Private Wealth Group LLC raised its stake in shares of Elevance Health by 82.9% in the 4th quarter. CIBC Private Wealth Group LLC now owns 720,367 shares of the company’s stock valued at $276,073,000 after acquiring an additional 326,543 shares in the last quarter. VELA Investment Management LLC raised its stake in shares of Elevance Health by 101.6% in the 4th quarter. VELA Investment Management LLC now owns 2,074 shares of the company’s stock valued at $765,000 after acquiring an additional 1,045 shares in the last quarter. Banque Pictet & Cie SA raised its stake in shares of Elevance Health by 44.7% in the 4th quarter. Banque Pictet & Cie SA now owns 26,168 shares of the company’s stock valued at $9,653,000 after acquiring an additional 8,081 shares in the last quarter. Mn Services Vermogensbeheer B.V. raised its stake in shares of Elevance Health by 2.5% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 93,000 shares of the company’s stock valued at $34,308,000 after acquiring an additional 2,300 shares in the last quarter. Finally, Allworth Financial LP raised its stake in shares of Elevance Health by 103.9% in the 4th quarter. Allworth Financial LP now owns 2,688 shares of the company’s stock valued at $1,050,000 after acquiring an additional 1,370 shares in the last quarter. 89.24% of the stock is owned by institutional investors.

Elevance Health Price Performance

Shares of ELV stock opened at $386.16 on Friday. The stock’s fifty day simple moving average is $405.63 and its 200 day simple moving average is $400.31. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. The firm has a market cap of $87.25 billion, a price-to-earnings ratio of 15.08, a P/E/G ratio of 1.18 and a beta of 0.60. Elevance Health, Inc. has a one year low of $357.45 and a one year high of $567.26.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, beating the consensus estimate of $10.60 by $1.37. The business had revenue of $48.77 billion for the quarter, compared to analyst estimates of $46.26 billion. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. On average, analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date is Tuesday, June 10th. Elevance Health’s dividend payout ratio is currently 26.69%.

Insiders Place Their Bets

In other news, CFO Mark Kaye sold 4,588 shares of the company’s stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the transaction, the chief financial officer now owns 18,977 shares of the company’s stock, valued at $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on ELV. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Elevance Health in a research report on Friday, March 28th. Wall Street Zen raised Elevance Health from a “hold” rating to a “buy” rating in a research report on Thursday, March 20th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $478.00 price target on shares of Elevance Health in a research report on Wednesday, June 4th. Robert W. Baird reaffirmed a “neutral” rating and issued a $529.00 price target (down from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Finally, Mizuho lifted their price target on Elevance Health from $455.00 to $505.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 9th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Elevance Health currently has a consensus rating of “Moderate Buy” and an average price target of $498.87.

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.