Cornercap Investment Counsel Inc. Makes New Investment in Elevance Health, Inc. (NYSE:ELV)

Cornercap Investment Counsel Inc. acquired a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 4,009 shares of the company’s stock, valued at approximately $1,744,000. Elevance Health accounts for 0.9% of Cornercap Investment Counsel Inc.’s portfolio, making the stock its 25th largest position.

A number of other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Elevance Health by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 21,485,574 shares of the company’s stock worth $7,926,028,000 after acquiring an additional 138,380 shares during the period. Price T Rowe Associates Inc. MD raised its position in Elevance Health by 4.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,618,062 shares of the company’s stock worth $3,917,004,000 after acquiring an additional 464,137 shares during the period. Wellington Management Group LLP raised its position in Elevance Health by 42.5% during the fourth quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company’s stock worth $2,344,556,000 after acquiring an additional 1,893,947 shares during the period. Geode Capital Management LLC raised its position in Elevance Health by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 4,963,991 shares of the company’s stock worth $1,826,447,000 after acquiring an additional 115,971 shares during the period. Finally, Sanders Capital LLC raised its position in Elevance Health by 1.7% during the fourth quarter. Sanders Capital LLC now owns 4,686,154 shares of the company’s stock worth $1,728,722,000 after acquiring an additional 76,896 shares during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Trading Down 0.3%

Shares of ELV stock opened at $339.77 on Tuesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.43 and a quick ratio of 1.43. The firm has a market cap of $76.77 billion, a PE ratio of 13.26, a price-to-earnings-growth ratio of 0.87 and a beta of 0.60. The company has a 50-day moving average of $379.34 and a two-hundred day moving average of $397.52. Elevance Health, Inc. has a 1-year low of $335.17 and a 1-year high of $567.26.

Elevance Health (NYSE:ELV) last announced its earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, topping the consensus estimate of $10.60 by $1.37. The company had revenue of $48.77 billion during the quarter, compared to analyst estimates of $46.26 billion. Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. On average, analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th were paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend was Tuesday, June 10th. Elevance Health’s dividend payout ratio (DPR) is presently 26.69%.

Insider Activity at Elevance Health

In other news, CFO Mark Kaye sold 4,588 shares of the firm’s stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the transaction, the chief financial officer owned 18,977 shares of the company’s stock, valued at approximately $8,061,809.14. This trade represents a 19.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ELV. UBS Group reissued a “buy” rating and issued a $484.00 price target (down from $555.00) on shares of Elevance Health in a research note on Monday. Barclays decreased their price target on shares of Elevance Health from $480.00 to $434.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 9th. Truist Financial set a $500.00 price target on shares of Elevance Health and gave the stock a “buy” rating in a research note on Monday, June 9th. Royal Bank Of Canada reissued an “outperform” rating and issued a $478.00 price target on shares of Elevance Health in a research note on Wednesday, June 4th. Finally, Mizuho raised their price target on shares of Elevance Health from $455.00 to $505.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 9th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $491.07.

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.