Cornerstone Investment Partners LLC Has $75.47 Million Holdings in Elevance Health, Inc. $ELV

Cornerstone Investment Partners LLC grew its position in Elevance Health, Inc. (NYSE:ELV) by 9.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 194,029 shares of the company’s stock after buying an additional 16,081 shares during the quarter. Elevance Health makes up approximately 3.3% of Cornerstone Investment Partners LLC’s portfolio, making the stock its 11th largest position. Cornerstone Investment Partners LLC’s holdings in Elevance Health were worth $75,470,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Elevance Health by 3.1% in the first quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company’s stock valued at $9,635,281,000 after purchasing an additional 666,534 shares in the last quarter. Orbis Allan Gray Ltd raised its position in Elevance Health by 31.4% during the first quarter. Orbis Allan Gray Ltd now owns 2,849,173 shares of the company’s stock valued at $1,239,276,000 after buying an additional 680,228 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Elevance Health by 13.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,676,203 shares of the company’s stock worth $1,164,041,000 after acquiring an additional 324,040 shares in the last quarter. Invesco Ltd. boosted its position in Elevance Health by 1.2% during the 1st quarter. Invesco Ltd. now owns 2,116,289 shares of the company’s stock worth $920,501,000 after acquiring an additional 24,833 shares during the period. Finally, Ameriprise Financial Inc. boosted its position in Elevance Health by 1.5% during the 1st quarter. Ameriprise Financial Inc. now owns 1,943,616 shares of the company’s stock worth $845,394,000 after acquiring an additional 29,174 shares during the period. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Stock Performance

Shares of ELV opened at $315.08 on Friday. The firm has a market cap of $70.02 billion, a price-to-earnings ratio of 12.88, a price-to-earnings-growth ratio of 1.23 and a beta of 0.60. The company’s fifty day moving average is $329.44 and its 200-day moving average is $345.97. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $458.75.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.03 by $1.00. The business had revenue of $50.09 billion during the quarter, compared to analyst estimates of $49.26 billion. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. Elevance Health’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $8.37 EPS. Equities analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

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

Insider Buying and Selling at Elevance Health

In related news, Director Susan D. Devore bought 1,200 shares of Elevance Health stock in a transaction that occurred on Tuesday, August 19th. The stock was purchased at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the acquisition, the director owned 3,502 shares in the company, valued at $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on ELV shares. The Goldman Sachs Group began coverage on Elevance Health in a report on Tuesday, October 14th. They issued a “neutral” rating and a $343.00 target price on the stock. Bank of America upped their price objective on shares of Elevance Health from $330.00 to $370.00 and gave the company a “neutral” rating in a research note on Friday, October 10th. Leerink Partners reissued a “market perform” rating and set a $310.00 target price (down previously from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Sanford C. Bernstein dropped their price target on shares of Elevance Health from $445.00 to $420.00 and set an “outperform” rating on the stock in a research note on Thursday, October 16th. Finally, Wells Fargo & Company cut their price objective on Elevance Health from $412.00 to $403.00 and set an “overweight” rating for the company in a report on Wednesday, October 22nd. Twelve equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price 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.