Cornerstone Advisors LLC Acquires 15,100 Shares of Elevance Health, Inc. $ELV

Cornerstone Advisors LLC boosted its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 126.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,000 shares of the company’s stock after purchasing an additional 15,100 shares during the period. Cornerstone Advisors LLC’s holdings in Elevance Health were worth $10,502,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. GLOBALT Investments LLC GA lifted its position in shares of Elevance Health by 0.4% during the 1st quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company’s stock worth $2,743,000 after buying an additional 24 shares during the period. Hemington Wealth Management raised its stake in Elevance Health by 13.3% during the first quarter. Hemington Wealth Management now owns 230 shares of the company’s stock worth $100,000 after acquiring an additional 27 shares in the last quarter. Aspen Investment Management Inc lifted its holdings in shares of Elevance Health by 2.6% during the first quarter. Aspen Investment Management Inc now owns 1,048 shares of the company’s stock valued at $456,000 after acquiring an additional 27 shares during the period. Generali Investments Towarzystwo Funduszy Inwestycyjnych boosted its stake in shares of Elevance Health by 5.3% in the 1st quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 600 shares of the company’s stock valued at $261,000 after purchasing an additional 30 shares in the last quarter. Finally, Regatta Capital Group LLC grew its holdings in shares of Elevance Health by 3.0% in the 2nd quarter. Regatta Capital Group LLC now owns 1,041 shares of the company’s stock worth $405,000 after purchasing an additional 30 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Argus restated a “hold” rating on shares of Elevance Health in a research report on Monday, July 21st. JPMorgan Chase & Co. boosted their target price on Elevance Health from $384.00 to $394.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Weiss Ratings lowered Elevance Health from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday. Sanford C. Bernstein cut their price objective on Elevance Health from $445.00 to $420.00 and set an “outperform” rating for the company in a research report on Thursday, October 16th. Finally, Mizuho reduced 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. Twelve research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Elevance Health presently has a consensus rating of “Hold” and a consensus price target of $397.33.

Insider Activity at Elevance Health

In other Elevance Health news, Director Susan D. Devore purchased 1,200 shares of the company’s stock in a transaction that occurred on Tuesday, August 19th. The stock was acquired at an average cost of $312.15 per share, with a total value of $374,580.00. Following the completion of the purchase, the director directly owned 3,502 shares in the company, valued at approximately $1,093,149.30. This represents a 52.13% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Elevance Health Stock Down 0.7%

NYSE:ELV opened at $325.94 on Friday. The company has a market cap of $72.44 billion, a price-to-earnings ratio of 13.33, a P/E/G ratio of 1.23 and a beta of 0.60. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.56 and a current ratio of 1.56. The stock’s fifty day moving average price is $329.73 and its two-hundred day moving average price is $341.33. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $458.75.

Elevance Health (NYSE:ELV) last released its earnings results on Tuesday, October 21st. The company reported $6.03 EPS for the quarter, beating 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 company had revenue of $50.09 billion during the quarter, compared to analysts’ expectations of $49.26 billion. During the same period last year, the firm earned $8.37 EPS. The business’s revenue for the quarter was up 12.0% on a year-over-year basis. On average, analysts anticipate 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. Stockholders of record on Friday, December 5th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Elevance Health’s dividend payout ratio (DPR) is 27.96%.

About Elevance Health

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.