CenterBook Partners LP Buys 7,223 Shares of Elevance Health, Inc. $ELV

CenterBook Partners LP grew its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 256.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,045 shares of the company’s stock after buying an additional 7,223 shares during the period. CenterBook Partners LP’s holdings in Elevance Health were worth $3,907,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. AE Wealth Management LLC increased its stake in Elevance Health by 6.7% in the 1st quarter. AE Wealth Management LLC now owns 3,595 shares of the company’s stock worth $1,564,000 after buying an additional 225 shares in the last quarter. Advisor OS LLC bought a new position in shares of Elevance Health during the first quarter worth $259,000. Brookwood Investment Group LLC purchased a new stake in Elevance Health in the 1st quarter worth $210,000. Avantax Advisory Services Inc. grew its position in shares of Elevance Health by 14.8% during the first quarter. Avantax Advisory Services Inc. now owns 18,058 shares of the company’s stock valued at $7,855,000 after purchasing an additional 2,332 shares in the last quarter. Finally, Cetera Investment Advisers grew its holdings in Elevance Health by 19.7% during the 1st quarter. Cetera Investment Advisers now owns 59,996 shares of the company’s stock valued at $26,096,000 after buying an additional 9,855 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Price Performance

NYSE ELV opened at $321.73 on Friday. The company has a market cap of $71.50 billion, a PE ratio of 13.15, a P/E/G ratio of 1.23 and a beta of 0.60. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $458.75. 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 firm’s 50 day moving average price is $330.76 and its 200-day moving average price is $338.10.

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

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Elevance Health’s payout ratio is currently 27.96%.

Wall Street Analysts Forecast Growth

ELV has been the subject of a number of recent research reports. Sanford C. Bernstein dropped their price objective on shares of Elevance Health from $445.00 to $420.00 and set an “outperform” rating for the company in a research note on Thursday, October 16th. Cowen reiterated a “buy” rating on shares of Elevance Health in a research report on Thursday, October 23rd. Truist Financial set a $400.00 price objective on shares of Elevance Health in a research report on Tuesday, October 14th. Bank of America raised their price target on Elevance Health from $330.00 to $370.00 and gave the stock a “neutral” rating in a research note on Friday, October 10th. Finally, Wells Fargo & Company lowered their target price on shares of Elevance Health from $412.00 to $403.00 and set an “overweight” rating for the company in a research note on Wednesday, October 22nd. Twelve analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $397.33.

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.