Cornerstone Advisors LLC Makes New $13.43 Million Investment in Elevance Health, Inc. $ELV

Cornerstone Advisors LLC purchased a new stake in Elevance Health, Inc. (NYSE:ELV) in the second quarter, HoldingsChannel reports. The firm purchased 34,721 shares of the company’s stock, valued at approximately $13,428,000.

Several other institutional investors have also made changes to their positions in the stock. WealthCollab LLC increased its stake in Elevance Health by 42.2% during the 1st quarter. WealthCollab LLC now owns 91 shares of the company’s stock worth $27,000 after acquiring an additional 27 shares during the period. Kemnay Advisory Services Inc. acquired a new position in Elevance Health in the 4th quarter valued at $31,000. J.Safra Asset Management Corp bought a new stake in shares of Elevance Health during the 4th quarter valued at $32,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in shares of Elevance Health during the 4th quarter valued at $38,000. Finally, Main Street Group LTD acquired a new stake in shares of Elevance Health during the 1st quarter worth $39,000. 89.24% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ELV. Royal Bank Of Canada dropped their price target on Elevance Health from $439.00 to $424.00 and set a “sector perform” rating for the company in a research note on Thursday, July 16th. Jefferies Financial Group reduced their price objective on shares of Elevance Health from $395.00 to $391.00 and set a “buy” rating on the stock in a research note on Monday, April 20th. Morgan Stanley raised their target price on shares of Elevance Health from $352.00 to $404.00 and gave the company an “equal weight” rating in a report on Thursday, June 4th. Citigroup raised shares of Elevance Health to a “buy” rating in a report on Wednesday, April 29th. Finally, Wells Fargo & Company reduced their price target on shares of Elevance Health from $492.00 to $473.00 and set an “overweight” rating on the stock in a research report on Thursday, July 16th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $440.90.

Elevance Health Stock Performance

NYSE:ELV opened at $390.69 on Tuesday. The stock’s 50-day simple moving average is $395.48 and its 200 day simple moving average is $358.49. The firm has a market capitalization of $84.73 billion, a PE ratio of 17.36, a price-to-earnings-growth ratio of 2.30 and a beta of 0.68. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. Elevance Health, Inc. has a twelve month low of $274.84 and a twelve month high of $436.24.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping the consensus estimate of $6.21 by $1.24. The firm had revenue of $49.83 billion during the quarter, compared to the consensus estimate of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $8.84 earnings per share. On average, analysts anticipate that Elevance Health, Inc. will post 27.07 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be given a dividend of $1.72 per share. This represents a $6.88 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Thursday, September 10th. Elevance Health’s dividend payout ratio is currently 30.58%.

Insider Buying and Selling

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the transaction, the director owned 10,734 shares of the company’s stock, valued at $4,312,599.18. This represents a 1.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.34% of the stock is currently owned by insiders.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.