Elevance Health, Inc. (NYSE:ELV) Shares Sold by Cumberland Partners Ltd

Cumberland Partners Ltd reduced its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 1.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 29,474 shares of the company’s stock after selling 406 shares during the quarter. Elevance Health makes up approximately 1.1% of Cumberland Partners Ltd’s holdings, making the stock its 24th largest holding. Cumberland Partners Ltd’s holdings in Elevance Health were worth $13,009,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. abrdn plc increased its position in Elevance Health by 86.8% during the 4th quarter. abrdn plc now owns 278,397 shares of the company’s stock valued at $131,281,000 after buying an additional 129,364 shares in the last quarter. Cerity Partners LLC increased its holdings in shares of Elevance Health by 21.3% in the fourth quarter. Cerity Partners LLC now owns 52,300 shares of the company’s stock valued at $24,663,000 after purchasing an additional 9,199 shares during the period. Wetzel Investment Advisors Inc. acquired a new position in shares of Elevance Health in the fourth quarter valued at about $218,000. Chicago Capital LLC increased its holdings in shares of Elevance Health by 244.2% in the fourth quarter. Chicago Capital LLC now owns 7,028 shares of the company’s stock valued at $3,314,000 after purchasing an additional 4,986 shares during the period. Finally, Lecap Asset Management Ltd. acquired a new position in shares of Elevance Health in the fourth quarter valued at about $2,235,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Price Performance

Shares of Elevance Health stock traded up $0.70 during mid-day trading on Tuesday, reaching $532.92. 796,340 shares of the stock traded hands, compared to its average volume of 1,066,078. The business has a 50-day moving average of $510.23 and a 200 day moving average of $485.10. Elevance Health, Inc. has a fifty-two week low of $412.00 and a fifty-two week high of $539.11. The stock has a market capitalization of $123.86 billion, a PE ratio of 20.14, a PEG ratio of 1.16 and a beta of 0.78. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, April 18th. The company reported $10.64 EPS for the quarter, beating the consensus estimate of $10.54 by $0.10. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The firm had revenue of $42.27 billion during the quarter, compared to analysts’ expectations of $42.49 billion. During the same quarter last year, the firm earned $9.46 earnings per share. The business’s revenue for the quarter was up .9% on a year-over-year basis. On average, analysts predict that Elevance Health, Inc. will post 37.24 EPS for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.22%. Elevance Health’s dividend payout ratio is presently 24.64%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Jefferies Financial Group increased their price objective on Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a report on Friday. Wells Fargo & Company upped their target price on Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. Cantor Fitzgerald restated an “overweight” rating and issued a $580.00 target price on shares of Elevance Health in a research note on Wednesday, April 10th. Finally, UBS Group upped their target price on Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a research note on Friday. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $587.64.

Insider Activity at Elevance Health

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the completion of the sale, the director now owns 9,109 shares of the company’s stock, valued at $4,554,500. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.29% of the company’s stock.

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.