Cibc World Market Inc. Buys Shares of 49,749 Elevance Health, Inc. $ELV

Cibc World Market Inc. bought a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 49,749 shares of the company’s stock, valued at approximately $19,239,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ELV. WealthCollab LLC boosted its holdings in Elevance Health by 42.2% in the first quarter. WealthCollab LLC now owns 91 shares of the company’s stock valued at $27,000 after purchasing an additional 27 shares during the period. Kilter Group LLC purchased a new stake in Elevance Health during the 2nd quarter worth about $28,000. Kemnay Advisory Services Inc. purchased a new stake in Elevance Health during the 4th quarter worth about $31,000. J.Safra Asset Management Corp acquired a new stake in Elevance Health in the 4th quarter valued at about $32,000. Finally, Main Street Group LTD purchased a new stake in shares of Elevance Health during the first quarter worth approximately $39,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Leerink Partners increased their target price on Elevance Health from $364.00 to $395.00 and gave the company a “market perform” rating in a report on Friday, July 17th. Raymond James Financial set a $450.00 price objective on Elevance Health in a research report on Tuesday, July 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Elevance Health in a report on Thursday, August 13th. Sanford C. Bernstein set a $488.00 target price on Elevance Health in a research report on Thursday, July 16th. Finally, UBS Group boosted their target price on Elevance Health from $400.00 to $460.00 and gave the stock a “buy” rating in a research note on Friday, May 22nd. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $440.90.

Elevance Health Stock Performance

Shares of ELV stock opened at $402.62 on Tuesday. The stock’s 50-day moving average price is $394.79 and its 200 day moving average price is $360.49. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $87.32 billion, a PE ratio of 17.89, a price-to-earnings-growth ratio of 2.29 and a beta of 0.68. Elevance Health, Inc. has a 52-week low of $274.84 and a 52-week high of $436.24.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating the consensus estimate of $6.21 by $1.24. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The business had revenue of $49.83 billion for the quarter, compared to the consensus estimate of $48.88 billion. During the same quarter in the previous year, the firm earned $8.84 earnings per share. The business’s quarterly revenue was up .8% compared to the same quarter last year. As a group, equities research analysts forecast that Elevance Health, Inc. will post 27.18 EPS for the current year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be issued a $1.72 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 annualized dividend and a yield of 1.7%. Elevance Health’s dividend payout ratio is 30.58%.

Insider Buying and Selling at Elevance Health

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