CIBC Asset Management Inc Acquires 6,923 Shares of Elevance Health, Inc. (NYSE:ELV)

CIBC Asset Management Inc boosted its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 20.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 40,935 shares of the company's stock after buying an additional 6,923 shares during the quarter. CIBC Asset Management Inc's holdings in Elevance Health were worth $15,101,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Raelipskie Partnership acquired a new stake in shares of Elevance Health during the third quarter worth $26,000. PSI Advisors LLC acquired a new stake in Elevance Health during the 3rd quarter worth about $27,000. Eastern Bank purchased a new stake in Elevance Health during the third quarter valued at about $31,000. Crews Bank & Trust acquired a new position in shares of Elevance Health in the fourth quarter worth about $34,000. Finally, Dunhill Financial LLC increased its position in shares of Elevance Health by 57.8% in the third quarter. Dunhill Financial LLC now owns 71 shares of the company's stock worth $37,000 after acquiring an additional 26 shares in the last quarter. Institutional investors own 89.24% of the company's stock.

Elevance Health Stock Down 1.4 %

ELV stock traded down $5.46 during trading hours on Friday, hitting $385.04. The company's stock had a trading volume of 1,736,819 shares, compared to its average volume of 1,621,539. The stock has a 50 day moving average price of $385.25 and a two-hundred day moving average price of $444.32. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26. The company has a market capitalization of $89.30 billion, a PE ratio of 15.03, a price-to-earnings-growth ratio of 1.18 and a beta of 0.83. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. On average, equities research analysts expect that Elevance Health, Inc. will post 34 earnings per share for the current year.

Elevance Health Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be issued a dividend of $1.71 per share. This is a positive change from Elevance Health's previous quarterly dividend of $1.63. The ex-dividend date is Monday, March 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.78%. Elevance Health's dividend payout ratio is currently 25.46%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ELV. Wells Fargo & Company decreased their price objective on shares of Elevance Health from $483.00 to $478.00 and set an "overweight" rating for the company in a research note on Tuesday, January 28th. Truist Financial lowered their price target on Elevance Health from $520.00 to $480.00 and set a "buy" rating on the stock in a report on Monday, January 6th. Cantor Fitzgerald reissued an "overweight" rating and set a $485.00 price target on shares of Elevance Health in a research report on Friday, January 24th. Mizuho decreased their price objective on Elevance Health from $585.00 to $505.00 and set an "outperform" rating for the company in a research report on Tuesday, November 5th. Finally, Argus reiterated a "hold" rating and issued a $405.40 target price on shares of Elevance Health in a report on Wednesday, January 29th. Four investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Elevance Health presently has a consensus rating of "Moderate Buy" and an average price target of $517.03.

Elevance Health Company Profile

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.