CIBC Asset Management Inc Increases Stake in Elevance Health, Inc. (NYSE:ELV)

CIBC Asset Management Inc boosted its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 8.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,012 shares of the company's stock after buying an additional 2,541 shares during the quarter. CIBC Asset Management Inc's holdings in Elevance Health were worth $17,686,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of ELV. Bank & Trust Co purchased a new stake in Elevance Health during the 2nd quarter valued at about $27,000. PSI Advisors LLC bought a new position in shares of Elevance Health in the third quarter worth approximately $27,000. Opal Wealth Advisors LLC purchased a new position in shares of Elevance Health in the second quarter worth $28,000. Strategic Financial Concepts LLC bought a new stake in Elevance Health during the 2nd quarter valued at $30,000. Finally, Eastern Bank purchased a new stake in Elevance Health during the 3rd quarter valued at $31,000. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ELV. TD Cowen decreased their price objective on shares of Elevance Health from $589.00 to $484.00 and set a "buy" rating on the stock in a research report on Monday, October 21st. Wells Fargo & Company lowered their price target on Elevance Health from $593.00 to $495.00 and set an "overweight" rating for the company in a research report on Monday, November 4th. Raymond James set a $485.00 target price on Elevance Health in a research note on Friday, October 18th. Barclays dropped their price target on Elevance Health from $622.00 to $501.00 and set an "overweight" rating for the company in a research note on Tuesday, October 22nd. Finally, Argus downgraded shares of Elevance Health from a "buy" rating to a "hold" rating in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $539.20.

Elevance Health Stock Down 1.6 %

NYSE ELV traded down $6.35 during mid-day trading on Friday, reaching $400.69. The stock had a trading volume of 2,616,673 shares, compared to its average volume of 1,164,884. The stock has a market cap of $92.93 billion, a PE ratio of 14.61, a price-to-earnings-growth ratio of 1.22 and a beta of 0.85. Elevance Health, Inc. has a 1 year low of $397.98 and a 1 year high of $567.26. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. The company has a fifty day moving average price of $475.29 and a 200 day moving average price of $513.63.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The business had revenue of $44.72 billion during the quarter, compared to analysts' expectations of $43.47 billion. During the same quarter in the prior year, the firm earned $8.99 EPS. The firm's revenue for the quarter was up 5.3% compared to the same quarter last year. On average, research analysts expect that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be paid a $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.63%. Elevance Health's dividend payout ratio is presently 23.77%.

Insider Transactions at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the sale, the executive vice president now owns 8,423 shares of the company's stock, valued at $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.35% of the company's stock.

Elevance Health 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.