Cibc World Markets Corp Grows Stock Position in Elevance Health, Inc. (NYSE:ELV)

Cibc World Markets Corp increased its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 16.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,570 shares of the company's stock after purchasing an additional 5,035 shares during the period. Cibc World Markets Corp's holdings in Elevance Health were worth $13,491,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Creative Financial Designs Inc. ADV lifted its stake in shares of Elevance Health by 21.4% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 676 shares of the company's stock worth $249,000 after buying an additional 119 shares during the period. Sovereign Investment Advisors LLC purchased a new position in Elevance Health in the 4th quarter worth $279,000. Greatmark Investment Partners Inc. lifted its position in Elevance Health by 24.3% during the 4th quarter. Greatmark Investment Partners Inc. now owns 23,928 shares of the company's stock worth $8,827,000 after acquiring an additional 4,678 shares during the period. First Eagle Investment Management LLC grew its stake in Elevance Health by 47.6% during the 4th quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company's stock valued at $1,189,828,000 after purchasing an additional 1,039,612 shares during the last quarter. Finally, Intact Investment Management Inc. increased its holdings in shares of Elevance Health by 135.8% in the fourth quarter. Intact Investment Management Inc. now owns 4,150 shares of the company's stock valued at $1,531,000 after purchasing an additional 2,390 shares during the period. Hedge funds and other institutional investors own 89.24% of the company's stock.

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Insider Transactions at Elevance Health

In related news, CAO Ronald W. Penczek sold 443 shares of the business's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction of $183,902.59. Following the transaction, the chief accounting officer now directly owns 1,847 shares in the company, valued at approximately $766,745.11. The trade was a 19.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the completion of the sale, the executive vice president now owns 10,116 shares of the company's stock, valued at approximately $4,008,970.80. The trade was a 25.73 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.35% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Truist Financial decreased their target price on Elevance Health from $520.00 to $480.00 and set a "buy" rating for the company in a report on Monday, January 6th. Stephens downgraded shares of Elevance Health from an "overweight" rating to an "equal weight" rating and dropped their price objective for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Barclays raised their target price on shares of Elevance Health from $501.00 to $512.00 and gave the stock an "overweight" rating in a report on Friday, January 24th. StockNews.com raised shares of Elevance Health from a "hold" rating to a "buy" rating in a report on Thursday. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $485.00 price target on shares of Elevance Health in a research report on Friday, January 24th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Elevance Health presently has an average rating of "Moderate Buy" and a consensus target price of $519.81.

Elevance Health Price Performance

Shares of NYSE ELV traded down $7.01 during trading on Friday, hitting $427.27. The company had a trading volume of 3,034,681 shares, compared to its average volume of 1,678,499. The firm has a market capitalization of $97.14 billion, a price-to-earnings ratio of 16.68, a price-to-earnings-growth ratio of 1.18 and a beta of 0.86. The stock has a fifty day simple moving average of $399.60 and a two-hundred day simple moving average of $427.17. 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, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. On average, research analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 1.60%. The ex-dividend date is Monday, March 10th. This is a boost from Elevance Health's previous quarterly dividend of $1.63. Elevance Health's payout ratio is 26.71%.

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.