Elevance Health, Inc. (NYSE:ELV) Position Lessened by Cornerstone Investment Partners LLC

Cornerstone Investment Partners LLC lessened its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 1.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 152,210 shares of the company's stock after selling 2,376 shares during the period. Elevance Health comprises about 2.8% of Cornerstone Investment Partners LLC's investment portfolio, making the stock its 17th largest position. Cornerstone Investment Partners LLC owned approximately 0.07% of Elevance Health worth $56,150,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in ELV. Farther Finance Advisors LLC increased its position in shares of Elevance Health by 26.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,523 shares of the company's stock worth $792,000 after purchasing an additional 317 shares during the last quarter. Optas LLC increased its holdings in Elevance Health by 10.6% in the third quarter. Optas LLC now owns 450 shares of the company's stock valued at $234,000 after buying an additional 43 shares during the last quarter. Van ECK Associates Corp raised its stake in Elevance Health by 4.1% during the third quarter. Van ECK Associates Corp now owns 12,782 shares of the company's stock valued at $6,647,000 after buying an additional 507 shares in the last quarter. BSW Wealth Partners bought a new position in Elevance Health during the 3rd quarter worth approximately $259,000. Finally, Forum Financial Management LP grew its position in shares of Elevance Health by 4.3% in the 3rd quarter. Forum Financial Management LP now owns 2,826 shares of the company's stock worth $1,470,000 after acquiring an additional 117 shares in the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Price Performance

Elevance Health stock traded up $1.19 during trading hours on Thursday, hitting $398.66. 228,670 shares of the company traded hands, compared to its average volume of 1,577,223. Elevance Health, Inc. has a 1-year low of $362.21 and a 1-year high of $567.26. The firm has a market cap of $90.64 billion, a P/E ratio of 15.56, a P/E/G ratio of 1.18 and a beta of 0.83. The firm's 50-day simple moving average is $389.26 and its two-hundred day simple moving average is $436.03. 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 posted its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, topping 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%. As a group, analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be given a $1.71 dividend. 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 1.72%. Elevance Health's dividend payout ratio (DPR) is 26.71%.

Analysts Set New Price Targets

ELV has been the topic of several research analyst reports. StockNews.com upgraded Elevance Health from a "hold" rating to a "buy" rating in a research note on Saturday, March 1st. Stephens downgraded shares of Elevance Health from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Wells Fargo & Company cut their target price on shares of Elevance Health from $483.00 to $478.00 and set an "overweight" rating on the stock in a report on Tuesday, January 28th. Barclays upped their target price on Elevance Health from $501.00 to $512.00 and gave the company an "overweight" rating in a report on Friday, January 24th. Finally, Argus reissued a "hold" rating and issued a $405.40 price target on shares of Elevance Health in a report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $517.03.

Insider Buying and Selling

In other news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of Elevance Health stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the transaction, the executive vice president now owns 10,116 shares in the company, valued at approximately $4,008,970.80. The trade was a 25.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.35% of the stock is currently owned by company insiders.

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.