Cumberland Partners Ltd Grows Position in Elevance Health, Inc. (NYSE:ELV)

Cumberland Partners Ltd grew its stake in Elevance Health, Inc. (NYSE:ELV) by 0.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 19,396 shares of the company’s stock after buying an additional 155 shares during the quarter. Cumberland Partners Ltd’s holdings in Elevance Health were worth $10,086,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the business. Savvy Advisors Inc. acquired a new position in shares of Elevance Health during the 3rd quarter worth approximately $385,000. Sumitomo Mitsui Trust Group Inc. raised its stake in Elevance Health by 6.2% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 856,589 shares of the company’s stock valued at $445,426,000 after purchasing an additional 49,755 shares during the last quarter. Apollon Financial LLC raised its stake in Elevance Health by 7.0% in the 3rd quarter. Apollon Financial LLC now owns 583 shares of the company’s stock valued at $303,000 after purchasing an additional 38 shares during the last quarter. First National Trust Co raised its stake in Elevance Health by 13.6% in the 3rd quarter. First National Trust Co now owns 837 shares of the company’s stock valued at $435,000 after purchasing an additional 100 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new position in Elevance Health in the 3rd quarter valued at $518,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Stock Performance

ELV traded down $6.65 during trading on Tuesday, hitting $418.74. The stock had a trading volume of 126,086 shares, compared to its average volume of 1,145,442. The firm has a market capitalization of $97.11 billion, a P/E ratio of 15.51, a PEG ratio of 1.26 and a beta of 0.85. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50. Elevance Health, Inc. has a twelve month low of $397.98 and a twelve month high of $567.26. The company’s 50-day moving average price is $486.59 and its 200 day moving average price is $516.91.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, October 17th. The company reported $8.37 EPS 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 firm had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same quarter last year, the business posted $8.99 EPS. The firm’s revenue was up 5.3% on a year-over-year basis. On average, equities research analysts forecast that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio (DPR) is 23.77%.

Wall Street Analyst Weigh In

Several research analysts recently commented on ELV shares. Royal Bank of Canada reduced their price objective on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. Cantor Fitzgerald cut their target price on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research note on Friday, October 18th. Truist Financial reaffirmed a “buy” rating and issued a $520.00 target price (down from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Wells Fargo & Company cut their target price on Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Finally, Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Elevance Health has a consensus rating of “Moderate Buy” and an average price target of $539.20.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction dated Friday, October 18th. The shares were 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 in the company, valued at $3,639,915.22. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.35% of the company’s stock.

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.