Cambridge Investment Research Advisors Inc. Acquires 4,566 Shares of Elevance Health, Inc. (NYSE:ELV)

Cambridge Investment Research Advisors Inc. boosted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 16.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 32,467 shares of the company’s stock after purchasing an additional 4,566 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Elevance Health were worth $17,592,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Canoe Financial LP boosted its stake in shares of Elevance Health by 158.1% in the fourth quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock worth $398,054,000 after acquiring an additional 517,116 shares during the period. Tower Research Capital LLC TRC raised its position in shares of Elevance Health by 114.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock valued at $14,765,000 after buying an additional 16,737 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Elevance Health by 8.6% in the fourth quarter. Commonwealth Equity Services LLC now owns 55,262 shares of the company’s stock worth $26,060,000 after buying an additional 4,362 shares in the last quarter. Brave Warrior Advisors LLC boosted its position in shares of Elevance Health by 7.9% during the fourth quarter. Brave Warrior Advisors LLC now owns 1,756,653 shares of the company’s stock worth $828,367,000 after acquiring an additional 129,055 shares during the last quarter. Finally, New Mexico Educational Retirement Board grew its stake in Elevance Health by 14.6% during the first quarter. New Mexico Educational Retirement Board now owns 14,146 shares of the company’s stock valued at $6,949,000 after acquiring an additional 1,800 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

ELV stock opened at $548.43 on Wednesday. The firm has a market cap of $127.47 billion, a price-to-earnings ratio of 20.73, a PEG ratio of 1.18 and a beta of 0.84. Elevance Health, Inc. has a twelve month low of $431.38 and a twelve month high of $555.35. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. The business’s fifty day simple moving average is $530.81 and its two-hundred day simple moving average is $524.00.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, beating analysts’ consensus estimates of $9.99 by $0.13. The company had revenue of $43.22 billion during the quarter, compared to analyst estimates of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter last year, the business posted $9.04 EPS. Analysts predict that Elevance Health, Inc. will post 37.25 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be issued a dividend of $1.63 per share. The ex-dividend date is Tuesday, September 10th. This represents a $6.52 annualized dividend and a yield of 1.19%. Elevance Health’s payout ratio is currently 24.64%.

Analyst Ratings Changes

ELV has been the topic of several recent research reports. Royal Bank of Canada upped their price objective on Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. Baird R W raised shares of Elevance Health to a “strong-buy” rating in a research note on Thursday, May 30th. Wells Fargo & Company reduced their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $600.00 price target on shares of Elevance Health in a report on Monday, August 19th. Finally, StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 6th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $604.29.

Insider Buying and Selling at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the transaction, the director now owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the sale, the director now owns 8,744 shares in the company, valued at $4,647,610.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction on Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the sale, the director now directly owns 9,721 shares in the company, valued at approximately $4,926,213.96. The disclosure for this sale can be found here. Insiders sold a total of 35,058 shares of company stock valued at $17,588,116 in the last ninety days. Corporate insiders own 0.35% of the company’s stock.

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.