Cornerstone Investment Partners LLC Sells 2,376 Shares of Elevance Health, Inc. (NYSE:ELV)

Cornerstone Investment Partners LLC trimmed its stake in Elevance Health, Inc. (NYSE:ELV) by 1.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 152,210 shares of the company’s stock after selling 2,376 shares during the period. Elevance Health comprises approximately 2.8% of Cornerstone Investment Partners LLC’s holdings, making the stock its 17th largest position. Cornerstone Investment Partners LLC’s holdings in Elevance Health were worth $56,150,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Raelipskie Partnership purchased a new stake in shares of Elevance Health in the third quarter worth approximately $26,000. Dunhill Financial LLC raised its holdings in shares of Elevance Health by 57.8% in the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after buying an additional 26 shares during the period. Peterson Financial Group Inc. purchased a new stake in shares of Elevance Health in the third quarter worth approximately $44,000. Crews Bank & Trust purchased a new stake in shares of Elevance Health in the fourth quarter worth approximately $34,000. Finally, Prospera Private Wealth LLC purchased a new position in Elevance Health during the 3rd quarter worth $52,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Price Performance

Shares of ELV stock opened at $395.63 on Tuesday. The stock’s 50-day simple moving average is $388.27 and its 200-day simple moving average is $437.33. The firm has a market capitalization of $89.95 billion, a price-to-earnings ratio of 15.45, a PEG ratio of 1.18 and a beta of 0.83. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. 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) last issued its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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, equities 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 disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be paid a dividend of $1.71 per share. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend is Monday, March 10th. Elevance Health’s payout ratio is presently 26.71%.

Analyst Upgrades and Downgrades

Several research analysts have commented on ELV shares. Mizuho reduced their price objective on Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $485.00 price objective on shares of Elevance Health in a research note on Friday, January 24th. Wells Fargo & Company dropped 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. Truist Financial reduced their price target on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, StockNews.com upgraded shares of Elevance Health from a “hold” rating to a “buy” rating in a research note on Saturday. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Elevance Health currently has a consensus rating of “Moderate Buy” and an average price target of $517.03.

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.