Cornerstone Wealth Group LLC Raises Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Cornerstone Wealth Group LLC increased its position in Elevance Health, Inc. (NYSE:ELV) by 11.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,052 shares of the company’s stock after purchasing an additional 112 shares during the period. Cornerstone Wealth Group LLC’s holdings in Elevance Health were worth $546,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pin Oak Investment Advisors Inc. bought a new position in shares of Elevance Health during the fourth quarter valued at $28,000. Alaska Permanent Fund Corp bought a new position in shares of Elevance Health during the fourth quarter valued at $31,000. Beaird Harris Wealth Management LLC bought a new position in shares of Elevance Health during the fourth quarter valued at $32,000. Register Financial Advisors LLC bought a new position in shares of Elevance Health during the first quarter valued at $32,000. Finally, Hexagon Capital Partners LLC lifted its holdings in Elevance Health by 63.0% in the fourth quarter. Hexagon Capital Partners LLC now owns 75 shares of the company’s stock valued at $35,000 after acquiring an additional 29 shares during the period. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the firm’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the transaction, the executive vice president now directly owns 31,460 shares in the company, valued at approximately $16,791,460.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.35% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on ELV. Wells Fargo & Company increased their target price on Elevance Health from $557.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Bank of America upped their price target on Elevance Health from $621.00 to $646.00 and gave the stock a “buy” rating in a research report on Tuesday, June 4th. Barclays increased their target price on Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Robert W. Baird began coverage on Elevance Health in a research report on Thursday, May 30th. They set an “outperform” rating and a $649.00 target price for the company. Finally, StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. One equities research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $611.36.

Elevance Health Price Performance

Shares of ELV stock opened at $541.86 on Monday. Elevance Health, Inc. has a 52-week low of $412.00 and a 52-week high of $550.34. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37. The firm has a market capitalization of $125.94 billion, a P/E ratio of 20.48, a P/E/G ratio of 1.20 and a beta of 0.83. The stock has a 50 day moving average price of $534.36 and a 200 day moving average price of $508.99.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, April 18th. The company reported $10.64 EPS for the quarter, topping the consensus estimate of $10.54 by $0.10. The company had revenue of $42.27 billion for the quarter, compared to the consensus estimate of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. Elevance Health’s quarterly revenue was up .9% on a year-over-year basis. During the same period last year, the business posted $9.46 EPS. As a group, sell-side analysts predict that Elevance Health, Inc. will post 37.25 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th were issued a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, June 10th. This represents a $6.52 annualized dividend and a yield of 1.20%. Elevance Health’s payout ratio is currently 24.64%.

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.