CIBC Asset Management Inc Cuts Stock Position in Elevance Health, Inc. $ELV

CIBC Asset Management Inc cut its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 20.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,074 shares of the company’s stock after selling 8,591 shares during the quarter. CIBC Asset Management Inc’s holdings in Elevance Health were worth $11,010,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vermillion & White Wealth Management Group LLC increased its holdings in Elevance Health by 94.9% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 76 shares of the company’s stock worth $30,000 after buying an additional 37 shares during the last quarter. BOK Financial Private Wealth Inc. bought a new position in shares of Elevance Health during the 2nd quarter valued at approximately $32,000. Motco increased its stake in shares of Elevance Health by 334.8% during the 3rd quarter. Motco now owns 100 shares of the company’s stock worth $32,000 after purchasing an additional 77 shares during the last quarter. True Wealth Design LLC raised its holdings in shares of Elevance Health by 431.8% in the 3rd quarter. True Wealth Design LLC now owns 117 shares of the company’s stock worth $38,000 after purchasing an additional 95 shares during the period. Finally, Glass Jacobson Investment Advisors llc lifted its stake in Elevance Health by 400.0% in the second quarter. Glass Jacobson Investment Advisors llc now owns 100 shares of the company’s stock valued at $39,000 after purchasing an additional 80 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Trading Up 1.7%

Elevance Health stock opened at $377.52 on Tuesday. The firm’s fifty day moving average price is $350.10 and its 200-day moving average price is $328.90. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $458.75. The stock has a market cap of $83.90 billion, a P/E ratio of 15.43, a PEG ratio of 1.91 and a beta of 0.51. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.56 and a current ratio of 1.56.

Wall Street Analyst Weigh In

A number of analysts have issued reports on ELV shares. Guggenheim raised their target price on Elevance Health from $398.00 to $414.00 and gave the stock a “buy” rating in a research report on Thursday. Wolfe Research set a $425.00 price objective on Elevance Health and gave the stock an “outperform” rating in a report on Thursday, January 8th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $320.00 price objective (down from $332.00) on shares of Elevance Health in a research note on Friday, December 19th. JPMorgan Chase & Co. increased their target price on shares of Elevance Health from $384.00 to $394.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Finally, Sanford C. Bernstein reiterated an “outperform” rating and issued a $431.00 target price on shares of Elevance Health in a research note on Tuesday, January 6th. Twelve research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, Elevance Health has an average rating of “Moderate Buy” and a consensus target price of $399.63.

Elevance Health Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.