Cornerstone Investment Partners LLC Cuts Position in Elevance Health, Inc. $ELV

Cornerstone Investment Partners LLC lowered its position in Elevance Health, Inc. (NYSE:ELV) by 12.8% in the third quarter, Holdings Channel reports. The fund owned 169,238 shares of the company’s stock after selling 24,791 shares during the period. Elevance Health makes up approximately 2.3% of Cornerstone Investment Partners LLC’s portfolio, making the stock its 25th biggest holding. Cornerstone Investment Partners LLC’s holdings in Elevance Health were worth $54,684,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ELV. Evergreen Wealth Management LLC grew its stake in shares of Elevance Health by 33.5% during the third quarter. Evergreen Wealth Management LLC now owns 17,283 shares of the company’s stock worth $5,584,000 after purchasing an additional 4,336 shares in the last quarter. Blume Capital Management Inc. lifted its holdings in Elevance Health by 236.7% during the 3rd quarter. Blume Capital Management Inc. now owns 6,145 shares of the company’s stock worth $1,986,000 after buying an additional 4,320 shares during the last quarter. Canoe Financial LP boosted its position in shares of Elevance Health by 18.1% during the 3rd quarter. Canoe Financial LP now owns 389,399 shares of the company’s stock worth $125,823,000 after acquiring an additional 59,743 shares in the last quarter. Synergy Asset Management LLC increased its holdings in shares of Elevance Health by 100.0% in the 3rd quarter. Synergy Asset Management LLC now owns 104,334 shares of the company’s stock valued at $33,712,000 after acquiring an additional 52,167 shares during the last quarter. Finally, Delta Investment Management LLC acquired a new stake in shares of Elevance Health during the 3rd quarter worth about $7,629,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

ELV has been the subject of a number of research analyst reports. Jefferies Financial Group lowered their price target on Elevance Health from $401.00 to $395.00 and set a “buy” rating for the company in a report on Friday, January 30th. Wall Street Zen downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Sunday. Mizuho set a $413.00 target price on shares of Elevance Health in a research report on Friday, January 9th. UBS Group set a $400.00 price target on shares of Elevance Health in a research note on Thursday, January 29th. Finally, Weiss Ratings cut shares of Elevance Health from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, February 2nd. Twelve research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Elevance Health currently has an average rating of “Moderate Buy” and an average price target of $390.55.

Elevance Health Stock Performance

Shares of ELV stock opened at $330.07 on Thursday. The stock’s 50-day moving average price is $351.84 and its 200 day moving average price is $331.27. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $72.85 billion, a PE ratio of 13.14, a price-to-earnings-growth ratio of 1.81 and a beta of 0.50. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $458.75.

Elevance Health (NYSE:ELV) last announced its earnings results on Wednesday, January 28th. The company reported $3.33 earnings per share for the quarter, beating the consensus estimate of $3.10 by $0.23. The company had revenue of $49.31 billion for the quarter, compared to the consensus estimate of $49.52 billion. Elevance Health had a return on equity of 15.59% and a net margin of 2.84%.The company’s revenue was up 9.6% on a year-over-year basis. During the same period last year, the business posted $3.84 EPS. Elevance Health has set its FY 2026 guidance at 25.500- EPS. As a group, equities research analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 25th. Investors of record on Tuesday, March 10th will be given a $1.72 dividend. This is a positive change from Elevance Health’s previous quarterly dividend of $1.71. The ex-dividend date is Tuesday, March 10th. This represents a $6.88 dividend on an annualized basis and a yield of 2.1%. Elevance Health’s payout ratio is 27.23%.

About Elevance Health

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.