Cambridge Trust Co. Invests $63,000 in Elevance Health, Inc. (NYSE:ELV)

Posted by on Mar 20th, 2023

Cambridge Trust Co. purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV – Get Rating) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 123 shares of the company’s stock, valued at approximately $63,000.

Other hedge funds have also modified their holdings of the company. Arrowstreet Capital Limited Partnership raised its holdings in Elevance Health by 825.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 758,754 shares of the company’s stock worth $372,715,000 after purchasing an additional 676,769 shares in the last quarter. Capital World Investors acquired a new stake in Elevance Health during the 1st quarter worth $190,648,000. Caisse DE Depot ET Placement DU Quebec raised its stake in Elevance Health by 350.0% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 360,134 shares of the company’s stock worth $176,905,000 after acquiring an additional 280,100 shares in the last quarter. First Trust Advisors LP boosted its stake in Elevance Health by 16.5% in the first quarter. First Trust Advisors LP now owns 473,269 shares of the company’s stock valued at $232,479,000 after acquiring an additional 66,880 shares in the last quarter. Finally, Yousif Capital Management LLC acquired a new stake in shares of Elevance Health during the fourth quarter worth about $24,127,000. 87.66% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ELV has been the topic of a number of research reports. Wells Fargo & Company raised their price target on Elevance Health from $557.00 to $609.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 4th. Royal Bank of Canada lifted their target price on shares of Elevance Health from $505.00 to $523.00 and gave the company a “sector perform” rating in a report on Thursday, January 26th. StockNews.com started coverage on shares of Elevance Health in a research note on Thursday. They set a “strong-buy” rating for the company. Loop Capital lifted their price objective on shares of Elevance Health from $550.00 to $565.00 in a research note on Monday, January 30th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of Elevance Health from $581.00 to $571.00 and set a “buy” rating for the company in a report on Wednesday, March 8th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $583.89.

Elevance Health Trading Down 1.1 %

Shares of ELV stock opened at $463.17 on Monday. The business’s fifty day moving average price is $478.90 and its 200 day moving average price is $491.61. The firm has a market capitalization of $109.98 billion, a PE ratio of 18.68, a P/E/G ratio of 1.18 and a beta of 0.85. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.40 and a quick ratio of 1.40. Elevance Health, Inc. has a 1-year low of $440.02 and a 1-year high of $549.52.

Elevance Health (NYSE:ELV – Get Rating) last posted its quarterly earnings results on Wednesday, January 25th. The company reported $5.23 earnings per share for the quarter, topping analysts’ consensus estimates of $5.20 by $0.03. Elevance Health had a net margin of 3.85% and a return on equity of 19.56%. The business had revenue of $39.67 billion for the quarter, compared to analysts’ expectations of $39.62 billion. During the same period in the prior year, the company posted $5.14 EPS. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. As a group, sell-side analysts forecast that Elevance Health, Inc. will post 32.72 EPS for the current fiscal year.

Elevance Health Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 24th. Stockholders of record on Friday, March 10th will be given a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.28%. This is an increase from Elevance Health’s previous quarterly dividend of $1.28. The ex-dividend date of this dividend is Thursday, March 9th. Elevance Health’s dividend payout ratio (DPR) is presently 23.88%.

Elevance Health Company Profile

(Get Rating)

Elevance Health, Inc operates as a health company, which engages in improving lives and communities, and making healthcare simpler. It operates through the following segments: Commercial and Specialty Business, Government Business, CarelonRx, and Other. The Commercial and Specialty Business segment provides insurance products and services such as stop loss, dental, vision, life, disability and supplemental health insurance.

Featured Articles

Want to see what other hedge funds are holding ELV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Elevance Health, Inc. (NYSE:ELV – Get Rating).

Institutional Ownership by Quarter for Elevance Health (NYSE:ELV)

Receive News & Ratings for Elevance Health Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Elevance Health and related companies with MarketBeat.com's FREE daily email newsletter.