Cherokee Insurance Co Makes New Investment in Elevance Health, Inc. $ELV

Cherokee Insurance Co acquired a new stake in Elevance Health, Inc. (NYSE:ELV) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 650 shares of the company’s stock, valued at approximately $253,000.

A number of other institutional investors have also modified their holdings of ELV. CWM LLC increased its stake in Elevance Health by 210.1% in the first quarter. CWM LLC now owns 13,742 shares of the company’s stock valued at $5,977,000 after purchasing an additional 9,311 shares during the period. Signaturefd LLC increased its position in Elevance Health by 24.8% in the 1st quarter. Signaturefd LLC now owns 2,926 shares of the company’s stock valued at $1,273,000 after acquiring an additional 581 shares during the period. Sigma Planning Corp increased its position in Elevance Health by 8.6% in the 1st quarter. Sigma Planning Corp now owns 2,194 shares of the company’s stock valued at $955,000 after acquiring an additional 174 shares during the period. SBI Securities Co. Ltd. lifted its position in Elevance Health by 1.4% during the 1st quarter. SBI Securities Co. Ltd. now owns 2,530 shares of the company’s stock worth $1,100,000 after acquiring an additional 34 shares during the period. Finally, Dakota Wealth Management acquired a new stake in Elevance Health during the 1st quarter worth approximately $257,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Stock Up 4.0%

ELV stock opened at $327.89 on Thursday. The company has a market cap of $72.87 billion, a P/E ratio of 13.40, a P/E/G ratio of 1.23 and a beta of 0.60. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $458.75. The company’s 50-day moving average price is $329.09 and its 200 day moving average price is $342.54. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last issued its earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.03 by $1.00. The company had revenue of $50.09 billion during the quarter, compared to analysts’ expectations of $49.26 billion. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. The firm’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same period last year, the company posted $8.37 earnings per share. On average, research analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, December 5th. Elevance Health’s payout ratio is presently 27.96%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ELV shares. Morgan Stanley boosted their target price on Elevance Health from $316.00 to $359.00 and gave the company an “equal weight” rating in a report on Tuesday, October 14th. Leerink Partnrs cut shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 17th. Argus restated a “hold” rating on shares of Elevance Health in a research note on Monday, July 21st. Weiss Ratings lowered shares of Elevance Health from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday. Finally, UBS Group reduced their price objective on shares of Elevance Health from $435.00 to $425.00 and set a “buy” rating for the company in a research report on Friday, September 5th. Twelve analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $397.33.

Insiders Place Their Bets

In other Elevance Health news, Director Susan D. Devore acquired 1,200 shares of the company’s stock in a transaction dated Tuesday, August 19th. The stock was acquired at an average cost of $312.15 per share, with a total value of $374,580.00. Following the purchase, the director directly owned 3,502 shares in the company, valued at approximately $1,093,149.30. This trade represents a 52.13% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.29% of the company’s stock.

About Elevance Health

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.