HB Wealth Management LLC Cuts Stock Position in Elevance Health, Inc. (NYSE:ELV)

HB Wealth Management LLC reduced its position in Elevance Health, Inc. (NYSE:ELV) by 4.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,951 shares of the company’s stock after selling 719 shares during the period. HB Wealth Management LLC’s holdings in Elevance Health were worth $5,515,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Czech National Bank grew its holdings in Elevance Health by 6.5% in the fourth quarter. Czech National Bank now owns 50,286 shares of the company’s stock worth $18,551,000 after purchasing an additional 3,049 shares during the last quarter. Iridian Asset Management LLC CT grew its stake in Elevance Health by 10.7% during the 3rd quarter. Iridian Asset Management LLC CT now owns 39,154 shares of the company’s stock worth $20,360,000 after buying an additional 3,786 shares during the last quarter. International Assets Investment Management LLC increased its position in Elevance Health by 85,533.1% during the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock valued at $276,972,000 after buying an additional 532,016 shares in the last quarter. Benjamin Edwards Inc. boosted its holdings in Elevance Health by 1,711.9% in the third quarter. Benjamin Edwards Inc. now owns 53,559 shares of the company’s stock worth $27,858,000 after acquiring an additional 50,603 shares in the last quarter. Finally, Diversified Trust Co grew its stake in shares of Elevance Health by 13.7% during the fourth quarter. Diversified Trust Co now owns 22,576 shares of the company’s stock worth $8,328,000 after acquiring an additional 2,725 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on ELV. Raymond James set a $485.00 target price on shares of Elevance Health in a research note on Friday, October 18th. Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. TD Cowen reduced their target price on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research note on Monday, October 21st. Stephens reiterated an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. Finally, Mizuho reduced their price objective on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $536.53.

Elevance Health Stock Performance

Shares of NYSE ELV opened at $384.26 on Friday. Elevance Health, Inc. has a 1 year low of $362.21 and a 1 year high of $567.26. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50. The company’s fifty day moving average price is $388.02 and its 200 day moving average price is $467.11. The company has a market capitalization of $89.12 billion, a PE ratio of 14.01, a price-to-earnings-growth ratio of 1.08 and a beta of 0.84.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The business had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. Elevance Health’s revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the business earned $8.99 earnings per share. On average, research analysts predict that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Company 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.