Mitchell Mcleod Pugh & Williams Inc. Cuts Stake in Elevance Health, Inc. (NYSE:ELV)

Mitchell Mcleod Pugh & Williams Inc. cut its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 10.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,325 shares of the company’s stock after selling 390 shares during the quarter. Mitchell Mcleod Pugh & Williams Inc.’s holdings in Elevance Health were worth $1,227,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. MQS Management LLC bought a new position in Elevance Health during the 2nd quarter worth approximately $217,000. AE Wealth Management LLC increased its stake in shares of Elevance Health by 13.9% in the second quarter. AE Wealth Management LLC now owns 5,205 shares of the company’s stock worth $2,820,000 after buying an additional 637 shares during the period. Sei Investments Co. raised its holdings in Elevance Health by 10.2% during the 2nd quarter. Sei Investments Co. now owns 123,872 shares of the company’s stock valued at $67,117,000 after buying an additional 11,513 shares during the last quarter. Ensign Peak Advisors Inc boosted its position in Elevance Health by 5.0% during the 2nd quarter. Ensign Peak Advisors Inc now owns 60,115 shares of the company’s stock valued at $32,574,000 after buying an additional 2,862 shares during the period. Finally, Frank Rimerman Advisors LLC grew its holdings in Elevance Health by 35,527.3% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 3,919 shares of the company’s stock worth $2,124,000 after acquiring an additional 3,908 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Stock Performance

ELV stock opened at $384.26 on Monday. The stock’s 50 day simple moving average is $388.02 and its 200 day simple moving average is $466.63. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a 12-month low of $362.21 and a 12-month high of $567.26. The stock 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 announced its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The business had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. During the same period in the previous year, the company earned $8.99 earnings per share. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, research analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ELV. Mizuho dropped their target price on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Royal Bank of Canada dropped their price objective on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Truist Financial cut their price objective on Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. UBS Group decreased their target price on Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a report on Friday, October 18th. Finally, Barclays cut their price target on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $536.53.

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.