Elevance Health, Inc. $ELV Stock: Ninety One UK Ltd Lowers Stake

Ninety One UK Ltd lessened its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 7.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 472,922 shares of the company’s stock after selling 35,358 shares during the quarter. Ninety One UK Ltd’s holdings in Elevance Health were worth $183,882,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in ELV. Turtle Creek Wealth Advisors LLC boosted its position in Elevance Health by 1.7% during the 3rd quarter. Turtle Creek Wealth Advisors LLC now owns 1,862 shares of the company’s stock valued at $724,000 after buying an additional 31 shares during the period. ZWJ Investment Counsel Inc. grew its holdings in Elevance Health by 3.6% in the 3rd quarter. ZWJ Investment Counsel Inc. now owns 93,029 shares of the company’s stock worth $36,172,000 after acquiring an additional 3,234 shares during the last quarter. Mather Group LLC. grew its holdings in Elevance Health by 3.5% in the 3rd quarter. Mather Group LLC. now owns 766 shares of the company’s stock worth $298,000 after acquiring an additional 26 shares during the last quarter. Fortitude Family Office LLC increased its position in shares of Elevance Health by 64.8% in the third quarter. Fortitude Family Office LLC now owns 178 shares of the company’s stock valued at $69,000 after acquiring an additional 70 shares during the period. Finally, Sanders Morris Harris LLC purchased a new position in shares of Elevance Health in the third quarter valued at about $739,000. Institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Up 0.2%

Elevance Health stock traded up $0.71 during mid-day trading on Thursday, reaching $428.81. 578,213 shares of the company traded hands, compared to its average volume of 1,602,330. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. Elevance Health, Inc. has a 52-week low of $274.84 and a 52-week high of $436.24. The firm has a market capitalization of $92.99 billion, a price-to-earnings ratio of 19.04, a P/E/G ratio of 2.21 and a beta of 0.70. The firm’s 50 day moving average price is $402.74 and its 200 day moving average price is $384.60.

Elevance Health (NYSE:ELV) last announced its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating analysts’ consensus estimates of $6.21 by $1.24. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The firm had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. During the same quarter in the previous year, the firm posted $8.84 EPS. The company’s revenue for the quarter was up .8% compared to the same quarter last year. On average, analysts anticipate that Elevance Health, Inc. will post 27.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ELV. Guggenheim raised their target price on Elevance Health from $455.00 to $460.00 and gave the stock a “buy” rating in a research note on Monday. Weiss Ratings restated a “hold (c)” rating on shares of Elevance Health in a report on Thursday, August 13th. Raymond James Financial set a $450.00 price target on Elevance Health in a research report on Tuesday, July 7th. TD Cowen increased their price objective on Elevance Health from $400.00 to $465.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Finally, Wall Street Zen cut Elevance Health from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Fifteen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, Elevance Health has an average rating of “Moderate Buy” and a consensus price target of $441.71.

About Elevance Health

Elevance Health, Inc (NYSE: ELV) is a health benefits and services company that provides health insurance, managed care and related healthcare solutions in the United States. Its offerings serve individuals, employers, government-sponsored programs and other organizations across commercial, Medicare and Medicaid markets.

The company operates a portfolio of health plans, including Blue Cross Blue Shield-affiliated plans in several states, as well as government-focused plans marketed under brands such as Wellpoint.