Elevance Health, Inc. (NYSE:ELV) Stock Holdings Lowered by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC trimmed its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 1.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 99,197 shares of the company’s stock after selling 1,659 shares during the period. Gateway Investment Advisers LLC’s holdings in Elevance Health were worth $36,594,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ELV. Pathway Financial Advisers LLC raised its position in shares of Elevance Health by 51,967.1% during the third quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock worth $341,956,000 after purchasing an additional 656,344 shares during the period. Stifel Financial Corp increased its stake in Elevance Health by 309.7% in the 3rd quarter. Stifel Financial Corp now owns 713,027 shares of the company’s stock worth $370,794,000 after purchasing an additional 538,978 shares in the last quarter. International Assets Investment Management LLC raised its holdings 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 worth $276,972,000 after buying an additional 532,016 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Elevance Health by 16.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock worth $1,246,574,000 after buying an additional 334,552 shares during the period. Finally, Wellington Management Group LLP lifted its stake in Elevance Health by 6.9% during the third quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock valued at $2,320,024,000 after buying an additional 286,905 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ELV shares. StockNews.com downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Raymond James set a $485.00 target price on shares of Elevance Health in a research note on Friday, October 18th. Cantor Fitzgerald decreased their target price on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research report on Friday, October 18th. Mizuho dropped their price target on Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 5th. Finally, Barclays decreased their price objective on Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $536.53.

Insider Transactions at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the sale, the executive vice president now directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

Elevance Health Stock Down 2.1 %

Shares of ELV traded down $7.99 during mid-day trading on Thursday, hitting $381.30. 235,511 shares of the company’s stock were exchanged, compared to its average volume of 1,428,231. The stock has a market cap of $88.43 billion, a price-to-earnings ratio of 13.90, a P/E/G ratio of 1.08 and a beta of 0.84. The firm has a fifty day moving average of $390.48 and a two-hundred day moving average of $469.30. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a twelve month low of $362.21 and a twelve month high of $567.26.

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

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.