Procyon Advisors LLC Reduces Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Procyon Advisors LLC lessened its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 25.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,404 shares of the company’s stock after selling 474 shares during the period. Procyon Advisors LLC’s holdings in Elevance Health were worth $518,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of ELV. Pathway Financial Advisers LLC lifted its stake in Elevance Health by 51,967.1% in 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 last quarter. Stifel Financial Corp lifted its stake in shares of Elevance Health by 309.7% during the 3rd quarter. Stifel Financial Corp now owns 713,027 shares of the company’s stock worth $370,794,000 after acquiring an additional 538,978 shares during the last quarter. International Assets Investment Management LLC boosted 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 valued at $276,972,000 after acquiring an additional 532,016 shares during the period. Massachusetts Financial Services Co. MA grew its position in Elevance Health by 16.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock valued at $1,246,574,000 after acquiring an additional 334,552 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in Elevance Health by 6.9% in the third quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock worth $2,320,024,000 after purchasing an additional 286,905 shares during the period. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ELV shares. Raymond James set a $485.00 price target on shares of Elevance Health in a report on Friday, October 18th. Wells Fargo & Company reduced their target price on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. UBS Group lowered their price target on Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a report on Friday, October 18th. Barclays reduced their price objective on Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Finally, TD Cowen lowered their target price on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $536.53.

Elevance Health Stock Performance

Shares of ELV stock opened at $384.26 on Friday. Elevance Health, Inc. has a 12-month low of $362.21 and a 12-month high of $567.26. The business’s fifty day simple moving average is $388.02 and its 200-day simple moving average is $467.11. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The company has a market cap of $89.12 billion, a PE ratio of 14.01, a PEG ratio of 1.08 and a beta of 0.84.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share 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 during the quarter, compared to analyst estimates of $43.47 billion. During the same period in the prior year, the business posted $8.99 EPS. Elevance Health’s revenue was up 5.3% compared to the same quarter last year. Analysts expect that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal 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.