Assenagon Asset Management S.A. Sells 147,000 Shares of Elevance Health, Inc. $ELV

Key Points

• Assenagon Asset Management reduced its Elevance Health stake by 49.1% in the third quarter, selling 147,000 shares and retaining 152,374 shares valued at approximately $59.2 million.
• Institutional ownership remains high at 89.24%, with major investors including BlackRock, Bank of New York Mellon and Legal & General establishing or expanding positions.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $441.71 target price. Elevance also exceeded quarterly earnings expectations, reporting $7.45 in EPS versus the $6.21 consensus estimate.

Assenagon Asset Management S.A. cut its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 49.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 152,374 shares of the company's stock after selling 147,000 shares during the period. Assenagon Asset Management S.A. owned approximately 0.07% of Elevance Health worth $59,246,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Elevance Health during the 2nd quarter valued at approximately $7,344,424,000. Bank of New York Mellon Corp acquired a new position in Elevance Health in the second quarter valued at approximately $1,246,349,000. Legal & General Group Plc acquired a new position in Elevance Health in the second quarter valued at approximately $688,469,000. Amundi grew its position in Elevance Health by 145.7% in the first quarter. Amundi now owns 2,693,664 shares of the company's stock worth $788,570,000 after acquiring an additional 1,597,497 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new position in Elevance Health in the second quarter worth approximately $591,084,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ELV has been the topic of a number of research analyst reports. Barclays lifted their target price on Elevance Health from $457.00 to $469.00 and gave the company an "overweight" rating in a research report on Wednesday, October 7th. Wall Street Zen cut Elevance Health from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Leerink Partners increased their price target on Elevance Health from $364.00 to $395.00 and gave the stock a "market perform" rating in a report on Friday, July 17th. Raymond James Financial set a $450.00 price objective on Elevance Health in a research report on Tuesday, July 7th. Finally, Robert W. Baird boosted their price objective on shares of Elevance Health from $331.00 to $393.00 and gave the company a "neutral" rating in a report on Thursday, July 16th. Fifteen research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Elevance Health currently has an average rating of "Moderate Buy" and a consensus target price of $441.71.

Elevance Health Stock Down 0.1%

Elevance Health stock opened at $428.11 on Friday. Elevance Health, Inc. has a fifty-two week low of $274.84 and a fifty-two week high of $436.24. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. The firm has a 50 day moving average price of $404.18 and a 200 day moving average price of $385.91. The company has a market capitalization of $92.84 billion, a PE ratio of 19.03, a price-to-earnings-growth ratio of 2.23 and a beta of 0.70.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping analysts' consensus estimates of $6.21 by $1.24. The company had revenue of $49.83 billion for the quarter, compared to analysts' expectations of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%. The firm's revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the firm earned $8.84 earnings per share. Research analysts expect that Elevance Health, Inc. will post 27.22 earnings per share for the current year.

Elevance Health Profile

Elevance Health, Inc NYSE: ELV is a diversified health benefits company that provides health insurance and related services in the United States. Its offerings serve employers, individuals and families, as well as members of government-sponsored programs, including Medicare and Medicaid. The company provides medical, pharmacy, behavioral health and other benefits through a range of health plans and specialty products.

Elevance Health operates its health benefits businesses through a portfolio that includes Blue Cross and Blue Shield-affiliated plans and other insurance offerings.

Want to see what other hedge funds are holding ELV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Elevance Health, Inc. (NYSE:ELV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.