Contravisory Investment Management Inc. Makes New $7.89 Million Investment in Elevance Health, Inc. $ELV

Key Points

• Contravisory Investment Management initiated a $7.89 million position in Elevance Health during the third quarter, purchasing 20,285 shares.
• Institutional ownership remains high at 89.24%, with several other investment firms also increasing their stakes in the insurer.
• Analysts maintain a “Moderate Buy” consensus, with 15 Buy ratings and eight Holds and an average price target of $441.71. Elevance shares recently traded at $425.53, while the company’s latest quarterly earnings exceeded analyst expectations.

Contravisory Investment Management Inc. bought a new stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 20,285 shares of the company's stock, valued at approximately $7,887,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Sivik Global Healthcare LLC boosted its stake in Elevance Health by 180.0% during the third quarter. Sivik Global Healthcare LLC now owns 14,000 shares of the company's stock valued at $5,443,000 after buying an additional 9,000 shares during the last quarter. NorthCrest Asset Manangement LLC increased its stake in Elevance Health by 137.6% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 2,664 shares of the company's stock worth $1,068,000 after acquiring an additional 1,543 shares during the last quarter. Avior Wealth Management LLC increased its stake in Elevance Health by 4.7% in the 3rd quarter. Avior Wealth Management LLC now owns 1,505 shares of the company's stock worth $585,000 after acquiring an additional 67 shares during the last quarter. Perpetual Ltd raised its holdings in shares of Elevance Health by 71.5% during the 3rd quarter. Perpetual Ltd now owns 2,585 shares of the company's stock worth $1,005,000 after acquiring an additional 1,078 shares in the last quarter. Finally, Castleview Partners LLC raised its holdings in shares of Elevance Health by 5.7% during the 3rd quarter. Castleview Partners LLC now owns 4,972 shares of the company's stock worth $1,934,000 after acquiring an additional 269 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ELV has been the subject of a number of recent research reports. Robert W. Baird raised their target price 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. Barclays boosted their price target on shares of Elevance Health from $457.00 to $469.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 7th. Sanford C. Bernstein set a $488.00 price target on shares of Elevance Health in a research note on Thursday, July 16th. Weiss Ratings reiterated a "hold (c)" rating on shares of Elevance Health in a research report on Thursday, August 13th. Finally, Wells Fargo & Company lowered their price objective on shares of Elevance Health from $492.00 to $473.00 and set an "overweight" rating for the company in a research report on Thursday, July 16th. Fifteen investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $441.71.

Elevance Health Trading Up 0.8%

ELV stock traded up $3.44 during midday trading on Tuesday, reaching $425.53. 1,842,737 shares of the company traded hands, compared to its average volume of 1,605,088. The firm has a market capitalization of $92.28 billion, a price-to-earnings ratio of 18.91, a P/E/G ratio of 2.14 and a beta of 0.70. Elevance Health, Inc. has a 52-week low of $274.84 and a 52-week high of $436.24. The business has a 50 day moving average of $401.06 and a 200-day moving average of $382.75. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52.

Elevance Health (NYSE:ELV - Get Free Report) last announced its 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 firm had revenue of $49.83 billion during 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 company's quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the business earned $8.84 EPS. As a group, sell-side analysts expect that Elevance Health, Inc. will post 27.22 earnings per share for the current fiscal year.

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.

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