Coronation Fund Managers Ltd. Makes New $53.43 Million Investment in Elevance Health, Inc. $ELV

Key Points

• Coronation Fund Managers Ltd. recently made a significant investment in Elevance Health, acquiring approximately 137,367 shares valued at $53.43 million, positioning it as the firm's 11th largest stock holding.
• Currently, 89.24% of Elevance Health's stock is owned by institutional investors and hedge funds, reflecting strong institutional interest in the company.
• Brokerages have varied views on Elevance Health with a consensus rating of "Moderate Buy" and a price target averaging around $400.06, indicating optimism in the stock's potential.

Coronation Fund Managers Ltd. purchased a new position in Elevance Health, Inc. (NYSE:ELV - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 137,367 shares of the company's stock, valued at approximately $53,430,000. Elevance Health comprises approximately 2.9% of Coronation Fund Managers Ltd.'s holdings, making the stock its 11th largest position. Coronation Fund Managers Ltd. owned 0.06% of Elevance Health at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Private Wealth Management Group LLC boosted its holdings in shares of Elevance Health by 152.0% in the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after purchasing an additional 38 shares during the last quarter. WPG Advisers LLC acquired a new position in shares of Elevance Health in the 1st quarter valued at $29,000. North Capital Inc. acquired a new position in shares of Elevance Health in the 1st quarter valued at $36,000. Saudi Central Bank acquired a new position in shares of Elevance Health in the 1st quarter valued at $40,000. Finally, Berbice Capital Management LLC acquired a new position in shares of Elevance Health in the 1st quarter valued at $43,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Stock Performance

Elevance Health stock opened at $354.33 on Tuesday. The firm's fifty day moving average price is $323.21 and its 200 day moving average price is $354.62. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. The company has a market capitalization of $79.79 billion, a price-to-earnings ratio of 15.08, a price-to-earnings-growth ratio of 1.27 and a beta of 0.59. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $458.75.

Analysts Set New Price Targets

A number of brokerages have weighed in on ELV. Weiss Ratings upgraded shares of Elevance Health from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, October 8th. Bank of America lifted their price target on shares of Elevance Health from $330.00 to $370.00 and gave the company a "neutral" rating in a report on Friday, October 10th. Argus reissued a "hold" rating on shares of Elevance Health in a research note on Monday, July 21st. Leerink Partnrs downgraded shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 17th. Finally, Wells Fargo & Company raised their target price on shares of Elevance Health from $330.00 to $412.00 and gave the company an "overweight" rating in a research note on Tuesday, October 7th. Ten equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $400.06.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, Director Susan D. Devore bought 1,200 shares of the stock in a transaction dated Tuesday, August 19th. The stock was bought at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the purchase, the director directly owned 3,502 shares of the company's stock, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.29% of the stock is owned by corporate insiders.

Elevance Health Profile

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.

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