Elevance Health, Inc. $ELV Position Reduced by Nordea Investment Management AB

Key Points

• Nordea Investment Management AB reduced its stake in Elevance Health by 25.9%, now holding 795,123 shares valued at approximately $307.9 million.
• Despite the reduction by Nordea, several other hedge funds like Nuveen LLC and Boston Partners significantly increased their positions in Elevance Health, with 89.24% of the stock owned by institutional investors.
• In the latest earnings report, Elevance Health posted $8.84 earnings per share, missing expectations, but revenue increased by 14.3% year-over-year to $49.42 billion.

Nordea Investment Management AB cut its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 25.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 795,123 shares of the company's stock after selling 278,050 shares during the quarter. Nordea Investment Management AB owned 0.35% of Elevance Health worth $307,872,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of ELV. Nuveen LLC purchased a new stake in Elevance Health during the first quarter valued at about $789,943,000. Orbis Allan Gray Ltd lifted its position in shares of Elevance Health by 31.4% in the first quarter. Orbis Allan Gray Ltd now owns 2,849,173 shares of the company's stock worth $1,239,276,000 after purchasing an additional 680,228 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Elevance Health by 3.1% in the first quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company's stock worth $9,635,281,000 after purchasing an additional 666,534 shares in the last quarter. Boston Partners lifted its position in shares of Elevance Health by 241.3% in the first quarter. Boston Partners now owns 856,737 shares of the company's stock worth $372,039,000 after purchasing an additional 605,689 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Elevance Health by 13.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,676,203 shares of the company's stock worth $1,164,041,000 after purchasing an additional 324,040 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on ELV shares. Leerink Partners reissued a "market perform" rating and issued a $310.00 price target (down from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. The Goldman Sachs Group started coverage on shares of Elevance Health in a research report on Tuesday. They issued a "neutral" rating and a $343.00 price target for the company. Weiss Ratings raised shares of Elevance Health from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, October 8th. Leerink Partnrs lowered shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. Finally, Morgan Stanley increased their price target on shares of Elevance Health from $316.00 to $359.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Eleven analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $408.33.

Insider Transactions at Elevance Health

In related news, Director Susan D. Devore acquired 1,200 shares of the stock in a transaction dated Tuesday, August 19th. The shares were acquired at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the purchase, the director owned 3,502 shares in the company, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.29% of the stock is owned by company insiders.

Elevance Health Trading Down 0.4%

NYSE:ELV opened at $348.14 on Friday. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $458.75. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The stock's 50 day moving average price is $320.85 and its 200 day moving average price is $356.90. The company has a market capitalization of $78.39 billion, a P/E ratio of 14.81, a P/E/G ratio of 1.28 and a beta of 0.59.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The firm had revenue of $49.42 billion during the quarter, compared to analyst estimates of $48.26 billion. During the same quarter in the previous year, the firm posted $10.12 earnings per share. Elevance Health's quarterly revenue was up 14.3% compared to the same quarter last year. On average, research analysts forecast that Elevance Health, Inc. will post 33.96 EPS 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.

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