Elevance Health, Inc. $ELV Stake Decreased by Ninety One UK Ltd

Key Points

• Ninety One UK Ltd cut its Elevance Health stake by 7% in the third quarter, selling 35,358 shares and retaining 472,922 shares valued at approximately $183.9 million.
• Elevance Health shares traded at $428.81, near their 52-week high of $436.24. The company’s latest quarterly results exceeded analyst expectations, with EPS of $7.45 and revenue of $49.83 billion.
• Analysts maintain a “Moderate Buy” consensus rating, supported by 15 Buy and eight Hold recommendations, with an average price target of $441.71.

Ninety One UK Ltd reduced its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 7.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 472,922 shares of the company's stock after selling 35,358 shares during the quarter. Ninety One UK Ltd owned about 0.22% of Elevance Health worth $183,882,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Kilter Group LLC bought a new position in Elevance Health in the 2nd quarter valued at $28,000. WealthCollab LLC raised its position in shares of Elevance Health by 42.2% in the first quarter. WealthCollab LLC now owns 91 shares of the company's stock worth $27,000 after buying an additional 27 shares in the last quarter. Elevation Wealth Partners LLC raised its position in shares of Elevance Health by 600.0% in the second quarter. Elevation Wealth Partners LLC now owns 105 shares of the company's stock worth $41,000 after buying an additional 90 shares in the last quarter. Tacita Capital Inc bought a new stake in Elevance Health during the second quarter valued at $44,000. Finally, Danske Bank A S bought a new stake in Elevance Health during the second quarter valued at $44,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Price Performance

Shares of NYSE ELV traded up $0.71 during trading hours on Thursday, reaching $428.81. 578,213 shares of the stock traded hands, compared to its average volume of 1,602,330. The company's 50-day simple moving average is $402.74 and its two-hundred day simple moving average is $384.60. The company has a market capitalization of $92.99 billion, a P/E ratio of 19.04, a price-to-earnings-growth ratio of 2.21 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 company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68.

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

Analyst Ratings Changes

A number of brokerages have weighed in on ELV. Cantor Fitzgerald upped their target price on Elevance Health from $400.00 to $450.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th. Wells Fargo & Company cut their price objective on Elevance Health from $492.00 to $473.00 and set an "overweight" rating for the company in a report on Thursday, July 16th. Robert W. Baird boosted their price objective on Elevance Health from $331.00 to $393.00 and gave the stock a "neutral" rating in a report on Thursday, July 16th. Weiss Ratings restated a "hold (c)" rating on shares of Elevance Health in a research report on Thursday, August 13th. Finally, Royal Bank Of Canada lowered their target price on shares of Elevance Health from $439.00 to $424.00 and set a "sector perform" rating on the stock in a research note on Thursday, July 16th. Fifteen investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $441.71.

Elevance Health Company Profile

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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