Elevance Health, Inc. $ELV Stock: Formuepleje A S Decreases Position

Key Points

• Formuepleje A S reduced its Elevance Health stake by 10.5% in the third quarter, selling 2,493 shares and retaining 21,293 shares valued at approximately $8.28 million.
• Institutional ownership remains high at 89.24%, with major investors including BlackRock, State Street, and Wellington increasing or establishing positions in Elevance Health.
• Elevance reported quarterly EPS of $7.45, exceeding estimates of $6.21, while revenue reached $49.83 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $441.71.

Formuepleje A S lessened its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 10.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 21,293 shares of the company's stock after selling 2,493 shares during the period. Elevance Health comprises about 0.7% of Formuepleje A S's holdings, making the stock its 26th biggest position. Formuepleje A S's holdings in Elevance Health were worth $8,279,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in ELV. BlackRock Inc. purchased a new position in Elevance Health in the second quarter valued at approximately $7,344,424,000. State Street Corp raised its stake in shares of Elevance Health by 1.3% in the second quarter. State Street Corp now owns 10,426,610 shares of the company's stock valued at $4,032,283,000 after buying an additional 137,914 shares during the period. Wellington Management Group LLP raised its stake in shares of Elevance Health by 12.0% in the second quarter. Wellington Management Group LLP now owns 9,213,513 shares of the company's stock valued at $3,563,142,000 after buying an additional 984,976 shares during the period. Artisan Partners Limited Partnership raised its stake in shares of Elevance Health by 10.0% in the fourth quarter. Artisan Partners Limited Partnership now owns 5,032,751 shares of the company's stock valued at $1,764,231,000 after buying an additional 455,946 shares during the period. Finally, First Eagle Investment Management LLC lifted its position in shares of Elevance Health by 1.4% during the 2nd quarter. First Eagle Investment Management LLC now owns 4,188,196 shares of the company's stock valued at $1,619,701,000 after buying an additional 55,905 shares during the last quarter. Institutional investors own 89.24% of the company's stock.

Elevance Health Stock Performance

Elevance Health stock traded up $0.91 during mid-day trading on Thursday, reaching $429.00. The company's stock had a trading volume of 515,296 shares, compared to its average volume of 1,601,944. The firm's fifty day moving average price is $402.74 and its two-hundred day moving average price is $384.60. 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, Inc. has a 12-month low of $274.84 and a 12-month high of $436.24. The company has a market capitalization of $93.04 billion, a P/E ratio of 19.13, a PEG ratio of 2.21 and a beta of 0.70.

Elevance Health (NYSE:ELV - Get Free Report) last posted 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. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%. The firm had revenue of $49.83 billion for the quarter, compared to the consensus estimate of $48.88 billion. During the same quarter in the prior year, the business posted $8.84 earnings per share. The business's quarterly revenue was up .8% on a year-over-year basis. Sell-side analysts predict that Elevance Health, Inc. will post 27.22 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ELV has been the subject of several research reports. The Goldman Sachs Group reiterated a "neutral" rating and set a $395.00 price target on shares of Elevance Health in a research note on Thursday, July 16th. Cantor Fitzgerald lifted their price objective on Elevance Health from $400.00 to $450.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. Royal Bank Of Canada lowered their price objective on 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. Truist Financial upped their price objective on shares of Elevance Health from $450.00 to $475.00 and gave the company a "buy" rating in a report on Tuesday, July 14th. Finally, Wells Fargo & Company dropped their price objective on shares of Elevance Health from $492.00 to $473.00 and set an "overweight" rating on the stock 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, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $441.71.

Elevance Health 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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