Elevance Health, Inc. $ELV Stock Position Reduced by Cwm LLC

Key Points

• Cwm LLC significantly reduced its stake in Elevance Health, Inc. by 48.1%, selling 6,616 shares and holding 7,126 shares valued at approximately $2.77 million.
• Several hedge funds, including Nuveen LLC and Boston Partners, have made substantial investments or increased their positions in Elevance Health, showcasing strong institutional interest.
• Analysts have varying price targets for Elevance Health, with Wells Fargo raising their target to $412.00, while others like UBS Group and JPMorgan Chase adjusted their targets downward, reflecting mixed sentiment in the market.

Cwm LLC lessened its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 48.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,126 shares of the company's stock after selling 6,616 shares during the period. Cwm LLC's holdings in Elevance Health were worth $2,772,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ELV. Nuveen LLC bought a new stake in shares of Elevance Health in the 1st quarter worth approximately $789,943,000. Orbis Allan Gray Ltd lifted its holdings in shares of Elevance Health by 31.4% in the 1st 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 during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Elevance Health by 3.1% in the 1st 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 during the last quarter. Boston Partners lifted its holdings in shares of Elevance Health by 241.3% in the 1st quarter. Boston Partners now owns 856,737 shares of the company's stock worth $372,039,000 after purchasing an additional 605,689 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Elevance Health by 13.8% in the 1st 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 during the last quarter. Institutional investors own 89.24% of the company's stock.

Insider Activity

In other news, Director Susan D. Devore purchased 1,200 shares of the stock in a transaction dated Tuesday, August 19th. The shares were bought at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the transaction, the director owned 3,502 shares in the company, valued at $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ELV shares. Wells Fargo & Company raised their price target on Elevance Health from $330.00 to $412.00 and gave the stock an "overweight" rating in a report on Tuesday, October 7th. UBS Group lowered their target price on Elevance Health from $435.00 to $425.00 and set a "buy" rating on the stock in a research report on Friday, September 5th. JPMorgan Chase & Co. lowered their target price on Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 22nd. Morgan Stanley raised their target price on Elevance Health from $316.00 to $359.00 and gave the company an "equal weight" rating in a research report on Tuesday. Finally, Guggenheim raised their target price on Elevance Health from $360.00 to $398.00 and gave the company a "buy" rating in a research report on Wednesday, October 8th. Eleven equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $404.72.

Elevance Health Stock Up 0.2%

Shares of ELV stock opened at $348.93 on Friday. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $458.75. The stock has a market cap of $78.57 billion, a PE ratio of 14.85, a price-to-earnings-growth ratio of 1.27 and a beta of 0.59. The business's fifty day moving average is $321.94 and its 200-day moving average is $355.81. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44.

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

Elevance Health Company 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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