Avanza Fonder AB Takes $6.59 Million Position in Elevance Health, Inc. (NYSE:ELV)

Avanza Fonder AB bought a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the fourth quarter, Holdings Channel reports. The institutional investor bought 17,869 shares of the company’s stock, valued at approximately $6,592,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Pathway Financial Advisers LLC raised its stake in Elevance Health by 51,967.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock valued at $341,956,000 after acquiring an additional 656,344 shares in the last quarter. Stifel Financial Corp increased its stake in Elevance Health by 309.7% during the 3rd quarter. Stifel Financial Corp now owns 713,027 shares of the company’s stock valued at $370,794,000 after buying an additional 538,978 shares during the period. International Assets Investment Management LLC raised its position in shares of Elevance Health by 85,533.1% during the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock worth $276,972,000 after buying an additional 532,016 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Elevance Health by 16.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock valued at $1,246,574,000 after acquiring an additional 334,552 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Elevance Health by 6.9% during the third quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock valued at $2,320,024,000 after acquiring an additional 286,905 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $387.11 on Friday. Elevance Health, Inc. has a 1-year low of $362.21 and a 1-year high of $567.26. The firm has a fifty day simple moving average of $389.68 and a 200-day simple moving average of $468.73. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The stock has a market capitalization of $89.78 billion, a price-to-earnings ratio of 14.11, a PEG ratio of 1.08 and a beta of 0.84.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29). The business had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. Elevance Health’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm posted $8.99 EPS. On average, sell-side analysts expect that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on ELV. Morgan Stanley lowered their price target on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Royal Bank of Canada reduced their price objective on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. Wells Fargo & Company cut their target price on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Raymond James set a $485.00 price target on shares of Elevance Health in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $536.53.

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.