Vest Financial LLC has reduced its stake in Elevance Health, Inc. (NYSE: ELV) by 10.8% during the third quarter of 2023, according to a recent filing with the Securities and Exchange Commission (SEC). The institutional investor now holds 88,982 shares after selling 10,817 shares during this period, with a total value of approximately $28,752,000.
Several other institutional investors have also adjusted their positions in Elevance Health. Notably, Vermillion & White Wealth Management Group LLC increased its stake by an impressive 94.9% during the second quarter, bringing its total to 76 shares valued at $30,000 after acquiring an additional 37 shares. Similarly, BOK Financial Private Wealth Inc. entered a new position in Elevance Health shares, worth around $32,000.
Motco significantly raised its holdings by 334.8% in the third quarter, now owning 100 shares valued at $32,000. True Wealth Design LLC also boosted its stake by 431.8%, increasing its ownership to 117 shares worth $38,000. Glass Jacobson Investment Advisors LLC raised its position by 400.0%, acquiring 100 shares valued at $39,000. Overall, institutional investors control approximately 89.24% of Elevance Health’s stock.
Market Analysts Provide Insights
Recent commentary from various research firms indicates a positive outlook for Elevance Health. Wolfe Research set a price objective of $425.00 for the stock, rating it as “outperform” in a note released on January 8. Additionally, Bank of America raised its target from $330.00 to $370.00, assigning a “neutral” rating in a report on October 10.
Robert W. Baird also increased its price target to $340.00, rating the company as “neutral.” Morgan Stanley adjusted its price objective from $359.00 to $352.00, maintaining an “equal weight” rating. In contrast, Guggenheim raised its target from $360.00 to $398.00, recommending a “buy” rating.
Currently, thirteen analysts have given Elevance Health a “Buy” rating, while twelve have assigned a “Hold” rating. According to data from MarketBeat, the company holds a consensus rating of “Moderate Buy” with an average price target of $400.85.
Financial Performance and Company Overview
As of the market opening on Wednesday, Elevance Health shares traded at $368.27. The company maintains a current ratio of 1.56 and a quick ratio of 1.56, with a debt-to-equity ratio of 0.71. Elevance Health has experienced fluctuations, with a one-year low of $273.71 and a high of $458.75. The company’s market capitalization stands at $81.84 billion, and its price-to-earnings ratio is 15.05.
On October 21, Elevance Health reported earnings of $6.03 per share for the quarter, surpassing the consensus estimate of $5.03 by $1.00. The company’s revenue for the quarter reached $50.09 billion, exceeding the expected $49.26 billion. Elevance Health recorded a net margin of 2.84% and a return on equity of 16.17%, marking a 12.0% increase in quarterly revenue compared to the same period last year.
Founded in Indianapolis, Elevance Health, Inc. is a prominent health benefits company that offers a wide range of health insurance products and services. Previously known as Anthem, Inc., the company rebranded to Elevance Health in 2022, while continuing to operate under established consumer-facing health plans. Under the leadership of CEO and President Gail Boudreaux, Elevance focuses on integrated health care and benefit delivery, catering to individuals, employers, and government programs, including Medicare and Medicaid managed-care products.
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