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 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 17,869 shares of the company’s stock, valued at approximately $6,592,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Raelipskie Partnership purchased a new position in Elevance Health in the 3rd quarter valued at approximately $26,000. PSI Advisors LLC acquired a new stake in Elevance Health in the third quarter valued at $27,000. Eastern Bank purchased a new position in shares of Elevance Health in the third quarter valued at $31,000. Dunhill Financial LLC raised its stake in shares of Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after buying an additional 26 shares during the last quarter. Finally, Peterson Financial Group Inc. acquired a new position in shares of Elevance Health during the 3rd quarter worth $44,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ELV. TD Cowen cut their target price on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research report on Monday, October 21st. Argus downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Raymond James set a $485.00 price target on shares of Elevance Health in a report on Friday, October 18th. Royal Bank of Canada reduced their price objective on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. Finally, Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $536.53.

Elevance Health Stock Down 0.6 %

Shares of Elevance Health stock opened at $387.11 on Friday. The company has a market capitalization of $89.78 billion, a PE ratio of 14.11, a P/E/G ratio of 1.08 and a beta of 0.84. Elevance Health, Inc. has a 1-year low of $362.21 and a 1-year high of $567.26. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. The business has a 50-day moving average of $389.68 and a 200-day moving average of $468.73.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The company 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%. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the business posted $8.99 EPS. As a group, equities analysts forecast that Elevance Health, Inc. will post 32.96 EPS 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.