Wheelhouse Advisory Group LLC Takes $441,000 Position in Elevance Health, Inc. $ELV

Wheelhouse Advisory Group LLC bought a new position in Elevance Health, Inc. (NYSE:ELV) during the third quarter, according to its most recent filing with the SEC. The firm bought 1,364 shares of the company’s stock, valued at approximately $441,000.

A number of other hedge funds have also recently made changes to their positions in ELV. Vanguard Group Inc. raised its holdings in shares of Elevance Health by 3.2% in the 2nd quarter. Vanguard Group Inc. now owns 22,856,898 shares of the company’s stock worth $8,890,419,000 after acquiring an additional 704,790 shares during the last quarter. Sanders Capital LLC increased its holdings in Elevance Health by 24.7% during the 2nd quarter. Sanders Capital LLC now owns 5,825,208 shares of the company’s stock worth $2,265,773,000 after purchasing an additional 1,152,440 shares in the last quarter. Artisan Partners Limited Partnership raised its stake in shares of Elevance Health by 9.7% in the second quarter. Artisan Partners Limited Partnership now owns 3,675,179 shares of the company’s stock worth $1,429,498,000 after purchasing an additional 324,399 shares during the last quarter. Norges Bank bought a new position in shares of Elevance Health in the second quarter valued at approximately $1,148,379,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Elevance Health by 30.7% in the second quarter. The Manufacturers Life Insurance Company now owns 2,076,668 shares of the company’s stock valued at $807,741,000 after purchasing an additional 487,579 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Trading Up 2.5%

Shares of ELV opened at $382.25 on Friday. The firm has a market cap of $84.95 billion, a P/E ratio of 15.63, a price-to-earnings-growth ratio of 1.92 and a beta of 0.51. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.56 and a current ratio of 1.56. The business has a 50-day moving average of $342.95 and a 200 day moving average of $328.60. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $458.75.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.03 by $1.00. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. The company had revenue of $50.09 billion for the quarter, compared to analyst estimates of $49.26 billion. During the same quarter in the previous year, the firm posted $8.37 earnings per share. The company’s quarterly revenue was up 12.0% compared to the same quarter last year. As a group, research analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ELV shares. Weiss Ratings upgraded Elevance Health from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday. Wall Street Zen lowered Elevance Health from a “buy” rating to a “hold” rating in a report on Saturday, December 13th. Morgan Stanley decreased their target price on Elevance Health from $359.00 to $352.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 17th. Bank of America boosted their price target on shares of Elevance Health from $330.00 to $370.00 and gave the stock a “neutral” rating in a report on Friday, October 10th. Finally, JPMorgan Chase & Co. increased their price target on shares of Elevance Health from $384.00 to $394.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Thirteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $400.85.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.