Assenagon Asset Management S.A. Trims Position in Elevance Health, Inc. (NYSE:ELV)

Assenagon Asset Management S.A. cut its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 10.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 231,652 shares of the company's stock after selling 28,447 shares during the period. Assenagon Asset Management S.A. owned approximately 0.10% of Elevance Health worth $85,456,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. State Street Corp grew its position in shares of Elevance Health by 1.2% during the 3rd quarter. State Street Corp now owns 10,687,998 shares of the company's stock valued at $5,557,759,000 after acquiring an additional 129,709 shares during the period. Geode Capital Management LLC grew its position in shares of Elevance Health by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 4,848,020 shares of the company's stock valued at $2,511,814,000 after acquiring an additional 85,770 shares during the period. Sanders Capital LLC grew its position in shares of Elevance Health by 1.0% during the 3rd quarter. Sanders Capital LLC now owns 4,609,258 shares of the company's stock valued at $2,396,814,000 after acquiring an additional 44,805 shares during the period. Wellington Management Group LLP grew its position in shares of Elevance Health by 6.9% during the 3rd 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. Finally, Ameriprise Financial Inc. boosted its holdings in Elevance Health by 5.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company's stock worth $2,054,641,000 after buying an additional 190,118 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ELV shares. Cantor Fitzgerald lowered their price objective on Elevance Health from $600.00 to $485.00 and set an "overweight" rating on the stock in a report on Friday, October 18th. Royal Bank of Canada lowered their price objective on Elevance Health from $585.00 to $478.00 and set an "outperform" rating on the stock in a report on Friday, October 18th. StockNews.com cut Elevance Health from a "buy" rating to a "hold" rating in a report on Wednesday, December 18th. Truist Financial lowered their price objective on Elevance Health from $520.00 to $480.00 and set a "buy" rating on the stock in a report on Monday, January 6th. Finally, Barclays lowered their price objective on Elevance Health from $622.00 to $501.00 and set an "overweight" rating on the stock in a report on Tuesday, October 22nd. 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, the stock presently has an average rating of "Moderate Buy" and an average price target of $536.53.

Insiders Place Their Bets

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business's stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the sale, the executive vice president now directly owns 8,423 shares of the company's stock, valued at $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.35% of the company's stock.

Elevance Health Trading Down 1.2 %

Elevance Health stock traded down $4.52 during trading on Thursday, hitting $384.77. The company had a trading volume of 2,406,672 shares, compared to its average volume of 1,648,917. Elevance Health, Inc. has a 1-year low of $362.21 and a 1-year high of $567.26. 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 company's 50 day simple moving average is $389.68 and its 200-day simple moving average is $468.73. The stock has a market cap of $89.24 billion, a price-to-earnings ratio of 14.03, a price-to-earnings-growth ratio of 1.08 and a beta of 0.84.

Elevance Health (NYSE:ELV - Get Free Report) last posted its earnings results 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). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The company had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same quarter last year, the business posted $8.99 EPS. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. As a group, analysts expect 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.