Smith Salley Wealth Management Reduces Holdings in Elevance Health, Inc. (NYSE:ELV)

Smith Salley Wealth Management lowered its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 4.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,705 shares of the company's stock after selling 1,380 shares during the period. Smith Salley Wealth Management's holdings in Elevance Health were worth $10,958,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Raelipskie Partnership bought a new position in shares of Elevance Health during the third quarter valued at approximately $26,000. PSI Advisors LLC bought a new position in Elevance Health in the 3rd quarter worth $27,000. Eastern Bank purchased a new stake in shares of Elevance Health in the 3rd quarter worth about $31,000. Dunhill Financial LLC boosted 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 valued at $37,000 after purchasing an additional 26 shares in the last quarter. Finally, Peterson Financial Group Inc. purchased a new position in shares of Elevance Health during the third quarter valued at about $44,000. Institutional investors own 89.24% of the company's stock.

Elevance Health Stock Performance

NYSE ELV traded down $1.00 during trading hours on Friday, hitting $384.26. The company's stock had a trading volume of 2,696,400 shares, compared to its average volume of 1,457,754. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26. The company's 50 day simple moving average is $388.02 and its two-hundred day simple moving average is $466.63. 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 company has a market cap of $89.12 billion, a P/E ratio of 14.01, a price-to-earnings-growth ratio of 1.08 and a beta of 0.84.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts' consensus estimates of $9.66 by ($1.29). The company had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The business's revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $8.99 earnings per share. As a group, sell-side analysts expect that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Barclays cut their price objective on Elevance Health from $622.00 to $501.00 and set an "overweight" rating on the stock in a research report on Tuesday, October 22nd. Cantor Fitzgerald reduced their price target on Elevance Health from $600.00 to $485.00 and set an "overweight" rating on the stock in a research note on Friday, October 18th. Truist Financial lowered their price objective on Elevance Health from $520.00 to $480.00 and set a "buy" rating for the company in a research report on Monday, January 6th. Morgan Stanley reduced their target price on shares of Elevance Health from $643.00 to $551.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 23rd. Finally, TD Cowen decreased their price target on shares of Elevance Health from $589.00 to $484.00 and set a "buy" rating for the company in a research note on Monday, October 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Elevance Health 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.