Wedmont Private Capital Reduces Position in Elevance Health, Inc. (NYSE:ELV)

Wedmont Private Capital cut its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 52.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,118 shares of the company's stock after selling 1,230 shares during the period. Wedmont Private Capital's holdings in Elevance Health were worth $426,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

ELV has been the subject of a number of analyst reports. Truist Financial dropped their target price on shares of Elevance Health from $520.00 to $480.00 and set a "buy" rating for the company in a report on Monday, January 6th. Cantor Fitzgerald dropped their price objective on Elevance Health from $600.00 to $485.00 and set an "overweight" rating for the company in a report on Friday, October 18th. Raymond James set a $485.00 target price on Elevance Health in a research note on Friday, October 18th. UBS Group dropped their price target on Elevance Health from $605.00 to $555.00 and set a "buy" rating for the company in a research note on Friday, October 18th. Finally, Wells Fargo & Company reduced their price objective on shares of Elevance Health from $593.00 to $495.00 and set an "overweight" rating on the stock in a research report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Elevance Health currently has a consensus rating of "Moderate Buy" and a consensus target price of $536.53.

Elevance Health Stock Down 1.2 %

ELV traded down $4.52 during midday trading on Thursday, reaching $384.77. The company's stock 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 stock's 50-day moving average is $389.68 and its 200-day moving average is $468.73. The firm has a market capitalization of $89.24 billion, a price-to-earnings ratio of 14.03, a PEG ratio of 1.08 and a beta of 0.84. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly 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). The company had revenue of $44.72 billion during the quarter, compared to analysts' expectations of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The business's quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $8.99 EPS. As a group, research analysts expect that Elevance Health, Inc. will post 32.96 EPS for the current year.

Insiders Place Their Bets

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction dated 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 transaction, the executive vice president now directly owns 8,423 shares of the company's stock, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.35% of the company's stock.

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.