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

Wedmont Private Capital reduced its stake in Elevance Health, Inc. (NYSE:ELV) by 52.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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.

Several other hedge funds also recently made changes to their positions in ELV. Fiduciary Alliance LLC grew its stake in Elevance Health by 701.9% during the fourth quarter. Fiduciary Alliance LLC now owns 4,956 shares of the company’s stock valued at $1,828,000 after acquiring an additional 4,338 shares in the last quarter. Czech National Bank grew its position in shares of Elevance Health by 6.5% during the 4th quarter. Czech National Bank now owns 50,286 shares of the company’s stock valued at $18,551,000 after purchasing an additional 3,049 shares in the last quarter. ST Germain D J Co. Inc. increased its holdings in shares of Elevance Health by 56.3% in the fourth quarter. ST Germain D J Co. Inc. now owns 1,322 shares of the company’s stock worth $488,000 after purchasing an additional 476 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Elevance Health by 3.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 21,166 shares of the company’s stock worth $7,808,000 after buying an additional 739 shares in the last quarter. Finally, InvesTrust bought a new stake in Elevance Health during the fourth quarter valued at $649,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on ELV shares. StockNews.com cut Elevance Health from a “buy” rating to a “hold” rating in a report on Wednesday, December 18th. TD Cowen lowered their target price on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Morgan Stanley cut their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Wells Fargo & Company lowered 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. Finally, Cantor Fitzgerald dropped their price objective on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $536.53.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the sale, the executive vice president now directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. This trade represents a 46.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.35% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV stock opened at $388.93 on Thursday. The company has a market capitalization of $90.20 billion, a P/E ratio of 14.18, a PEG ratio of 1.15 and a beta of 0.84. Elevance Health, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50. The stock has a 50 day moving average price of $390.48 and a two-hundred day moving average price of $469.30.

Elevance Health (NYSE:ELV) last posted 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 firm had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $8.99 earnings per share. Analysts expect that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health 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.