Exchange Traded Concepts LLC Buys 664 Shares of Elevance Health, Inc. (NYSE:ELV)

Exchange Traded Concepts LLC raised its position in shares of Elevance Health, Inc. (NYSE:ELV) by 50.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,970 shares of the company’s stock after acquiring an additional 664 shares during the period. Exchange Traded Concepts LLC’s holdings in Elevance Health were worth $1,024,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in ELV. Asio Capital LLC boosted its stake in Elevance Health by 2.4% in the 3rd quarter. Asio Capital LLC now owns 9,689 shares of the company’s stock valued at $5,038,000 after purchasing an additional 229 shares during the period. FARMERS & MERCHANTS TRUST Co OF LONG BEACH acquired a new stake in shares of Elevance Health during the third quarter worth $204,000. Livforsakringsbolaget Skandia Omsesidigt boosted its position in shares of Elevance Health by 45.9% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 27,836 shares of the company’s stock valued at $14,473,000 after acquiring an additional 8,754 shares during the period. Independence Bank of Kentucky grew its stake in shares of Elevance Health by 44.3% in the third quarter. Independence Bank of Kentucky now owns 1,303 shares of the company’s stock valued at $678,000 after acquiring an additional 400 shares in the last quarter. Finally, Boston Common Asset Management LLC bought a new position in Elevance Health during the third quarter worth about $6,286,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the subject of a number of recent research reports. Morgan Stanley started coverage on shares of Elevance Health in a report on Monday, June 24th. They issued an “overweight” rating and a $643.00 price objective for the company. Wells Fargo & Company cut their price target on Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. TD Cowen reduced their price target on Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a research report on Friday, July 19th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $600.00 price objective on shares of Elevance Health in a report on Tuesday, October 1st. Finally, Royal Bank of Canada increased their target price on Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $605.07.

Elevance Health Stock Up 2.7 %

ELV stock opened at $496.99 on Thursday. The firm has a 50-day moving average price of $530.38 and a 200-day moving average price of $528.62. Elevance Health, Inc. has a 12 month low of $437.42 and a 12 month high of $567.26. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $115.51 billion, a P/E ratio of 18.78, a price-to-earnings-growth ratio of 1.08 and a beta of 0.82.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, beating analysts’ consensus estimates of $9.99 by $0.13. The firm had revenue of $43.22 billion for the quarter, compared to analyst estimates of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The company’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter last year, the business posted $9.04 earnings per share. As a group, equities research analysts anticipate that Elevance Health, Inc. will post 37.26 EPS for the current fiscal year.

Insider Activity

In related news, Director Robert L. Dixon, Jr. sold 305 shares of the business’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the sale, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction on Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the sale, the director now owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,058 shares of company stock worth $17,588,116. 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.