CX Institutional Has $723,000 Position in Elevance Health, Inc. (NYSE:ELV)

CX Institutional cut its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 90.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,390 shares of the company’s stock after selling 12,451 shares during the quarter. CX Institutional’s holdings in Elevance Health were worth $723,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Bank & Trust Co bought a new position in shares of Elevance Health during the 2nd quarter worth about $27,000. Palisade Asset Management LLC bought a new position in Elevance Health in the first quarter worth approximately $28,000. Opal Wealth Advisors LLC acquired a new stake in Elevance Health in the second quarter valued at approximately $28,000. Strategic Financial Concepts LLC bought a new stake in shares of Elevance Health during the second quarter valued at approximately $30,000. Finally, Register Financial Advisors LLC acquired a new position in shares of Elevance Health during the first quarter worth approximately $32,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Price Performance

NYSE ELV opened at $496.99 on Thursday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. The company has a market cap of $115.51 billion, a PE ratio of 18.78, a price-to-earnings-growth ratio of 1.08 and a beta of 0.82. Elevance Health, Inc. has a 52 week low of $437.42 and a 52 week high of $567.26. The firm’s 50-day simple moving average is $530.38 and its two-hundred day simple moving average is $528.62.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, topping the consensus estimate of $9.99 by $0.13. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The company had revenue of $43.22 billion during the quarter, compared to the consensus estimate of $42.99 billion. During the same period last year, the firm earned $9.04 EPS. Elevance Health’s revenue for the quarter was down .4% on a year-over-year basis. Research analysts predict that Elevance Health, Inc. will post 37.26 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction on Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now directly owns 8,744 shares in the company, valued at approximately $4,647,610.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the sale, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Gail Boudreaux sold 34,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the transaction, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,058 shares of company stock worth $17,588,116 over the last 90 days. Corporate insiders own 0.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ELV. TD Cowen lowered their price objective on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a report on Friday, July 19th. Barclays lifted their price target on Elevance Health from $611.00 to $622.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Stephens reissued an “overweight” rating and issued a $615.00 price objective on shares of Elevance Health in a research note on Thursday, September 5th. Truist Financial lifted their target price on Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Finally, Morgan Stanley initiated coverage on Elevance Health in a research report on Monday, June 24th. They issued an “overweight” rating and a $643.00 price target for the company. 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. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $605.07.

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.