Assenagon Asset Management S.A. Reduces Stock Position in Elevance Health, Inc. (NYSE:ELV)

Assenagon Asset Management S.A. trimmed its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 10.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 231,652 shares of the company’s stock after selling 28,447 shares during the period. Assenagon Asset Management S.A.’s holdings in Elevance Health were worth $85,456,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of ELV. Raelipskie Partnership acquired a new position in Elevance Health during the third quarter worth $26,000. PSI Advisors LLC acquired a new stake in Elevance Health in the third quarter valued at $27,000. Eastern Bank purchased a new position in shares of Elevance Health in the third quarter valued at $31,000. Dunhill Financial LLC raised 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 worth $37,000 after buying an additional 26 shares during the last quarter. Finally, Peterson Financial Group Inc. purchased a new stake in shares of Elevance Health in the 3rd quarter worth about $44,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. This trade represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.35% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Argus downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. UBS Group dropped their price objective on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a research note on Friday, October 18th. Barclays reduced their target price on Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Royal Bank of Canada dropped their price target on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Finally, Morgan Stanley reduced their price objective on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $536.53.

Elevance Health Price Performance

Elevance Health stock opened at $388.93 on Thursday. Elevance Health, Inc. has a 1 year low of $362.21 and a 1 year 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 firm has a 50 day moving average price of $390.48 and a 200 day moving average price of $469.30. The company has a market cap of $90.20 billion, a price-to-earnings ratio of 14.18, a PEG ratio of 1.15 and a beta of 0.84.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.66 by ($1.29). The company had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm earned $8.99 earnings per share. Sell-side analysts predict that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Company 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.