Gateway Investment Advisers LLC Has $36.59 Million Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Gateway Investment Advisers LLC lowered its holdings in Elevance Health, Inc. (NYSE:ELV) by 1.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 99,197 shares of the company’s stock after selling 1,659 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Elevance Health were worth $36,594,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in ELV. Raelipskie Partnership acquired a new stake in shares of Elevance Health in the third quarter worth $26,000. PSI Advisors LLC bought a new stake in Elevance Health in the 3rd quarter valued at $27,000. Eastern Bank bought a new stake in Elevance Health in the 3rd quarter valued at $31,000. Dunhill Financial LLC grew its position 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 purchasing an additional 26 shares during the last quarter. Finally, Peterson Financial Group Inc. bought a new position in shares of Elevance Health during the 3rd quarter worth about $44,000. 89.24% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Mizuho reduced their target price on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. UBS Group reduced their price objective on Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a research report on Friday, October 18th. Morgan Stanley lowered 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. Truist Financial reduced their target price on Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, Wells Fargo & Company decreased their price target on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $536.53.

Insiders Place Their Bets

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction 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 completion of the sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This trade represents a 46.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.29% of the company’s stock.

Elevance Health Price Performance

NYSE:ELV traded down $7.99 on Thursday, reaching $381.30. The stock had a trading volume of 235,511 shares, compared to its average volume of 1,428,231. Elevance Health, Inc. has a 1-year low of $362.21 and a 1-year high of $567.26. The stock has a fifty day moving average price of $390.48 and a 200-day moving average price of $469.30. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $88.43 billion, a P/E ratio of 13.90, a price-to-earnings-growth ratio of 1.08 and a beta of 0.84.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results 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 analyst estimates of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the company earned $8.99 EPS. Research analysts forecast that Elevance Health, Inc. will post 32.96 EPS for the current year.

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.