Sara Bay Financial Sells 350 Shares of Elevance Health, Inc. (NYSE:ELV)

Sara Bay Financial lessened its position in Elevance Health, Inc. (NYSE:ELV) by 24.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,102 shares of the company’s stock after selling 350 shares during the period. Sara Bay Financial’s holdings in Elevance Health were worth $406,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Arkadios Wealth Advisors lifted its stake in shares of Elevance Health by 11.5% in the fourth quarter. Arkadios Wealth Advisors now owns 1,107 shares of the company’s stock worth $408,000 after buying an additional 114 shares in the last quarter. Canoe Financial LP lifted its stake in shares of Elevance Health by 53.5% in the fourth quarter. Canoe Financial LP now owns 524,531 shares of the company’s stock worth $193,499,000 after buying an additional 182,807 shares in the last quarter. DB Fitzpatrick & Co Inc lifted its position in Elevance Health by 14.4% during the fourth quarter. DB Fitzpatrick & Co Inc now owns 4,616 shares of the company’s stock valued at $1,703,000 after purchasing an additional 581 shares during the period. Professional Advisory Services Inc. lifted its position in Elevance Health by 35.4% during the fourth quarter. Professional Advisory Services Inc. now owns 77,269 shares of the company’s stock valued at $28,505,000 after purchasing an additional 20,200 shares during the period. Finally, Merit Financial Group LLC lifted its position in Elevance Health by 6.0% during the fourth quarter. Merit Financial Group LLC now owns 3,418 shares of the company’s stock valued at $1,261,000 after purchasing an additional 192 shares during the period. Institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

Shares of NYSE ELV traded down $1.00 during midday trading on Friday, reaching $384.26. The stock had a trading volume of 2,696,400 shares, compared to its average volume of 1,457,754. The stock has a 50-day moving average of $388.79 and a 200-day moving average of $468.15. 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 company has a market capitalization of $89.12 billion, a price-to-earnings ratio of 14.01, a price-to-earnings-growth ratio of 1.08 and a beta of 0.84. Elevance Health, Inc. has a 12-month low of $362.21 and a 12-month high of $567.26.

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 analysts’ consensus estimates of $9.66 by ($1.29). The firm had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the company earned $8.99 earnings per share. As a group, research analysts anticipate that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Mizuho lowered their price objective on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 5th. StockNews.com upgraded shares of Elevance Health from a “hold” rating to a “buy” rating in a research report on Friday. Raymond James set a $485.00 price objective on shares of Elevance Health in a research report on Friday, October 18th. Morgan Stanley lowered their price objective on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Finally, TD Cowen lowered their price objective on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $536.53.

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.