Chevy Chase Trust Holdings LLC Reduces Holdings in Elevance Health, Inc. $ELV

Chevy Chase Trust Holdings LLC decreased its position in Elevance Health, Inc. (NYSE:ELV) by 2.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 119,922 shares of the company’s stock after selling 2,695 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Elevance Health were worth $46,645,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Elevance Health by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company’s stock valued at $9,635,281,000 after buying an additional 666,534 shares during the period. Orbis Allan Gray Ltd lifted its holdings in shares of Elevance Health by 31.4% in the 1st quarter. Orbis Allan Gray Ltd now owns 2,849,173 shares of the company’s stock worth $1,239,276,000 after acquiring an additional 680,228 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Elevance Health by 13.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,676,203 shares of the company’s stock worth $1,164,041,000 after acquiring an additional 324,040 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Elevance Health by 1.2% in the 1st quarter. Invesco Ltd. now owns 2,116,289 shares of the company’s stock worth $920,501,000 after acquiring an additional 24,833 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Elevance Health by 1.5% in the 1st quarter. Ameriprise Financial Inc. now owns 1,943,616 shares of the company’s stock worth $845,394,000 after acquiring an additional 29,174 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Activity at Elevance Health

In other news, Director Susan D. Devore acquired 1,200 shares of the company’s stock in a transaction on Tuesday, August 19th. The shares were bought at an average cost of $312.15 per share, with a total value of $374,580.00. Following the transaction, the director owned 3,502 shares in the company, valued at approximately $1,093,149.30. This trade represents a 52.13% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company’s stock.

Elevance Health Trading Up 0.2%

Shares of NYSE:ELV opened at $348.93 on Friday. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $458.75. The company’s 50 day moving average is $321.94 and its two-hundred day moving average is $356.32. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. The company has a market cap of $78.57 billion, a PE ratio of 14.85, a P/E/G ratio of 1.27 and a beta of 0.59.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing analysts’ consensus estimates of $9.30 by ($0.46). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm had revenue of $49.42 billion during the quarter, compared to analysts’ expectations of $48.26 billion. During the same period in the prior year, the company posted $10.12 earnings per share. The company’s revenue for the quarter was up 14.3% on a year-over-year basis. Equities analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ELV. Mizuho upped their price objective on shares of Elevance Health from $342.00 to $420.00 and gave the stock an “outperform” rating in a report on Thursday, October 9th. Wall Street Zen lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, July 18th. Wells Fargo & Company upped their price objective on shares of Elevance Health from $330.00 to $412.00 and gave the stock an “overweight” rating in a report on Tuesday, October 7th. Argus reiterated a “hold” rating on shares of Elevance Health in a report on Monday, July 21st. Finally, Robert W. Baird reduced their target price on shares of Elevance Health from $492.00 to $297.00 and set a “neutral” rating on the stock in a report on Friday, July 25th. Eleven analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $404.72.

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.