Rakuten Investment Management Inc. Takes $17.48 Million Position in Elevance Health, Inc. $ELV

Rakuten Investment Management Inc. purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 54,091 shares of the company’s stock, valued at approximately $17,478,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nilsine Partners LLC boosted its stake in shares of Elevance Health by 1.5% during the 3rd quarter. Nilsine Partners LLC now owns 1,918 shares of the company’s stock worth $620,000 after acquiring an additional 29 shares in the last quarter. Regatta Capital Group LLC raised its holdings in Elevance Health by 3.0% in the 2nd quarter. Regatta Capital Group LLC now owns 1,041 shares of the company’s stock worth $405,000 after purchasing an additional 30 shares during the period. HBK Sorce Advisory LLC raised its stake in shares of Elevance Health by 4.4% during the 3rd quarter. HBK Sorce Advisory LLC now owns 743 shares of the company’s stock worth $260,000 after buying an additional 31 shares during the period. Accurate Wealth Management LLC lifted its position in shares of Elevance Health by 4.9% during the 2nd quarter. Accurate Wealth Management LLC now owns 707 shares of the company’s stock valued at $275,000 after buying an additional 33 shares in the last quarter. Finally, Forum Financial Management LP grew its stake in Elevance Health by 1.1% in the 3rd quarter. Forum Financial Management LP now owns 2,971 shares of the company’s stock valued at $960,000 after acquiring an additional 33 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Down 2.2%

ELV stock opened at $366.62 on Wednesday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.71. The firm has a 50-day moving average of $346.57 and a two-hundred day moving average of $328.18. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $458.75. The company has a market cap of $81.48 billion, a price-to-earnings ratio of 14.99, a PEG ratio of 1.93 and a beta of 0.51.

Elevance Health (NYSE:ELV) last issued its earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, topping the consensus estimate of $5.03 by $1.00. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The business had revenue of $50.09 billion for the quarter, compared to analysts’ expectations of $49.26 billion. During the same period in the previous year, the firm posted $8.37 EPS. The business’s revenue for the quarter was up 12.0% compared to the same quarter last year. As a group, analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. TD Cowen upped their price objective on shares of Elevance Health from $380.00 to $400.00 and gave the stock a “buy” rating in a research report on Wednesday, November 26th. Guggenheim boosted their target price on shares of Elevance Health from $360.00 to $398.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Weiss Ratings raised shares of Elevance Health from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, January 12th. Truist Financial set a $400.00 price objective on Elevance Health in a report on Tuesday, October 14th. Finally, The Goldman Sachs Group initiated coverage on Elevance Health in a report on Tuesday, October 14th. They set a “neutral” rating and a $343.00 target price for the company. Thirteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $400.85.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.