NorthCrest Asset Manangement LLC Has $524,000 Holdings in Elevance Health, Inc. $ELV

NorthCrest Asset Manangement LLC trimmed its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 95.7% during the third quarter, Holdings Channel.com reports. The fund owned 1,465 shares of the company’s stock after selling 32,854 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Elevance Health were worth $524,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank bought a new position in shares of Elevance Health during the second quarter worth approximately $1,148,379,000. Sanders Capital LLC grew its position in Elevance Health by 24.7% during the second quarter. Sanders Capital LLC now owns 5,825,208 shares of the company’s stock worth $2,265,773,000 after buying an additional 1,152,440 shares in the last quarter. Beutel Goodman & Co Ltd. bought a new position in Elevance Health during the 2nd quarter worth $293,141,000. Vanguard Group Inc. raised its holdings in Elevance Health by 3.2% in the 2nd quarter. Vanguard Group Inc. now owns 22,856,898 shares of the company’s stock valued at $8,890,419,000 after acquiring an additional 704,790 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Elevance Health by 30.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,076,668 shares of the company’s stock valued at $807,741,000 after acquiring an additional 487,579 shares during the period. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

ELV has been the topic of a number of recent analyst reports. TD Cowen restated a “buy” rating on shares of Elevance Health in a research report on Wednesday, November 26th. Morgan Stanley dropped their target price on shares of Elevance Health from $359.00 to $352.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 17th. Truist Financial set a $400.00 price target on shares of Elevance Health in a report on Tuesday, October 14th. Zacks Research raised shares of Elevance Health from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Finally, Wolfe Research set a $425.00 target price on Elevance Health and gave the stock an “outperform” rating in a research note on Thursday, January 8th. Twelve investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and a consensus price target of $399.63.

Elevance Health Stock Performance

NYSE:ELV opened at $372.01 on Friday. The stock’s 50-day moving average is $348.27 and its 200-day moving average is $328.77. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $458.75. 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 stock has a market cap of $82.68 billion, a P/E ratio of 15.21, a price-to-earnings-growth ratio of 1.91 and a beta of 0.51.

Elevance Health (NYSE:ELV) last announced its earnings results on Tuesday, October 21st. The company reported $6.03 EPS 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 firm had revenue of $50.09 billion for the quarter, compared to the consensus estimate of $49.26 billion. During the same period in the previous year, the business earned $8.37 EPS. The business’s quarterly revenue was up 12.0% compared to the same quarter last year. Equities research analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

About Elevance Health

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.