August 14, 2023 – Smith Graham & Co. Investment Advisors LP, a prominent institutional investor, has recently reduced its holdings in Elevance Health, Inc. (NYSE:ELV) by 2.5% during the first quarter of this year. According to their disclosure with the Securities and Exchange Commission (SEC), the firm owned 15,712 shares of Elevance Health’s stock after selling 398 shares in that period. The value of Smith Graham & Co.’s holdings in Elevance Health amounted to an impressive $7,225,000 as per its most recent SEC filing.
The news about Smith Graham & Co.’s decreased investment in Elevance Health comes shortly after the release of the company’s earnings report on Wednesday, July 19th. Elevance Health made quite an impact with its remarkable performance during this quarter, as it reported earnings per share (EPS) of $9.04—surpassing the consensus estimate by $0.26.
Moreover, Elevance Health generated revenue worth $43.38 billion for the quarter—a solid increase compared to analysts’ expectations of $41.64 billion. These outstanding financial results are reflective of Elevance Health’s continued commitment to excellence and innovation within the healthcare industry.
In terms of profitability metrics, Elevance Health showcased a return on equity (ROE) reaching an impressive 20.24%. Additionally, it achieved a net margin of 3.87%, demonstrating sound financial strength and management efficiency.
Compared to the same period last year when Elevance Health earned $8.04 per share, their quarterly revenue experienced a remarkable growth rate of 12.%. Analysts predict that for the current fiscal year, Elevance Health will post an estimated $32.% EPS—an excellent forecast that lifts market expectations for this thriving healthcare organization.
Several equities research analysts have been keeping close tabs on ELV shares and have provided valuable insights. Deutsche Bank Aktiengesellschaft, for instance, raised their price objective on Elevance Health from $571.00 to $575.00 in a research report released on Thursday, April 20th.
Other analysts, such as Truist Financial, lowered the target price of Elevance Health’s shares from $580.00 to $560.00 in a research report issued on Tuesday, June 20th. On the other hand, TD Cowen was more optimistic and raised its price target for Elevance Health from $564.00 to $585.00 while labeling the company as “outperform” in their research article published on Monday, July 24th.
In contrast, Wolfe Research downgraded Elevance Health’s rating from “outperform” to “peer perform” in a research report circulated on Wednesday, July 12th. Nonetheless, 22nd Century Group reaffirmed an “upgrade” rating on Elevance Health shares in their research note dated Thursday, April 27th.
Taking into consideration the diverse recommendations by these analysts, it is evident that Elevance Health has received positive reviews and ratings consistently. Out of the fifteen analysts that covered ELV shares thus far, two have issued hold ratings for the company’s stock while twelve gave buy ratings—indicating a strong vote of confidence in Elevance Health’s potential growth trajectory.
According to Bloomberg’s comprehensive analysis of available data and market sentiment surrounding Elevance Health, the company presently maintains an average rating classified as “Moderate Buy.” Additionally, Bloomberg estimates an average target price set at an impressive $568.93—a promising projection that amplifies investor interest in this thriving healthcare enterprise.
With Smith Graham & Co.’s recent reduction in holdings accompanied by Elevance Health’s outstanding financial performance and notable analyst recommendations supporting its growth prospects, it will be worth observing how this healthcare giant continues its upward trajectory within the market. As the fiscal year proceeds, investors eagerly anticipate further positive developments from Elevance Health as it cements its position as an industry leader in providing innovative healthcare solutions.
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Institutional Investors and Hedge Funds Show Confidence in Elevance Health’s Growth Potential
August 14, 2023 – In the ever-fluctuating world of investments and finance, it is crucial for institutional investors and hedge funds to stay on top of market trends and make strategic changes to their positions. Elevance Health, a prominent company in the healthcare industry, has recently seen several institutional investors and hedge funds adjusting their positions in the company.
One such investor, Roundview Capital LLC, has raised its position in shares of Elevance Health by 2.9% in the first quarter. This increase translates to Roundview Capital LLC now owning 1,858 shares of Elevance Health’s stock which are worth approximately $912,000. The addition of these 52 shares showcases their confidence in the company’s future prospects.
Moors & Cabot Inc., another notable player in the financial world, has also entered the scene with the purchase of a new stake in shares of Elevance Health worth $251,000 during the first quarter. This strategic move demonstrates Moors & Cabot Inc.’s belief in the growth potential that Elevance Health offers as an investment opportunity.
Baird Financial Group Inc., known for its expertise in wealth management and asset management services, has taken a slightly different approach. They have raised their position in shares of Elevance Health by 0.4% during the first quarter. With a total of 14,870 shares valued at $7,305,000 after buying an additional 57 shares last quarter, Baird Financial Group Inc. exhibits a careful approach to portfolio diversification.
Additionally, Zions Bancorporation N.A., renowned for its comprehensive banking services, has increased its position by an impressive 52.1%. This involved purchasing an additional 306 shares worth $439,000 during the first quarter. This notable increase suggests that Zions Bancorporation N.A. sees immense value and potential returns from investing further into Elevance Health.
Brown Brothers Harriman & Co., a respected financial institution with a long and distinguished history, has also taken notice of Elevance Health’s growth prospects. They have raised their position by an astonishing 102.9% during the first quarter, buying an additional 429 shares valued at $416,000. This move reinforces the growing interest among investors in Elevance Health’s bright future.
It is important to note that hedge funds and other institutional investors currently own a significant portion of Elevance Health’s stock, accounting for 88.30% of total shares. This strong presence in the company highlights the trust placed by these established entities in Elevance Health’s ability to deliver favorable returns on investment.
In further news related to Elevance Health, Director Robert L. Dixon Jr. made a notable sale of 310 shares of Elevance Health stock on July 21st, 2023. The transaction took place at an average price of $476.71 per share, generating a substantial total of $147,780.10 in revenue for Dixon Jr. Following this sale, he still retains ownership of 9,638 shares with an approximate value of $4,594,530.98.
These recent transactions by institutional investors and insiders are indicative of the current market sentiment surrounding Elevance Health. Despite fluctuations in stock prices, Elevance Health has shown resilience and stability as it traded up by $7.95 on Friday and reached $474.06 per share.
With a market cap reaching $111.71 billion and a price-to-earnings ratio of 17.76, Elevance Health stands tall as a promising player in the healthcare industry. Its favorable debt-to-equity ratio and healthy liquidity ratios depict a financially sound enterprise poised for long-term success.
As market observers analyze these developments closely, it becomes evident that investing in Elevance Health proves to be an attractive option for those seeking growth opportunities within the ever-evolving and enticing healthcare sector.
