Simplicity Wealth LLC Reduces Position in Elevance Health, Inc. $ELV

Simplicity Wealth LLC lowered its holdings in Elevance Health, Inc. (NYSE:ELV) by 81.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,017 shares of the company’s stock after selling 4,549 shares during the period. Simplicity Wealth LLC’s holdings in Elevance Health were worth $329,000 at the end of the most recent reporting period.

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

Elevance Health Price Performance

Shares of ELV opened at $370.77 on Monday. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $458.75. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.56 and a quick ratio of 1.56. The stock has a fifty day moving average price of $349.17 and a 200 day moving average price of $328.67. The company has a market cap of $82.40 billion, a P/E ratio of 15.16, a PEG ratio of 1.91 and a beta of 0.51.

Wall Street Analyst Weigh In

ELV has been the subject of a number of research reports. The Goldman Sachs Group began coverage on Elevance Health in a research note on Tuesday, October 14th. They issued a “neutral” rating and a $343.00 price target for the company. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $320.00 price target (down from $332.00) on shares of Elevance Health in a report on Friday, December 19th. Wells Fargo & Company raised their price objective on Elevance Health from $403.00 to $424.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 7th. TD Cowen reiterated a “buy” rating on shares of Elevance Health in a research note on Wednesday, November 26th. Finally, JPMorgan Chase & Co. increased their target price on shares of Elevance Health from $384.00 to $394.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Twelve analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $399.63.

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.