ARGA Investment Management LP Takes Position in Elevance Health, Inc. $ELV

ARGA Investment Management LP purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 265,470 shares of the company’s stock, valued at approximately $85,779,000. Elevance Health comprises approximately 2.3% of ARGA Investment Management LP’s investment portfolio, making the stock its 12th largest holding. ARGA Investment Management LP owned about 0.12% of Elevance Health as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of ELV. Vermillion & White Wealth Management Group LLC grew its position in shares of Elevance Health by 94.9% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 76 shares of the company’s stock worth $30,000 after acquiring an additional 37 shares in the last quarter. BOK Financial Private Wealth Inc. acquired a new stake in shares of Elevance Health during the 2nd quarter valued at approximately $32,000. Glass Jacobson Investment Advisors llc lifted its stake in Elevance Health by 400.0% during the second quarter. Glass Jacobson Investment Advisors llc now owns 100 shares of the company’s stock worth $39,000 after purchasing an additional 80 shares during the last quarter. Motco boosted its holdings in Elevance Health by 334.8% in the third quarter. Motco now owns 100 shares of the company’s stock worth $32,000 after purchasing an additional 77 shares during the period. Finally, Trust Co. of Toledo NA OH bought a new stake in Elevance Health during the second quarter valued at $43,000. 89.24% of the stock is owned by institutional investors.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $370.77 on Friday. The stock has a market cap of $82.40 billion, a price-to-earnings ratio of 15.16, a PEG ratio of 1.91 and a beta of 0.51. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.56 and a quick ratio of 1.56. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $458.75. The stock’s 50 day moving average price is $349.17 and its 200 day moving average price is $328.94.

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company raised their price target on shares of Elevance Health from $403.00 to $424.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 7th. JPMorgan Chase & Co. raised 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. Wall Street Zen downgraded Elevance Health from a “buy” rating to a “hold” rating in a research note on Saturday, December 13th. Barclays increased their price target on Elevance Health from $385.00 to $404.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Finally, Robert W. Baird boosted their price objective on Elevance Health from $297.00 to $340.00 and gave the company a “neutral” rating in a research report on Thursday, December 11th. Twelve equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $399.63.

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.