Smith Salley Wealth Management Has $10.96 Million Stock Position in Elevance Health, Inc. (NYSE:ELV)

Smith Salley Wealth Management cut its position in Elevance Health, Inc. (NYSE:ELV) by 4.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,705 shares of the company’s stock after selling 1,380 shares during the quarter. Smith Salley Wealth Management’s holdings in Elevance Health were worth $10,958,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Pathway Financial Advisers LLC grew its position in shares of Elevance Health by 51,967.1% in the third quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock valued at $341,956,000 after purchasing an additional 656,344 shares during the last quarter. Stifel Financial Corp grew its holdings in Elevance Health by 309.7% in the 3rd quarter. Stifel Financial Corp now owns 713,027 shares of the company’s stock valued at $370,794,000 after buying an additional 538,978 shares during the last quarter. International Assets Investment Management LLC increased its position in Elevance Health by 85,533.1% in the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock worth $276,972,000 after buying an additional 532,016 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Elevance Health by 16.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock worth $1,246,574,000 after buying an additional 334,552 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Elevance Health by 6.9% in the third quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock valued at $2,320,024,000 after acquiring an additional 286,905 shares during the period. Institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Down 0.3 %

Shares of ELV stock opened at $384.26 on Friday. The company has a market capitalization of $89.12 billion, a P/E ratio of 14.01, a P/E/G ratio of 1.08 and a beta of 0.84. Elevance Health, Inc. has a 12-month low of $362.21 and a 12-month high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The firm has a 50-day moving average price of $388.02 and a 200 day moving average price of $467.11.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The business had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same period in the previous year, the firm earned $8.99 earnings per share. The firm’s revenue was up 5.3% compared to the same quarter last year. Research analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ELV has been the subject of several research analyst reports. TD Cowen cut their target price on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research note on Monday, October 21st. Morgan Stanley cut their price objective on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Cantor Fitzgerald lowered their price target on Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. Mizuho reduced their price objective on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Finally, Truist Financial lowered their price objective on Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Elevance Health has an average rating of “Moderate Buy” and an average price target of $536.53.

Elevance Health Company Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.