Manning & Napier Advisors LLC Cuts Position in Elevance Health, Inc. $ELV

Manning & Napier Advisors LLC lowered its position in Elevance Health, Inc. (NYSE:ELV) by 36.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,189 shares of the company’s stock after selling 14,025 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Elevance Health were worth $7,816,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Elevance Health in the 2nd quarter valued at $1,148,379,000. Sanders Capital LLC grew its stake in shares of 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 purchasing an additional 1,152,440 shares in the last quarter. Beutel Goodman & Co Ltd. purchased a new position in Elevance Health in the second quarter valued at $293,141,000. Vanguard Group Inc. raised its stake in Elevance Health by 3.2% in the second quarter. Vanguard Group Inc. now owns 22,856,898 shares of the company’s stock valued at $8,890,419,000 after buying an additional 704,790 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Elevance Health by 30.7% in the second quarter. The Manufacturers Life Insurance Company now owns 2,076,668 shares of the company’s stock valued at $807,741,000 after buying an additional 487,579 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the topic of a number of recent analyst reports. Bank of America increased their price objective on Elevance Health from $330.00 to $370.00 and gave the company a “neutral” rating in a report on Friday, October 10th. Cowen reaffirmed a “buy” rating on shares of Elevance Health in a report on Wednesday, November 26th. Wells Fargo & Company increased their price target on shares of Elevance Health from $403.00 to $424.00 and gave the company an “overweight” rating in a research note on Wednesday, January 7th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $320.00 price objective (down previously from $332.00) on shares of Elevance Health in a report on Friday, December 19th. Finally, Guggenheim upped their target price on shares of Elevance Health from $360.00 to $398.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat, Elevance Health currently has an average rating of “Moderate Buy” and a consensus price target of $400.85.

Elevance Health Price Performance

ELV stock opened at $370.39 on Wednesday. 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 company has a market capitalization of $82.31 billion, a P/E ratio of 15.14, a PEG ratio of 1.93 and a beta of 0.51. The business has a 50 day simple moving average of $340.51 and a 200-day simple moving average of $327.91. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $458.75.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 EPS for the quarter, beating the consensus estimate of $5.03 by $1.00. The firm had revenue of $50.09 billion during the quarter, compared to the consensus estimate of $49.26 billion. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. Elevance Health’s revenue for the quarter was up 12.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $8.37 EPS. As a group, equities analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health 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.