Elevance Health (NYSE:ELV) Cut to “Hold” at StockNews.com

Elevance Health (NYSE:ELV) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

Several other equities research analysts also recently issued reports on the stock. Argus downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Cantor Fitzgerald dropped their price objective 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. Truist Financial reiterated a “buy” rating and set a $520.00 target price (down from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Mizuho dropped their price target on Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. Finally, Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Elevance Health currently has a consensus rating of “Moderate Buy” and an average target price of $539.20.

Elevance Health Stock Down 0.0 %

Shares of ELV stock traded down $0.04 on Wednesday, hitting $366.26. 2,236,027 shares of the stock were exchanged, compared to its average volume of 1,238,516. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $84.94 billion, a P/E ratio of 13.35, a price-to-earnings-growth ratio of 1.15 and a beta of 0.83. Elevance Health has a fifty-two week low of $363.54 and a fifty-two week high of $567.26. The business has a 50-day moving average of $414.93 and a 200 day moving average of $491.14.

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 for the quarter, compared to analyst estimates of $43.47 billion. During the same quarter in the previous year, the company posted $8.99 EPS. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. Equities analysts anticipate that Elevance Health will post 32.96 EPS for the current year.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the transaction, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.35% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Elevance Health

Institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp boosted its position in shares of Elevance Health by 1.2% during the 3rd quarter. State Street Corp now owns 10,687,998 shares of the company’s stock worth $5,557,759,000 after purchasing an additional 129,709 shares in the last quarter. Geode Capital Management LLC raised its stake in Elevance Health by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 4,848,020 shares of the company’s stock worth $2,511,814,000 after buying an additional 85,770 shares during the period. Sanders Capital LLC boosted its holdings in Elevance Health by 1.0% in the third quarter. Sanders Capital LLC now owns 4,609,258 shares of the company’s stock worth $2,396,814,000 after acquiring an additional 44,805 shares in the last quarter. Wellington Management Group LLP grew its stake in 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. Finally, Ameriprise Financial Inc. increased its holdings in shares of Elevance Health by 5.3% during the second quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock valued at $2,054,641,000 after acquiring an additional 190,118 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.

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.