Elevance Health (NYSE:ELV) Rating Lowered to “Equal Weight” at Stephens

Elevance Health (NYSE:ELV) was downgraded by Stephens from an “overweight” rating to an “equal weight” rating in a report issued on Wednesday, MarketBeat.com reports. They presently have a $440.00 price objective on the stock, down from their prior price objective of $520.00. Stephens’ price target would suggest a potential upside of 9.67% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Mizuho decreased 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. Raymond James set a $485.00 price objective on Elevance Health in a report on Friday, October 18th. TD Cowen cut their price target on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Cantor Fitzgerald cut their target price on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. Finally, Morgan Stanley cut their price objective on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Elevance Health presently has an average rating of “Moderate Buy” and an average target price of $524.87.

Elevance Health Price Performance

ELV stock opened at $401.20 on Wednesday. The firm has a 50 day moving average of $386.32 and a 200-day moving average of $463.64. The firm has a market capitalization of $93.05 billion, a P/E ratio of 14.63, a price-to-earnings-growth ratio of 1.10 and a beta of 0.84. Elevance Health has a 12 month low of $362.21 and a 12 month high of $567.26. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, beating the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. As a group, sell-side analysts predict that Elevance Health will post 32.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Elevance Health

Several hedge funds have recently modified their holdings of ELV. Raelipskie Partnership bought a new stake in shares of Elevance Health in the 3rd quarter valued at about $26,000. PSI Advisors LLC acquired a new stake in Elevance Health in the 3rd quarter worth approximately $27,000. Eastern Bank purchased a new stake in Elevance Health during the 3rd quarter worth approximately $31,000. Crews Bank & Trust acquired a new position in Elevance Health during the 4th quarter valued at approximately $34,000. Finally, Dunhill Financial LLC increased its position in shares of Elevance Health by 57.8% in the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after acquiring an additional 26 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

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.