Elevance Health (NYSE:ELV) Rating Increased to Buy at StockNews.com

Elevance Health (NYSE:ELV) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Tuesday.

Several other equities research analysts also recently issued reports on ELV. Mizuho cut their price objective on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Argus restated a “hold” rating and set a $405.40 price objective on shares of Elevance Health in a research report on Wednesday, January 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a research note on Friday, January 24th. Barclays boosted their price objective on shares of Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Finally, Wells Fargo & Company dropped their price objective on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Three investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $517.03.

Elevance Health Price Performance

Shares of NYSE ELV opened at $405.54 on Tuesday. The stock has a market capitalization of $94.05 billion, a price-to-earnings ratio of 15.84, a PEG ratio of 1.19 and a beta of 0.83. The business has a 50-day moving average of $386.50 and a 200-day moving average of $456.70. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. Elevance Health has a fifty-two week low of $362.21 and a fifty-two week high of $567.26.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. As a group, sell-side analysts predict that Elevance Health will post 34.07 earnings per share for the current fiscal year.

Institutional Trading of Elevance Health

A number of hedge funds have recently made changes to their positions in ELV. Mutual Advisors LLC lifted its stake in shares of Elevance Health by 2.5% in the fourth quarter. Mutual Advisors LLC now owns 2,163 shares of the company’s stock worth $833,000 after buying an additional 52 shares in the last quarter. Czech National Bank increased its stake in shares of Elevance Health by 6.5% in the fourth quarter. Czech National Bank now owns 50,286 shares of the company’s stock worth $18,551,000 after purchasing an additional 3,049 shares in the last quarter. Iridian Asset Management LLC CT grew its stake in Elevance Health by 10.7% during the third quarter. Iridian Asset Management LLC CT now owns 39,154 shares of the company’s stock valued at $20,360,000 after acquiring an additional 3,786 shares in the last quarter. International Assets Investment Management LLC grew its stake in Elevance Health by 85,533.1% during the third quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock valued at $276,972,000 after acquiring an additional 532,016 shares in the last quarter. Finally, Benjamin Edwards Inc. lifted its position in Elevance Health by 1,711.9% during the third quarter. Benjamin Edwards Inc. now owns 53,559 shares of the company’s stock valued at $27,858,000 after purchasing an additional 50,603 shares during the last quarter. 89.24% of the stock is 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.