StockNews.com Downgrades Elevance Health (NYSE:ELV) to Hold

Elevance Health (NYSE:ELV) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Wednesday.

Several other analysts have also recently issued reports on ELV. Raymond James set a $485.00 price objective on Elevance Health in a research note on Friday, October 18th. Argus cut Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. TD Cowen cut their target price on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Morgan Stanley decreased their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Finally, Truist Financial reissued a “buy” rating and issued a $520.00 price objective (down from $620.00) on shares of Elevance Health in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $539.20.

Elevance Health Trading Up 0.1 %

ELV opened at $366.48 on Wednesday. Elevance Health has a 52 week low of $362.21 and a 52 week 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 business has a fifty day simple moving average of $412.42 and a 200-day simple moving average of $490.27. The firm has a market cap of $85.00 billion, a P/E ratio of 13.36, a P/E/G ratio of 1.15 and a beta of 0.83.

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

Insiders Place Their Bets

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the sale, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. This represents a 46.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.35% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Elevance Health

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Private Ocean LLC increased its position in Elevance Health by 6.7% in the 2nd quarter. Private Ocean LLC now owns 348 shares of the company’s stock valued at $189,000 after acquiring an additional 22 shares during the period. Cypress Wealth Services LLC raised its stake in shares of Elevance Health by 3.5% during the third quarter. Cypress Wealth Services LLC now owns 679 shares of the company’s stock worth $353,000 after purchasing an additional 23 shares during the last quarter. Quotient Wealth Partners LLC raised its stake in shares of Elevance Health by 3.9% during the second quarter. Quotient Wealth Partners LLC now owns 635 shares of the company’s stock worth $344,000 after purchasing an additional 24 shares during the last quarter. Atomi Financial Group Inc. lifted its holdings in shares of Elevance Health by 4.2% during the third quarter. Atomi Financial Group Inc. now owns 615 shares of the company’s stock worth $320,000 after purchasing an additional 25 shares during the period. Finally, Lifeworks Advisors LLC grew its position in Elevance Health by 2.5% in the 3rd quarter. Lifeworks Advisors LLC now owns 1,037 shares of the company’s stock valued at $539,000 after buying an additional 25 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other 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.