Elevance Health (NYSE:ELV) Upgraded at StockNews.com

StockNews.com upgraded shares of Elevance Health (NYSE:ELV) from a hold rating to a buy rating in a research note published on Friday morning.

A number of other research analysts also recently issued reports on the stock. UBS Group dropped their target price on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Cantor Fitzgerald cut their price objective on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research report on Friday, October 18th. Truist Financial decreased their target price on Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Morgan Stanley cut their price target on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Finally, Raymond James set a $485.00 price objective on Elevance Health in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, two have given 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.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $536.53.

Elevance Health Stock Performance

Shares of ELV opened at $384.26 on Friday. 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’s fifty day simple moving average is $388.02 and its two-hundred day simple moving average is $466.63. Elevance Health has a 12 month low of $362.21 and a 12 month high of $567.26. The stock has a market capitalization of $89.12 billion, a P/E ratio of 14.01, a price-to-earnings-growth ratio of 1.08 and a beta of 0.84.

Elevance Health (NYSE:ELV) last released 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 period in the prior year, the business earned $8.99 EPS. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, analysts predict that Elevance Health will post 32.96 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp lifted 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 buying an additional 129,709 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Elevance Health by 1.8% during the third quarter. Geode Capital Management LLC now owns 4,848,020 shares of the company’s stock worth $2,511,814,000 after acquiring an additional 85,770 shares during the period. Sanders Capital LLC boosted its position 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 purchasing an additional 44,805 shares during the last quarter. Wellington Management Group LLP grew its stake in Elevance Health by 6.9% in the 3rd quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock valued at $2,320,024,000 after purchasing an additional 286,905 shares during the period. Finally, Ameriprise Financial Inc. increased its position in shares of Elevance Health by 5.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock valued at $2,054,641,000 after purchasing an additional 190,118 shares during the last quarter. 89.24% of the stock is currently 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.