Elevance Health (NYSE:ELV) Downgraded to Hold Rating by StockNews.com

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

Several other analysts have also recently commented on ELV. Royal Bank of Canada reduced their price objective on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. Argus downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. TD Cowen lowered their price target on Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Raymond James set a $485.00 price objective on Elevance Health in a research note on Friday, October 18th. Finally, Cantor Fitzgerald decreased their target price on Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $539.20.

Elevance Health Stock Performance

Shares of ELV stock opened at $366.48 on Wednesday. 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 stock has a 50 day simple moving average of $412.42 and a 200-day simple moving average of $490.27. The company has a market cap of $85.00 billion, a price-to-earnings ratio of 13.36, a price-to-earnings-growth ratio of 1.15 and a beta of 0.83. Elevance Health has a 12-month low of $362.21 and a 12-month high of $567.26.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates 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 company earned $8.99 EPS. The company’s revenue was up 5.3% on a year-over-year basis. On average, equities analysts forecast that Elevance Health will post 32.96 EPS for the current year.

Insiders Place Their Bets

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the transaction, the executive vice president now directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.35% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Elevance Health

A number of hedge funds and other institutional investors have recently made changes to their positions in ELV. Atria Wealth Solutions Inc. grew its holdings in Elevance Health by 5.0% in the 2nd quarter. Atria Wealth Solutions Inc. now owns 5,391 shares of the company’s stock valued at $2,921,000 after buying an additional 258 shares during the period. &PARTNERS grew its holdings in Elevance Health by 217.9% in the second quarter. &PARTNERS now owns 3,780 shares of the company’s stock valued at $2,048,000 after purchasing an additional 2,591 shares during the period. Catalina Capital Group LLC increased its position in Elevance Health by 91.9% during the second quarter. Catalina Capital Group LLC now owns 1,629 shares of the company’s stock worth $883,000 after purchasing an additional 780 shares during the last quarter. Everhart Financial Group Inc. raised its stake in Elevance Health by 15.3% during the second quarter. Everhart Financial Group Inc. now owns 1,290 shares of the company’s stock worth $699,000 after purchasing an additional 171 shares during the period. Finally, Van Lanschot Kempen Investment Management N.V. boosted its holdings in shares of Elevance Health by 36.3% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 10,748 shares of the company’s stock valued at $5,824,000 after purchasing an additional 2,863 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

About Elevance Health

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.