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

Elevance Health (NYSE:ELV) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.

ELV has been the topic of a number of other research reports. Morgan Stanley reduced their target price on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Wells Fargo & Company reduced their price objective on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Truist Financial lowered their target price on Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research note on Monday, January 6th. TD Cowen reduced their price target 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. Finally, Raymond James set a $485.00 price objective on shares of Elevance Health in a research report on Friday, October 18th. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $524.47.

Elevance Health Stock Down 1.4 %

ELV stock opened at $405.67 on Monday. Elevance Health has a 52 week low of $362.21 and a 52 week high of $567.26. The business has a 50-day simple moving average of $386.42 and a 200 day simple moving average of $460.49. 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 company has a market cap of $94.08 billion, a PE ratio of 14.79, a price-to-earnings-growth ratio of 1.11 and a beta of 0.84.

Elevance Health (NYSE:ELV) last issued its 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%. Sell-side analysts anticipate that Elevance Health will post 32.95 EPS for the current fiscal year.

Institutional Investors Weigh In On Elevance Health

Institutional investors and hedge funds have recently made changes to their positions in the stock. Raelipskie Partnership acquired a new position in shares of Elevance Health in the third quarter worth approximately $26,000. PSI Advisors LLC acquired a new stake in shares of Elevance Health during the third quarter worth $27,000. Eastern Bank acquired a new position in Elevance Health in the third quarter valued at $31,000. Crews Bank & Trust bought a new stake in Elevance Health during the fourth quarter valued at $34,000. Finally, Dunhill Financial LLC grew its holdings in Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after acquiring an additional 26 shares during the period. Institutional investors and hedge funds 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.