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

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

ELV has been the topic of a number of other reports. TD Cowen lowered their price objective on Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. Raymond James set a $485.00 price target on shares of Elevance Health in a research report on Friday, October 18th. Morgan Stanley lowered their target price on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Stephens reiterated an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. Finally, Wells Fargo & Company decreased their price target on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Elevance Health currently has a consensus rating of “Moderate Buy” and a consensus price target of $536.53.

Elevance Health Stock Down 0.3 %

ELV opened at $384.26 on Friday. The firm’s 50 day simple moving average is $388.79 and its two-hundred day simple moving average is $468.15. The company has a market capitalization of $89.12 billion, a PE ratio of 14.01, a PEG ratio of 1.08 and a beta of 0.84. Elevance Health has a 1-year low of $362.21 and a 1-year high of $567.26. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, October 17th. The company reported $8.37 EPS 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 company had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. During the same period in the prior year, the business posted $8.99 earnings per share. Elevance Health’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, equities analysts forecast that Elevance Health will post 32.96 EPS for the current year.

Institutional Trading of Elevance Health

Hedge funds have recently modified their holdings of the company. Raelipskie Partnership bought a new stake in Elevance Health in the third quarter worth $26,000. PSI Advisors LLC purchased a new position in shares of Elevance Health in the 3rd quarter worth $27,000. Eastern Bank bought a new stake in shares of Elevance Health in the 3rd quarter worth about $31,000. Dunhill Financial LLC raised its position in shares of Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after buying an additional 26 shares in the last quarter. Finally, Peterson Financial Group Inc. bought a new position in shares of Elevance Health in the 3rd quarter valued at about $44,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

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.