Elevance Health, Inc. (NYSE:ELV) Given Average Recommendation of "Moderate Buy" by Analysts

Shares of Elevance Health, Inc. (NYSE:ELV - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the sixteen research firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $536.53.

A number of research firms have commented on ELV. TD Cowen dropped their price objective 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. Raymond James set a $485.00 price objective on Elevance Health in a research report on Friday, October 18th. Morgan Stanley cut their price target on Elevance Health from $643.00 to $551.00 and set an "overweight" rating for the company in a research note on Wednesday, October 23rd. Truist Financial dropped their price objective on shares of Elevance Health from $520.00 to $480.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. Finally, Royal Bank of Canada reduced their target price 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.

Elevance Health Stock Down 0.3 %

Elevance Health stock traded down $1.00 during midday trading on Friday, reaching $384.26. The company's stock had a trading volume of 2,696,400 shares, compared to its average volume of 1,457,754. The company has a market cap of $89.12 billion, a P/E ratio of 14.01, a P/E/G ratio of 1.08 and a beta of 0.84. 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 50-day simple moving average of $388.02 and a 200-day simple moving average of $466.63. Elevance Health has a fifty-two week low of $362.21 and a fifty-two week high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share 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 company had revenue of $44.72 billion for the quarter, compared to analysts' expectations of $43.47 billion. During the same quarter in the prior year, the firm posted $8.99 EPS. The firm's quarterly revenue was up 5.3% compared to the same quarter last year. On average, research analysts expect that Elevance Health will post 32.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Elevance Health

Institutional investors have recently made changes to their positions in the stock. Czech National Bank increased its position in Elevance Health by 6.5% during the 4th quarter. Czech National Bank now owns 50,286 shares of the company's stock worth $18,551,000 after purchasing an additional 3,049 shares in the last quarter. Iridian Asset Management LLC CT grew its holdings in shares of Elevance Health by 10.7% during the third quarter. Iridian Asset Management LLC CT now owns 39,154 shares of the company's stock worth $20,360,000 after buying an additional 3,786 shares in the last quarter. International Assets Investment Management LLC raised its position in shares of Elevance Health by 85,533.1% in the third quarter. International Assets Investment Management LLC now owns 532,638 shares of the company's stock valued at $276,972,000 after buying an additional 532,016 shares during the last quarter. Benjamin Edwards Inc. boosted its position in Elevance Health by 1,711.9% during the third quarter. Benjamin Edwards Inc. now owns 53,559 shares of the company's stock worth $27,858,000 after acquiring an additional 50,603 shares during the last quarter. Finally, Diversified Trust Co grew its stake in Elevance Health by 13.7% in the 4th quarter. Diversified Trust Co now owns 22,576 shares of the company's stock worth $8,328,000 after acquiring an additional 2,725 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

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.