Elevance Health (NYSE:ELV) Shares Gap Down - Should You Sell?

Shares of Elevance Health, Inc. (NYSE:ELV - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $389.29, but opened at $377.40. Elevance Health shares last traded at $381.30, with a volume of 235,511 shares trading hands.

Analysts Set New Price Targets

ELV has been the subject of a number of analyst reports. UBS Group reduced their price objective on shares of Elevance Health from $605.00 to $555.00 and set a "buy" rating for the company in a report on Friday, October 18th. Royal Bank of Canada lowered their price objective on Elevance Health from $585.00 to $478.00 and set an "outperform" rating for the company in a research note on Friday, October 18th. TD Cowen cut their target price 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. Mizuho lowered their price target on Elevance Health from $585.00 to $505.00 and set an "outperform" rating for the company in a research report on Tuesday, November 5th. Finally, Raymond James set a $485.00 target price on shares of Elevance Health in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Elevance Health presently has an average rating of "Moderate Buy" and a consensus price target of $536.53.

Elevance Health Stock Performance

The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. The firm has a market capitalization of $89.12 billion, a PE ratio of 14.01, a P/E/G ratio of 1.08 and a beta of 0.84. The company's fifty day simple moving average is $388.79 and its 200 day simple moving average is $468.15.

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 (EPS) for the quarter, missing analysts' consensus estimates of $9.66 by ($1.29). The business had revenue of $44.72 billion during the quarter, compared to analysts' expectations of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The company's quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the business posted $8.99 EPS. As a group, equities research analysts expect that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Elevance Health

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