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

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

Other equities analysts have also issued reports about the stock. UBS Group decreased their target price on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a report on Friday, October 18th. Wells Fargo & Company decreased their price objective on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Argus cut Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. TD Cowen reduced 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. Finally, Morgan Stanley lowered their price target on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and an average target price of $536.53.

Elevance Health Trading Down 0.3 %

Elevance Health stock traded down $1.00 during trading on Friday, reaching $384.26. 2,696,400 shares of the company were exchanged, compared to its average volume of 1,744,120. 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 stock’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 P/E ratio of 14.01, a PEG ratio of 1.08 and a beta of 0.84. Elevance Health has a 52-week low of $362.21 and a 52-week high of $567.26.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results 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 net margin of 3.68% and a return on equity of 19.56%. The firm had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. During the same period in the previous year, the firm posted $8.99 EPS. The company’s revenue was up 5.3% compared to the same quarter last year. On average, equities research analysts expect that Elevance Health will post 32.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Elevance Health

Large investors have recently modified their holdings of the company. Raelipskie Partnership acquired a new position in shares of Elevance Health during the third quarter worth $26,000. PSI Advisors LLC acquired a new position in shares of Elevance Health during the 3rd quarter worth about $27,000. Eastern Bank purchased a new position in shares of Elevance Health in the 3rd quarter valued at about $31,000. Dunhill Financial LLC increased its holdings in shares of Elevance Health by 57.8% in the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after acquiring an additional 26 shares during the last quarter. Finally, Peterson Financial Group Inc. acquired a new stake in shares of Elevance Health during the 3rd quarter worth 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.