Elevance Health (NYSE:ELV) Raised 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 on Tuesday.

A number of other analysts have also recently weighed in on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $485.00 target price on shares of Elevance Health in a research note on Friday, January 24th. TD Cowen dropped their target price on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a report on Monday, October 21st. Morgan Stanley decreased their price target on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Royal Bank of Canada dropped 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. Finally, Stephens downgraded shares of Elevance Health from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $517.03.

Elevance Health Price Performance

Shares of ELV stock opened at $402.13 on Tuesday. Elevance Health has a 12 month low of $362.21 and a 12 month high of $567.26. The company has a market capitalization of $93.26 billion, a P/E ratio of 15.70, a P/E/G ratio of 1.19 and a beta of 0.83. The stock has a 50 day moving average of $386.46 and a two-hundred day moving average of $455.31. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. As a group, equities analysts expect that Elevance Health will post 34.07 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Czech National Bank raised its stake in shares of Elevance Health by 6.7% during the third quarter. Czech National Bank now owns 47,237 shares of the company’s stock worth $24,563,000 after buying an additional 2,947 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Elevance Health by 19.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,098 shares of the company’s stock valued at $1,611,000 after acquiring an additional 502 shares during the last quarter. Miracle Mile Advisors LLC lifted its stake in shares of Elevance Health by 4.0% in the 3rd quarter. Miracle Mile Advisors LLC now owns 1,442 shares of the company’s stock valued at $750,000 after purchasing an additional 56 shares during the period. Axiom Advisory LLC boosted its position in shares of Elevance Health by 1.6% in the 3rd quarter. Axiom Advisory LLC now owns 8,000 shares of the company’s stock worth $4,274,000 after purchasing an additional 125 shares during the last quarter. Finally, Insight Wealth Strategies LLC grew its stake in shares of Elevance Health by 2.1% during the third quarter. Insight Wealth Strategies LLC now owns 3,083 shares of the company’s stock worth $1,603,000 after purchasing an additional 62 shares during the period. 89.24% of the stock is currently owned by 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.