Elevance Health (NYSE:ELV) Downgraded to Hold Rating by StockNews.com

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

Several other brokerages also recently commented on ELV. Argus reaffirmed a “hold” rating and issued a $405.40 price target on shares of Elevance Health in a research report on Wednesday, January 29th. Truist Financial cut their target price on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Cantor Fitzgerald restated an “overweight” rating and set a $485.00 price objective on shares of Elevance Health in a report on Friday, January 24th. Wells Fargo & Company reduced their target price on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. Finally, Stephens cut Elevance Health from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Four equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Elevance Health has a consensus rating of “Moderate Buy” and a consensus target price of $517.03.

Elevance Health Stock Performance

Shares of NYSE ELV traded down $5.46 during trading hours on Friday, hitting $385.04. 1,736,819 shares of the stock were exchanged, compared to its average volume of 1,621,539. Elevance Health has a one year low of $362.21 and a one year high of $567.26. The company’s 50 day moving average is $385.25 and its 200 day moving average is $444.32. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. The firm has a market capitalization of $89.30 billion, a P/E ratio of 15.03, a P/E/G ratio of 1.18 and a beta of 0.83.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. On average, research analysts expect that Elevance Health will post 34 EPS for the current year.

Institutional Investors Weigh In On Elevance Health

Institutional investors and hedge funds have recently made changes to their positions in the company. Lifeworks Advisors LLC lifted its holdings in Elevance Health by 2.5% during the 3rd quarter. Lifeworks Advisors LLC now owns 1,037 shares of the company’s stock valued at $539,000 after purchasing an additional 25 shares during the last quarter. Catalyst Financial Partners LLC raised its stake in shares of Elevance Health by 2.9% in the third quarter. Catalyst Financial Partners LLC now owns 918 shares of the company’s stock valued at $477,000 after acquiring an additional 26 shares during the last quarter. Fullcircle Wealth LLC raised its stake in shares of Elevance Health by 1.5% in the third quarter. Fullcircle Wealth LLC now owns 1,743 shares of the company’s stock valued at $906,000 after acquiring an additional 26 shares during the last quarter. Dunhill Financial LLC boosted 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 worth $37,000 after acquiring an additional 26 shares in the last quarter. Finally, TCI Wealth Advisors Inc. grew its position in Elevance Health by 5.6% during the 3rd quarter. TCI Wealth Advisors Inc. now owns 506 shares of the company’s stock worth $263,000 after acquiring an additional 27 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

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.