Elevance Health (NYSE:ELV) Stock Rating Lowered by Wall Street Zen

Elevance Health (NYSE:ELV) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

Several other research analysts have also recently weighed in on the stock. Truist Financial set a $400.00 price target on shares of Elevance Health in a research note on Tuesday, October 14th. Bank of America lifted their target price on Elevance Health from $330.00 to $370.00 and gave the company a “neutral” rating in a research report on Friday, October 10th. Guggenheim boosted their price target on Elevance Health from $360.00 to $398.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Barclays decreased their price objective on Elevance Health from $395.00 to $385.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 22nd. Finally, Sanford C. Bernstein lowered their price objective on Elevance Health from $445.00 to $420.00 and set an “outperform” rating on the stock in a research report on Thursday, October 16th. Twelve investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $400.83.

Elevance Health Trading Down 0.4%

Shares of NYSE:ELV opened at $358.95 on Friday. The stock’s 50-day simple moving average is $335.31 and its two-hundred day simple moving average is $331.73. The stock has a market capitalization of $79.77 billion, a price-to-earnings ratio of 14.67, a PEG ratio of 1.66 and a beta of 0.52. Elevance Health has a 52-week low of $273.71 and a 52-week high of $458.75. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.56 and a current ratio of 1.56.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 EPS for the quarter, beating the consensus estimate of $5.03 by $1.00. The firm had revenue of $50.09 billion during the quarter, compared to analyst estimates of $49.26 billion. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. The business’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $8.37 EPS. Analysts expect that Elevance Health will post 33.96 EPS for the current year.

Institutional Trading of Elevance Health

Hedge funds have recently bought and sold shares of the stock. Saranac Partners Ltd bought a new position in Elevance Health during the third quarter valued at $115,000. Prana Capital Management LP increased its holdings in shares of Elevance Health by 798.9% in the 3rd quarter. Prana Capital Management LP now owns 51,633 shares of the company’s stock worth $16,684,000 after buying an additional 45,889 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new stake in shares of Elevance Health during the 3rd quarter valued at about $10,047,000. Centaurus Financial Inc. lifted its holdings in shares of Elevance Health by 65.3% in the 3rd quarter. Centaurus Financial Inc. now owns 3,416 shares of the company’s stock valued at $1,104,000 after acquiring an additional 1,349 shares during the last quarter. Finally, Tweedy Browne Co LLC bought a new position in shares of Elevance Health in the 3rd quarter valued at about $871,000. Hedge funds and other institutional investors 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.