Elevance Health (NYSE:ELV) Shares Down 2.7% – What’s Next?

Shares of Elevance Health, Inc. (NYSE:ELV) traded down 2.7% during mid-day trading on Wednesday . The company traded as low as $380.37 and last traded at $382.43. 384,809 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 1,376,291 shares. The stock had previously closed at $393.16.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Mizuho dropped their target price on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Morgan Stanley decreased their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Raymond James set a $485.00 price target on shares of Elevance Health in a research note on Friday, October 18th. TD Cowen decreased their price target on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Finally, Cantor Fitzgerald decreased their price target on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Elevance Health presently has a consensus rating of “Moderate Buy” and a consensus target price of $536.53.

Elevance Health Price 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 stock has a market cap of $89.24 billion, a price-to-earnings ratio of 14.03, a price-to-earnings-growth ratio of 1.08 and a beta of 0.84. The business’s 50-day simple moving average is $389.68 and its two-hundred day simple moving average is $468.73.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The company had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same quarter in the prior year, the business earned $8.99 EPS. The business’s quarterly revenue was up 5.3% on a year-over-year basis. Research analysts expect that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Hedge Funds Weigh In On Elevance Health

A number of hedge funds have recently modified their holdings of ELV. Meiji Yasuda Asset Management Co Ltd. lifted its holdings in shares of Elevance Health by 21.8% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,310 shares of the company’s stock worth $2,335,000 after purchasing an additional 771 shares during the period. Blair William & Co. IL lifted its holdings in shares of Elevance Health by 21.6% during the second quarter. Blair William & Co. IL now owns 14,756 shares of the company’s stock worth $7,995,000 after purchasing an additional 2,622 shares during the period. Sienna Gestion lifted its holdings in shares of Elevance Health by 0.6% during the second quarter. Sienna Gestion now owns 12,994 shares of the company’s stock worth $7,038,000 after purchasing an additional 81 shares during the period. First Eagle Investment Management LLC lifted its holdings in shares of Elevance Health by 15.5% during the second quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock worth $1,115,301,000 after purchasing an additional 275,708 shares during the period. Finally, MQS Management LLC acquired a new position in shares of Elevance Health during the second quarter worth $217,000. Institutional investors and hedge funds 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.