Elevance Health (NYSE:ELV) Shares Gap Down – Time to Sell?

Elevance Health, Inc. (NYSE:ELV) shares gapped down prior to trading on Tuesday . The stock had previously closed at $509.02, but opened at $486.05. Elevance Health shares last traded at $489.19, with a volume of 327,407 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ELV shares. Wells Fargo & Company lowered their target price on Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. Barclays boosted their price objective on Elevance Health from $611.00 to $622.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Truist Financial boosted their price objective on Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Bank of America reiterated a “neutral” rating and set a $530.00 price objective (down from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. Finally, Morgan Stanley assumed coverage on Elevance Health in a research note on Monday, June 24th. They set an “overweight” rating and a $643.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $605.07.

Elevance Health Stock Performance

The company has a 50-day moving average of $530.38 and a 200 day moving average of $528.62. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $115.51 billion, a PE ratio of 18.78, a PEG ratio of 1.08 and a beta of 0.82.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.74 by ($1.37). Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The business had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. During the same quarter in the previous year, the firm earned $8.99 earnings per share. Elevance Health’s quarterly revenue was up 5.3% compared to the same quarter last year. Equities research analysts predict that Elevance Health, Inc. will post 37.26 EPS for the current year.

Insider Transactions at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the transaction, the director now directly owns 9,721 shares in the company, valued at approximately $4,926,213.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the transaction, the director now directly owns 9,721 shares in the company, valued at approximately $4,926,213.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 35,058 shares of company stock worth $17,588,116. 0.35% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Elevance Health

Hedge funds and other institutional investors have recently modified their holdings of the stock. New Mexico Educational Retirement Board lifted its stake in shares of Elevance Health by 14.6% in the 1st quarter. New Mexico Educational Retirement Board now owns 14,146 shares of the company’s stock valued at $6,949,000 after acquiring an additional 1,800 shares during the last quarter. Blair William & Co. IL lifted its stake in shares of Elevance Health by 119.7% in the 1st quarter. Blair William & Co. IL now owns 12,134 shares of the company’s stock valued at $6,292,000 after acquiring an additional 6,610 shares during the last quarter. AMI Investment Management Inc. bought a new stake in shares of Elevance Health in the 3rd quarter valued at about $1,294,000. Artemis Investment Management LLP lifted its stake in shares of Elevance Health by 16.1% in the 1st quarter. Artemis Investment Management LLP now owns 83,757 shares of the company’s stock valued at $43,422,000 after acquiring an additional 11,627 shares during the last quarter. Finally, BDF Gestion bought a new stake in shares of Elevance Health in the 2nd quarter valued at about $5,837,000. 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.