Elevance Health (NYSE:ELV) Cut to “Hold” at StockNews.com

Elevance Health (NYSE:ELV) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report released on Wednesday.

Several other research firms also recently commented on ELV. Wells Fargo & Company decreased their price objective on Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Barclays raised their target price on shares of Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Cantor Fitzgerald restated an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a research note on Friday, January 24th. Finally, Truist Financial dropped their target price on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a report on Monday, January 6th. Four investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $517.03.

Elevance Health Stock Performance

NYSE ELV traded down $9.91 during trading hours on Wednesday, hitting $412.13. 1,981,234 shares of the company’s stock traded hands, compared to its average volume of 1,657,990. Elevance Health has a 52 week low of $362.21 and a 52 week high of $567.26. The firm has a market capitalization of $93.70 billion, a P/E ratio of 16.09, a P/E/G ratio of 1.18 and a beta of 0.86. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. The business’s fifty day moving average price is $393.40 and its two-hundred day moving average price is $431.42.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data 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%. Equities research analysts predict that Elevance Health will post 33.96 EPS for the current year.

Insider Buying and Selling

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total value of $1,388,635.20. Following the transaction, the executive vice president now owns 10,116 shares of the company’s stock, valued at $4,008,970.80. This represents a 25.73 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Ronald W. Penczek sold 443 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of the sale, the chief accounting officer now owns 1,847 shares in the company, valued at approximately $766,745.11. The trade was a 19.34 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Raelipskie Partnership bought a new position in Elevance Health in the 3rd quarter worth about $26,000. Accredited Wealth Management LLC purchased a new stake in shares of Elevance Health in the fourth quarter valued at approximately $25,000. Flagship Wealth Advisors LLC bought a new position in Elevance Health in the fourth quarter worth approximately $26,000. Dunhill Financial LLC increased its holdings in Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after purchasing an additional 26 shares during the period. Finally, WealthTrak Capital Management LLC bought a new stake in Elevance Health during the 4th quarter valued at $29,000. 89.24% of the stock is currently owned by institutional investors.

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.