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 stock 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.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Raymond James set a $485.00 price target on shares of Elevance Health in a report on Friday, October 18th. Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Cantor Fitzgerald decreased their price target on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a report on Friday, October 18th. Royal Bank of Canada decreased their price target on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Finally, Stephens reissued an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Elevance Health has an average rating of “Moderate Buy” and a consensus price target of $536.53.

Elevance Health Stock Down 1.2 %

The firm’s 50-day simple moving average is $389.68 and its 200 day simple moving average is $468.73. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50. The stock has a market capitalization of $89.24 billion, a P/E ratio of 14.03, a PEG ratio of 1.08 and a beta of 0.84.

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

Institutional Investors Weigh In On Elevance Health

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Meiji Yasuda Asset Management Co Ltd. raised its holdings in shares of Elevance Health by 21.8% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,310 shares of the company’s stock valued at $2,335,000 after purchasing an additional 771 shares during the period. Blair William & Co. IL raised its holdings in shares of Elevance Health by 21.6% in the 2nd quarter. Blair William & Co. IL now owns 14,756 shares of the company’s stock valued at $7,995,000 after purchasing an additional 2,622 shares during the period. Sienna Gestion raised its holdings in shares of Elevance Health by 0.6% in the 2nd quarter. Sienna Gestion now owns 12,994 shares of the company’s stock valued at $7,038,000 after purchasing an additional 81 shares during the period. First Eagle Investment Management LLC raised its holdings in shares of Elevance Health by 15.5% in the 2nd quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock valued at $1,115,301,000 after purchasing an additional 275,708 shares during the period. Finally, MQS Management LLC bought a new stake in shares of Elevance Health in the 2nd quarter valued at about $217,000. 89.24% of the stock is 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.