Elevance Health (NYSE:ELV) Shares Gap Down – Should You Sell?

Elevance Health, Inc. (NYSE:ELV)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $389.29, but opened at $377.40. Elevance Health shares last traded at $381.30, with a volume of 235,511 shares traded.

Wall Street Analysts Forecast Growth

ELV has been the topic of a number of research reports. UBS Group lowered their price target on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. TD Cowen dropped their target price on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research report on Monday, October 21st. Royal Bank of Canada cut their target price on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Mizuho cut their target price on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Elevance Health has a consensus rating of “Moderate Buy” and a consensus price target of $536.53.

Elevance Health Stock Down 0.3 %

The company has a market capitalization of $89.12 billion, a P/E ratio of 14.01, a PEG ratio of 1.08 and a beta of 0.84. 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 company has a 50 day moving average of $388.79 and a 200-day moving average of $468.15.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data 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 return on equity of 19.56% and a net margin of 3.68%. The business had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. During the same quarter in the prior year, the business posted $8.99 earnings per share. Elevance Health’s quarterly revenue was up 5.3% compared to the same quarter last year. As a group, equities analysts anticipate that Elevance Health, Inc. will post 32.96 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Cypress Wealth Services LLC increased its position in shares of Elevance Health by 3.5% during the third quarter. Cypress Wealth Services LLC now owns 679 shares of the company’s stock valued at $353,000 after buying an additional 23 shares during the period. Atomi Financial Group Inc. boosted its position in Elevance Health by 4.2% during the 3rd quarter. Atomi Financial Group Inc. now owns 615 shares of the company’s stock valued at $320,000 after acquiring an additional 25 shares in the last quarter. Lifeworks Advisors LLC boosted its position in Elevance Health by 2.5% during the 3rd quarter. Lifeworks Advisors LLC now owns 1,037 shares of the company’s stock valued at $539,000 after acquiring an additional 25 shares in the last quarter. Catalyst Financial Partners LLC boosted its position in Elevance Health by 2.9% during the 3rd quarter. Catalyst Financial Partners LLC now owns 918 shares of the company’s stock valued at $477,000 after acquiring an additional 26 shares in the last quarter. Finally, Fullcircle Wealth LLC boosted its position in Elevance Health by 1.5% during the 3rd quarter. Fullcircle Wealth LLC now owns 1,743 shares of the company’s stock valued at $906,000 after acquiring an additional 26 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.

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.