Argus Reaffirms Hold Rating for Elevance Health (NYSE:ELV)

Elevance Health (NYSE:ELV)‘s stock had its “hold” rating reiterated by equities research analysts at Argus in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $405.40 price objective on the stock. Argus’ price objective indicates a potential downside of 0.07% from the company’s previous close.

Several other equities research analysts have also recently weighed in on ELV. Royal Bank of Canada reduced their price objective on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Truist Financial reduced their price objective on Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $485.00 price objective on shares of Elevance Health in a research report on Friday, January 24th. Mizuho reduced their price objective on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Finally, Wells Fargo & Company reduced their price objective on Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research report on Tuesday. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $517.03.

Elevance Health Trading Down 1.4 %

NYSE:ELV opened at $405.67 on Wednesday. The stock’s 50-day moving average is $386.65 and its two-hundred day moving average is $459.57. Elevance Health has a fifty-two week low of $362.21 and a fifty-two week high of $567.26. The stock has a market cap of $94.08 billion, a PE ratio of 14.79, a price-to-earnings-growth ratio of 1.11 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.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. As a group, equities research analysts forecast that Elevance Health will post 32.95 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Raelipskie Partnership acquired a new position in Elevance Health during the third quarter worth $26,000. PSI Advisors LLC acquired a new position in Elevance Health during the third quarter worth $27,000. Eastern Bank acquired a new stake in shares of Elevance Health in the third quarter valued at $31,000. Dunhill Financial LLC increased its stake in shares of Elevance Health by 57.8% in the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after buying an additional 26 shares in the last quarter. Finally, Peterson Financial Group Inc. acquired a new stake in shares of Elevance Health in the third quarter valued at $44,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

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.