Elevance Health, Inc. (NYSE:ELV – Get Free Report) was the recipient of a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 2,420,000 shares, an increase of 10.0% from the September 15th total of 2,200,000 shares. Based on an average trading volume of 1,030,000 shares, the short-interest ratio is presently 2.3 days. Currently, 1.1% of the shares of the stock are sold short.
Wall Street Analyst Weigh In
A number of brokerages have commented on ELV. Barclays raised their price objective on Elevance Health from $611.00 to $622.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Morgan Stanley initiated coverage on shares of Elevance Health in a report on Monday, June 24th. They set an “overweight” rating and a $643.00 price target for the company. TD Cowen dropped their price objective on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a research note on Friday, July 19th. Royal Bank of Canada lifted their target price on shares of Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $600.00 price target on shares of Elevance Health in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $605.07.
Get Our Latest Stock Report on ELV
Insider Buying and Selling
Institutional Investors Weigh In On Elevance Health
Hedge funds have recently bought and sold shares of the company. Centaurus Financial Inc. bought a new position in Elevance Health during the fourth quarter worth $137,000. EP Wealth Advisors LLC increased its holdings in shares of Elevance Health by 11.9% during the 4th quarter. EP Wealth Advisors LLC now owns 2,677 shares of the company’s stock worth $1,262,000 after purchasing an additional 284 shares during the period. Scarborough Advisors LLC acquired a new position in shares of Elevance Health during the fourth quarter valued at about $111,000. Fisher Asset Management LLC lifted its stake in shares of Elevance Health by 20.8% in the fourth quarter. Fisher Asset Management LLC now owns 899 shares of the company’s stock valued at $424,000 after buying an additional 155 shares during the period. Finally, SageView Advisory Group LLC lifted its stake in shares of Elevance Health by 109.2% in the fourth quarter. SageView Advisory Group LLC now owns 1,416 shares of the company’s stock valued at $697,000 after buying an additional 739 shares during the period. 89.24% of the stock is currently owned by institutional investors.
Elevance Health Stock Performance
Shares of ELV stock traded down $19.29 during trading on Tuesday, reaching $489.73. The company had a trading volume of 1,194,638 shares, compared to its average volume of 1,022,078. The firm’s 50 day simple moving average is $531.66 and its two-hundred day simple moving average is $529.09. Elevance Health has a one year low of $435.99 and a one year high of $567.26. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49. The company has a market capitalization of $113.82 billion, a PE ratio of 19.26, a PEG ratio of 1.08 and a beta of 0.82.
Elevance Health (NYSE:ELV – Get Free Report) last released its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, beating analysts’ consensus estimates of $9.99 by $0.13. The company had revenue of $43.22 billion for the quarter, compared to analyst estimates of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The company’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter last year, the firm posted $9.04 earnings per share. Sell-side analysts forecast that Elevance Health will post 37.26 earnings per share for the current year.
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.
Further Reading
- Five stocks we like better than Elevance Health
- Following Congress Stock Trades
- Goldman Sachs Earnings Reveal Market Moves Investors Can’t Ignore
- What Do S&P 500 Stocks Tell Investors About the Market?
- AMD Gains Momentum With AI: Can It Beat Expectations?
- Options Trading – Understanding Strike Price
- Lithium Grab: 2 Lithium Stocks That Could Be Takeover Targets
Receive News & Ratings for Elevance Health Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Elevance Health and related companies with MarketBeat.com's FREE daily email newsletter.