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

Elevance Health (NYSE:ELV)‘s stock had its “hold” rating restated by investment analysts at Argus in a note issued to investors on Wednesday,Benzinga reports. They currently have a $405.40 price objective on the stock. Argus’ price target would suggest a potential downside of 0.07% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on the stock. Morgan Stanley cut their price objective on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Wells Fargo & Company cut their price objective on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a research note on Tuesday. TD Cowen cut their price objective on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Raymond James set a $485.00 price objective on shares of Elevance Health in a research note on Friday, October 18th. Finally, Mizuho cut their price objective on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $517.03.

Elevance Health Stock Performance

Shares of ELV opened at $405.67 on Wednesday. Elevance Health has a 1 year low of $362.21 and a 1 year high of $567.26. The company has a market cap of $94.08 billion, a price-to-earnings 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 quick ratio of 1.50 and a current ratio of 1.50. The firm has a fifty day moving average of $386.65 and a 200-day moving average of $459.57.

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

Hedge Funds Weigh In On Elevance Health

A number of institutional investors have recently bought and sold shares of ELV. Pathway Financial Advisers LLC increased its stake in Elevance Health by 51,967.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock worth $341,956,000 after purchasing an additional 656,344 shares in the last quarter. Stifel Financial Corp grew its stake in Elevance Health by 309.7% during the 3rd quarter. Stifel Financial Corp now owns 713,027 shares of the company’s stock valued at $370,794,000 after acquiring an additional 538,978 shares in the last quarter. International Assets Investment Management LLC grew its stake in Elevance Health by 85,533.1% during the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock valued at $276,972,000 after acquiring an additional 532,016 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Elevance Health by 16.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock valued at $1,246,574,000 after acquiring an additional 334,552 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in Elevance Health by 6.9% during the 3rd quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock valued at $2,320,024,000 after acquiring an additional 286,905 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

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.