Elevance Health (NYSE:ELV) Reaches New 1-Year Low - What's Next?

Key Points

• Elevance Health's stock reached a new 52-week low at $273.86 during trading, reflecting a significant drop from its previous closing price of $283.08.
• Multiple analysts have downgraded Elevance Health's stock ratings, with Baird R W changing its rating from "strong-buy" to "hold", while UBS Group set a reduced target price of $484.00.
• The company recently reported quarterly earnings of $8.84 per share, missing expectations slightly, although revenue increased 14.3% year-over-year.

Elevance Health, Inc. (NYSE:ELV - Get Free Report) hit a new 52-week low during trading on Friday . The company traded as low as $273.86 and last traded at $274.26, with a volume of 2177518 shares. The stock had previously closed at $283.08.

Analyst Ratings Changes

ELV has been the subject of a number of recent research reports. Guggenheim lowered their price target on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating for the company in a report on Friday, July 18th. UBS Group reiterated a "buy" rating and set a $484.00 price target (down from $555.00) on shares of Elevance Health in a report on Monday, July 14th. Truist Financial lowered their target price on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Wall Street Zen downgraded shares of Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Finally, Morgan Stanley lowered their target price on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a report on Friday, July 18th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Elevance Health has an average rating of "Moderate Buy" and a consensus price target of $418.19.

Elevance Health Stock Up 2.2%

The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. The firm's fifty day moving average is $347.91 and its 200-day moving average is $388.32. The stock has a market capitalization of $63.24 billion, a price-to-earnings ratio of 11.96, a PEG ratio of 1.01 and a beta of 0.58.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing the consensus estimate of $9.30 by ($0.46). The business had revenue of $49.42 billion for the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm's revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $10.12 EPS. On average, sell-side analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be given a dividend of $1.71 per share. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 annualized dividend and a dividend yield of 2.4%. Elevance Health's dividend payout ratio is currently 29.11%.

Insider Activity at Elevance Health

In other news, CEO Gail Boudreaux purchased 8,500 shares of the stock in a transaction dated Friday, July 18th. The stock was acquired at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the transaction, the chief executive officer owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company's stock.

Institutional Investors Weigh In On Elevance Health

Institutional investors have recently bought and sold shares of the stock. CWA Asset Management Group LLC acquired a new stake in Elevance Health in the first quarter worth about $299,000. GAMMA Investing LLC lifted its holdings in Elevance Health by 88.1% in the first quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock worth $1,475,000 after purchasing an additional 1,588 shares during the period. Ritholtz Wealth Management lifted its holdings in Elevance Health by 185.7% in the first quarter. Ritholtz Wealth Management now owns 3,083 shares of the company's stock worth $1,341,000 after purchasing an additional 2,004 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in Elevance Health by 15.7% in the first quarter. Sequoia Financial Advisors LLC now owns 6,717 shares of the company's stock worth $2,922,000 after purchasing an additional 913 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in Elevance Health by 36.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company's stock worth $11,991,000 after purchasing an additional 7,410 shares during the period. Institutional investors and hedge funds own 89.24% of the company's stock.

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.