Elevance Health (NYSE:ELV) Reaches New 52-Week High - Should You Buy?

Key Points

• Elevance Health reached a new 52-week high, trading as high as $437 and most recently around $434.28, up from its prior close of $430.23.
• Analysts are broadly positive, with 15 Buy ratings and eight Holds producing a “Moderate Buy” consensus and an average price target of $441.71.
• Institutional investors and hedge funds own 89.24% of the company, while Elevance reports a $94.67 billion market capitalization and a price-to-earnings ratio of 19.39.

Elevance Health, Inc. (NYSE:ELV - Get Free Report) hit a new 52-week high during trading on Tuesday. The company traded as high as $437.00 and last traded at $434.2820, with a volume of 39,762 shares changing hands. The stock had previously closed at $430.23.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ELV shares. Cantor Fitzgerald raised their price objective on Elevance Health from $400.00 to $450.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Sanford C. Bernstein set a $488.00 target price on Elevance Health in a research report on Thursday, July 16th. TD Cowen upped their target price on Elevance Health from $400.00 to $465.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. Royal Bank Of Canada lowered their price target on Elevance Health from $439.00 to $424.00 and set a "sector perform" rating on the stock in a report on Thursday, July 16th. Finally, Guggenheim lifted their price target on shares of Elevance Health from $455.00 to $460.00 and gave the company a "buy" rating in a research report on Monday, October 12th. Fifteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $441.71.

Elevance Health Stock Performance

The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. The stock's 50-day simple moving average is $404.84 and its two-hundred day simple moving average is $387.58. The stock has a market cap of $94.67 billion, a price-to-earnings ratio of 19.39, a price-to-earnings-growth ratio of 2.23 and a beta of 0.70.

Hedge Funds Weigh In On Elevance Health

Several large investors have recently made changes to their positions in the business. CWA Asset Management Group LLC boosted its stake in shares of Elevance Health by 9.9% in the 3rd quarter. CWA Asset Management Group LLC now owns 823 shares of the company's stock valued at $320,000 after purchasing an additional 74 shares during the last quarter. Investment Research Partners LLC acquired a new stake in shares of Elevance Health during the 3rd quarter worth approximately $203,000. SteelPeak Wealth LLC acquired a new stake in shares of Elevance Health during the 3rd quarter worth approximately $375,000. Robertson Stephens Wealth Management LLC raised its stake in shares of Elevance Health by 16.3% during the third quarter. Robertson Stephens Wealth Management LLC now owns 3,185 shares of the company's stock worth $1,238,000 after buying an additional 446 shares during the last quarter. Finally, Frank Rimerman Advisors LLC raised its stake in shares of Elevance Health by 7.8% during the third quarter. Frank Rimerman Advisors LLC now owns 3,232 shares of the company's stock worth $1,257,000 after buying an additional 235 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

Elevance Health Company Profile

Elevance Health, Inc NYSE: ELV is a diversified health benefits company that provides health insurance and related services in the United States. Its offerings serve employers, individuals and families, as well as members of government-sponsored programs, including Medicare and Medicaid. The company provides medical, pharmacy, behavioral health and other benefits through a range of health plans and specialty products.

Elevance Health operates its health benefits businesses through a portfolio that includes Blue Cross and Blue Shield-affiliated plans and other insurance offerings.

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