Elevance Health (NYSE:ELV) Share Price Breaks Below Fifty Day Moving Average - Here's Why

Key Points

• Elevance Health shares fell below their 50-day moving average, trading as low as $380.65 versus the $397.84 average, while remaining above the 200-day average of $377.35.
• Analysts maintain a generally positive outlook, with 15 Buy ratings and eight Holds producing a “Moderate Buy” consensus and an average price target of $440.90.
• The company exceeded quarterly expectations, reporting $7.45 in EPS and $49.83 billion in revenue, and declared a quarterly dividend of $1.72, equivalent to a 1.8% yield.

Elevance Health, Inc. (NYSE:ELV - Get Free Report) crossed below its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $397.84 and traded as low as $380.65. Elevance Health shares last traded at $386.6570, with a volume of 892,669 shares changing hands.

Analyst Upgrades and Downgrades

ELV has been the subject of several analyst reports. Robert W. Baird boosted their target price on Elevance Health from $331.00 to $393.00 and gave the stock a "neutral" rating in a research report on Thursday, July 16th. Cantor Fitzgerald lifted their price target on shares of Elevance Health from $400.00 to $450.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Elevance Health in a research note on Thursday, August 13th. Wells Fargo & Company dropped their price target on Elevance Health from $492.00 to $473.00 and set an "overweight" rating on the stock in a research report on Thursday, July 16th. Finally, TD Cowen boosted their price objective on Elevance Health from $400.00 to $465.00 and gave the company a "buy" rating in a research report on Tuesday, July 14th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $440.90.

Elevance Health Stock Up 1.3%

The firm has a market cap of $83.85 billion, a P/E ratio of 17.18, a P/E/G ratio of 1.98 and a beta of 0.70. The firm's fifty day moving average is $397.84 and its 200 day moving average is $377.35. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.21 by $1.24. The company had revenue of $49.83 billion during the quarter, compared to analysts' expectations of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business's revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the company posted $8.84 earnings per share. As a group, equities research analysts anticipate that Elevance Health, Inc. will post 27.21 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Thursday, September 10th were given a $1.72 dividend. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Thursday, September 10th. Elevance Health's payout ratio is presently 30.58%.

Institutional Trading of Elevance Health

Large investors have recently made changes to their positions in the company. CX Institutional raised its holdings in Elevance Health by 5.1% in the third quarter. CX Institutional now owns 6,338 shares of the company's stock valued at $2,464,000 after acquiring an additional 309 shares in the last quarter. Versant Capital Management Inc lifted its stake in Elevance Health by 16.3% in the third quarter. Versant Capital Management Inc now owns 1,558 shares of the company's stock valued at $606,000 after buying an additional 218 shares during the last quarter. Greenwich Wealth Management LLC acquired a new stake in Elevance Health during the 2nd quarter worth $217,000. QRG Capital Management Inc. raised its holdings in shares of Elevance Health by 9.2% in the second quarter. QRG Capital Management Inc. now owns 11,302 shares of the company's stock valued at $4,371,000 after buying an additional 951 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Elevance Health by 6.5% in the second quarter. Envestnet Asset Management Inc. now owns 468,145 shares of the company's stock valued at $181,046,000 after buying an additional 28,647 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 health benefits and services company that provides health insurance, managed care and related healthcare solutions in the United States. Its offerings serve individuals, employers, government-sponsored programs and other organizations across commercial, Medicare and Medicaid markets.

The company operates a portfolio of health plans, including Blue Cross Blue Shield-affiliated plans in several states, as well as government-focused plans marketed under brands such as Wellpoint.

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