Weiss Ratings Reaffirms Hold (C-) Rating for Elevance Health (NYSE:ELV)

Key Points

• Weiss Ratings has reaffirmed its "hold (C-)" rating for Elevance Health (NYSE:ELV), reflecting a cautious outlook on the stock.
• Analysts have varied price objectives for Elevance Health, with estimates ranging from $297.00 to $398.00, indicating mixed sentiment among investment firms.
• Elevance Health reported a quarterly earnings per share (EPS) of $6.03, surpassing estimates and showing a 12% revenue increase from the previous year.

Elevance Health (NYSE:ELV - Get Free Report)'s stock had its "hold (c-)" rating restated by investment analysts at Weiss Ratings in a research note issued to investors on Friday,Weiss Ratings reports.

ELV has been the topic of a number of other reports. Leerink Partners reaffirmed a "market perform" rating and set a $310.00 price objective (down from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Robert W. Baird lowered their price objective on Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. Guggenheim lifted their price objective on Elevance Health from $360.00 to $398.00 and gave the company a "buy" rating in a research report on Wednesday, October 8th. Truist Financial set a $400.00 price objective on Elevance Health in a research report on Tuesday, October 14th. Finally, UBS Group lowered their price objective on Elevance Health from $435.00 to $425.00 and set a "buy" rating on the stock in a research report on Friday, September 5th. Twelve equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $397.89.

Elevance Health Trading Down 1.1%

Elevance Health stock opened at $342.45 on Friday. The business has a 50-day simple moving average of $327.09 and a two-hundred day simple moving average of $353.39. The company has a market cap of $76.11 billion, a P/E ratio of 14.00, a P/E/G ratio of 1.26 and a beta of 0.59. Elevance Health has a 52-week low of $273.71 and a 52-week high of $458.75. The company has a quick ratio of 1.44, a current ratio of 1.56 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.03 by $1.00. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The business had revenue of $50.09 billion during the quarter, compared to the consensus estimate of $49.26 billion. During the same period in the previous year, the company posted $8.37 EPS. The business's quarterly revenue was up 12.0% compared to the same quarter last year. Analysts predict that Elevance Health will post 33.96 EPS for the current year.

Insider Buying and Selling

In other Elevance Health news, Director Susan D. Devore purchased 1,200 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were bought at an average cost of $312.15 per share, with a total value of $374,580.00. Following the acquisition, the director owned 3,502 shares in the company, valued at approximately $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.29% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Verdence Capital Advisors LLC lifted its holdings in Elevance Health by 3.9% in the 2nd quarter. Verdence Capital Advisors LLC now owns 21,213 shares of the company's stock worth $8,251,000 after purchasing an additional 790 shares in the last quarter. Dynamic Advisor Solutions LLC increased its stake in Elevance Health by 11.3% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 8,034 shares of the company's stock worth $3,125,000 after acquiring an additional 817 shares during the last quarter. Focus Partners Wealth increased its stake in Elevance Health by 4.6% in the 1st quarter. Focus Partners Wealth now owns 22,446 shares of the company's stock worth $9,764,000 after acquiring an additional 982 shares during the last quarter. Asio Capital LLC increased its stake in Elevance Health by 7.1% in the 2nd quarter. Asio Capital LLC now owns 15,371 shares of the company's stock worth $5,979,000 after acquiring an additional 1,015 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Elevance Health by 88.1% in the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock worth $1,475,000 after acquiring an additional 1,588 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

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.

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