Elevance Health, Inc. (NYSE:ELV) Sees Large Increase in Short Interest

Elevance Health, Inc. (NYSE:ELV) saw a significant increase in short interest in December. As of December 31st, there was short interest totalling 3,630,000 shares, an increase of 5.2% from the December 15th total of 3,450,000 shares. Approximately 1.6% of the shares of the stock are short sold. Based on an average trading volume of 1,940,000 shares, the short-interest ratio is currently 1.9 days.

Wall Street Analyst Weigh In

Several brokerages have commented on ELV. Stephens reissued an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. Barclays lowered their price target on Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. UBS Group cut their price target on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a research note on Friday, October 18th. Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. Finally, TD Cowen dropped their target price on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research report on Monday, October 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Elevance Health has an average rating of “Moderate Buy” and an average target price of $536.53.

Elevance Health Stock Down 0.3 %

Shares of NYSE:ELV opened at $384.26 on Tuesday. The stock’s 50-day moving average is $388.02 and its 200 day moving average is $466.18. The company has a market cap of $89.12 billion, a PE ratio of 14.01, a P/E/G ratio of 1.08 and a beta of 0.84. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. Elevance Health has a 1 year low of $362.21 and a 1 year high of $567.26.

Hedge Funds Weigh In On Elevance Health

Several hedge funds have recently made changes to their positions in the business. Raelipskie Partnership purchased a new stake in Elevance Health in the third quarter worth $26,000. PSI Advisors LLC bought a new position in Elevance Health in the 3rd quarter worth $27,000. Eastern Bank purchased a new stake in shares of Elevance Health in the 3rd quarter worth about $31,000. Dunhill Financial LLC lifted its position in shares of Elevance Health by 57.8% in the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after purchasing an additional 26 shares during the period. Finally, Peterson Financial Group Inc. bought a new stake in shares of Elevance Health during the 3rd quarter valued at about $44,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

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.