Elevance Health (NYSE:ELV) Cut to Equal Weight at Stephens

Elevance Health (NYSE:ELV) was downgraded by analysts at Stephens from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Wednesday,Briefing.com Automated Import reports. They currently have a $440.00 price objective on the stock, down from their previous price objective of $520.00. Stephens’ price target suggests a potential upside of 12.98% from the stock’s current price.

A number of other research firms have also recently commented on ELV. TD Cowen decreased their price target on Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a report on Monday, October 21st. 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. Raymond James set a $485.00 price objective on shares of Elevance Health in a report on Friday, October 18th. UBS Group lowered their target price on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a report on Friday, October 18th. Finally, Cantor Fitzgerald reduced their price target on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $524.87.

Elevance Health Stock Performance

ELV opened at $389.45 on Wednesday. The company has a 50 day simple moving average of $387.20 and a two-hundred day simple moving average of $465.15. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. The firm has a market cap of $90.32 billion, a P/E ratio of 14.20, a PEG ratio of 1.09 and a beta of 0.84. Elevance Health has a 1-year low of $362.21 and a 1-year high of $567.26.

Institutional Investors Weigh In On Elevance Health

Several institutional investors have recently made changes to their positions in the company. Stonehage Fleming Financial Services Holdings Ltd raised its position in Elevance Health by 20.7% in the 4th quarter. Stonehage Fleming Financial Services Holdings Ltd now owns 2,300 shares of the company’s stock worth $848,000 after purchasing an additional 394 shares during the period. Regatta Capital Group LLC grew its stake in shares of Elevance Health by 19.5% during the fourth quarter. Regatta Capital Group LLC now owns 888 shares of the company’s stock valued at $328,000 after buying an additional 145 shares during the last quarter. Asio Capital LLC raised its holdings in shares of Elevance Health by 12.6% in the fourth quarter. Asio Capital LLC now owns 10,910 shares of the company’s stock worth $4,025,000 after buying an additional 1,221 shares during the period. Archford Capital Strategies LLC lifted its stake in shares of Elevance Health by 14.0% during the 4th quarter. Archford Capital Strategies LLC now owns 3,959 shares of the company’s stock worth $1,460,000 after acquiring an additional 487 shares during the last quarter. Finally, Flagship Harbor Advisors LLC boosted its holdings in Elevance Health by 29.3% during the 4th quarter. Flagship Harbor Advisors LLC now owns 794 shares of the company’s stock valued at $293,000 after acquiring an additional 180 shares during the period. Institutional investors 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.