Stephens Downgrades Elevance Health (NYSE:ELV) to Equal Weight

Stephens downgraded shares of Elevance Health (NYSE:ELV) from an overweight rating to an equal weight rating in a research report released on Wednesday morning, MarketBeat.com reports. Stephens currently has $440.00 price target on the stock, down from their prior price target of $520.00.

A number of other analysts have also recently issued reports on the company. Wells Fargo & Company cut their price objective on Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Royal Bank of Canada cut their price objective on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Raymond James set a $485.00 price target on Elevance Health in a report on Friday, October 18th. StockNews.com raised Elevance Health from a “hold” rating to a “buy” rating in a report on Friday, January 17th. Finally, Mizuho dropped their price target on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Three analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $524.87.

Elevance Health Stock Performance

ELV opened at $390.21 on Wednesday. Elevance Health has a 12-month low of $362.21 and a 12-month high of $567.26. The stock has a market cap of $90.50 billion, a price-to-earnings ratio of 14.23, a PEG ratio of 1.09 and a beta of 0.84. The business has a 50 day moving average of $386.73 and a 200-day moving average of $464.16. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56.

Hedge Funds Weigh In On Elevance Health

Hedge funds and other institutional investors have recently modified their holdings of the business. Raelipskie Partnership bought a new position in shares of Elevance Health in the 3rd quarter valued at $26,000. PSI Advisors LLC bought a new position in shares of Elevance Health in the 3rd quarter valued at $27,000. Eastern Bank bought a new position in shares of Elevance Health in the 3rd quarter valued at $31,000. Dunhill Financial LLC increased its stake in shares of Elevance Health by 57.8% in the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after purchasing an additional 26 shares during the last quarter. Finally, Peterson Financial Group Inc. bought a new position in shares of Elevance Health in the 3rd quarter valued at $44,000. 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.