Elevance Health (NYSE:ELV) Share Price Passes Below 50-Day Moving Average of $502.58

Elevance Health Inc. (NYSE:ELVGet Rating)’s share price passed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $502.58 and traded as low as $473.61. Elevance Health shares last traded at $480.22, with a volume of 939,402 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have weighed in on ELV. UBS Group raised their price objective on Elevance Health from $585.00 to $610.00 in a report on Monday, October 24th. Wells Fargo & Company raised their price objective on Elevance Health from $557.00 to $609.00 and gave the company an “overweight” rating in a report on Wednesday, January 4th. Deutsche Bank Aktiengesellschaft raised their price objective on Elevance Health from $576.00 to $581.00 and gave the company a “buy” rating in a report on Friday, October 21st. StockNews.com began coverage on Elevance Health in a report on Wednesday, October 12th. They issued a “strong-buy” rating on the stock. Finally, Morgan Stanley lifted their price target on Elevance Health from $485.00 to $500.00 and gave the stock an “equal weight” rating in a report on Friday, October 21st. One equities research analyst has 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.com, the stock has an average rating of “Buy” and an average price target of $578.89.

Elevance Health Stock Performance

The company has a market capitalization of $115.25 billion, a price-to-earnings ratio of 18.84, a P/E/G ratio of 1.23 and a beta of 0.89. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.35 and a current ratio of 1.35. The firm has a 50-day simple moving average of $502.58 and a two-hundred day simple moving average of $492.09.

Elevance Health (NYSE:ELVGet Rating) last announced its quarterly earnings data on Wednesday, October 19th. The company reported $7.53 EPS for the quarter, topping analysts’ consensus estimates of $7.10 by $0.43. Elevance Health had a return on equity of 19.60% and a net margin of 4.05%. The business had revenue of $39.63 billion during the quarter, compared to the consensus estimate of $39.07 billion. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. On average, sell-side analysts anticipate that Elevance Health Inc. will post 29.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Elevance Health

A number of institutional investors and hedge funds have recently made changes to their positions in ELV. Arrowstreet Capital Limited Partnership boosted its holdings in Elevance Health by 825.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 758,754 shares of the company’s stock valued at $372,715,000 after purchasing an additional 676,769 shares in the last quarter. Pendal Group Ltd acquired a new position in Elevance Health in the fourth quarter valued at approximately $222,006,000. Capital World Investors acquired a new position in Elevance Health in the first quarter valued at approximately $190,648,000. Caisse DE Depot ET Placement DU Quebec boosted its holdings in Elevance Health by 350.0% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 360,134 shares of the company’s stock valued at $176,905,000 after purchasing an additional 280,100 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Elevance Health in the fourth quarter valued at approximately $100,792,000. 87.66% of the stock is owned by institutional investors and hedge funds.

About Elevance Health

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Elevance Health, Inc operates as a health company, which engages in improving lives and communities, and making healthcare simpler. The firm supports consumers, families, and communities across the entire care journey, connecting them to the care, support, and resources they need to lead healthier lives.

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