Elevance Health (NYSE:ELV) Downgraded to “Equal Weight” Rating by Stephens

Stephens downgraded shares of Elevance Health (NYSE:ELV) from an overweight rating to an equal weight rating in a research note published on Wednesday, Marketbeat reports. The firm currently has $440.00 price objective on the stock, down from their previous price objective of $520.00.

ELV has been the subject of a number of other research reports. Mizuho dropped their price objective on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Raymond James set a $485.00 price objective on Elevance Health in a report on Friday, October 18th. Truist Financial decreased their target price on Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Morgan Stanley decreased their target price on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Finally, Royal Bank of Canada decreased their target price on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $524.87.

Elevance Health Trading Up 0.3 %

NYSE ELV opened at $390.21 on Wednesday. The stock has a 50-day simple moving average of $386.73 and a 200 day simple moving average of $464.16. The company has a market capitalization of $90.50 billion, a PE ratio of 14.23, a P/E/G ratio of 1.09 and a beta of 0.84. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health has a 12 month low of $362.21 and a 12 month high of $567.26.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Czech National Bank boosted its position in Elevance Health by 6.5% during the fourth quarter. Czech National Bank now owns 50,286 shares of the company’s stock valued at $18,551,000 after purchasing an additional 3,049 shares during the last quarter. Iridian Asset Management LLC CT boosted its position in Elevance Health by 10.7% during the third quarter. Iridian Asset Management LLC CT now owns 39,154 shares of the company’s stock valued at $20,360,000 after purchasing an additional 3,786 shares during the last quarter. International Assets Investment Management LLC boosted its position in Elevance Health by 85,533.1% during the third quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock valued at $276,972,000 after purchasing an additional 532,016 shares during the last quarter. Benjamin Edwards Inc. boosted its position in Elevance Health by 1,711.9% during the third quarter. Benjamin Edwards Inc. now owns 53,559 shares of the company’s stock valued at $27,858,000 after purchasing an additional 50,603 shares during the last quarter. Finally, Diversified Trust Co boosted its position in Elevance Health by 13.7% during the fourth quarter. Diversified Trust Co now owns 22,576 shares of the company’s stock valued at $8,328,000 after purchasing an additional 2,725 shares during the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

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.