Elevance Health (NYSE:ELV) Shares Gap Down – Here’s What Happened

Elevance Health, Inc. (NYSE:ELV) gapped down before the market opened on Thursday . The stock had previously closed at $389.29, but opened at $377.40. Elevance Health shares last traded at $381.30, with a volume of 235,511 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ELV shares. Truist Financial decreased their target price on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Cantor Fitzgerald decreased their target price on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research note on Friday, October 18th. Mizuho cut their price target on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Morgan Stanley cut their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Finally, Barclays cut their price target on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Elevance Health currently has a consensus rating of “Moderate Buy” and a consensus price target of $536.53.

Elevance Health Stock Down 2.2 %

The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The company’s fifty day moving average is $390.48 and its 200-day moving average is $469.30. The company has a market cap of $88.29 billion, a PE ratio of 13.88, a PEG ratio of 1.08 and a beta of 0.84.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The company had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. During the same quarter in the prior year, the business posted $8.99 EPS. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. On average, analysts predict that Elevance Health, Inc. will post 32.96 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the sale, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.29% of the company’s stock.

Institutional Trading of Elevance Health

Several institutional investors and hedge funds have recently modified their holdings of the company. Client 1ST Advisory Group LLC bought a new stake in shares of Elevance Health during the 4th quarter valued at $312,000. Grove Bank & Trust increased its holdings in Elevance Health by 354.1% in the 4th quarter. Grove Bank & Trust now owns 2,575 shares of the company’s stock valued at $950,000 after acquiring an additional 2,008 shares during the last quarter. Steigerwald Gordon & Koch Inc. increased its holdings in Elevance Health by 2.8% in the 4th quarter. Steigerwald Gordon & Koch Inc. now owns 44,453 shares of the company’s stock valued at $16,399,000 after acquiring an additional 1,222 shares during the last quarter. Liberty One Investment Management LLC increased its holdings in Elevance Health by 13.7% in the 4th quarter. Liberty One Investment Management LLC now owns 9,079 shares of the company’s stock valued at $3,349,000 after acquiring an additional 1,096 shares during the last quarter. Finally, HF Advisory Group LLC increased its holdings in Elevance Health by 35.9% in the 4th quarter. HF Advisory Group LLC now owns 5,070 shares of the company’s stock valued at $1,870,000 after acquiring an additional 1,339 shares during the last quarter. 89.24% of the stock is currently owned by 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.