Elevance Health (NYSE:ELV) Shares Cross Below Fifty Day Moving Average – What’s Next?

Elevance Health, Inc. (NYSE:ELV) passed below its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $397.84 and traded as low as $380.65. Elevance Health shares last traded at $386.6570, with a volume of 892,669 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Cantor Fitzgerald raised their price objective on shares of Elevance Health from $400.00 to $450.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. Guggenheim increased their price target on shares of Elevance Health from $399.00 to $455.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Wells Fargo & Company lowered their price target on shares of Elevance Health from $492.00 to $473.00 and set an “overweight” rating for the company in a report on Thursday, July 16th. Sanford C. Bernstein set a $488.00 price objective on Elevance Health in a report on Thursday, July 16th. Finally, Mizuho increased their price objective on Elevance Health from $435.00 to $465.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $440.90.

Elevance Health Stock Performance

The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. The company has a market cap of $83.85 billion, a price-to-earnings ratio of 17.18, a P/E/G ratio of 2.01 and a beta of 0.70. The stock has a 50 day moving average price of $397.84 and a two-hundred day moving average price of $377.35.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business had revenue of $49.83 billion during the quarter, compared to analysts’ expectations of $48.88 billion. During the same period in the previous year, the firm earned $8.84 earnings per share. The firm’s quarterly revenue was up .8% compared to the same quarter last year. Analysts predict that Elevance Health, Inc. will post 27.21 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Thursday, September 10th were given a $1.72 dividend. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Thursday, September 10th. Elevance Health’s dividend payout ratio (DPR) is currently 30.58%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. CX Institutional increased its position in shares of Elevance Health by 5.1% in the 3rd quarter. CX Institutional now owns 6,338 shares of the company’s stock valued at $2,464,000 after buying an additional 309 shares in the last quarter. Versant Capital Management Inc grew its stake in Elevance Health by 16.3% in the third quarter. Versant Capital Management Inc now owns 1,558 shares of the company’s stock valued at $606,000 after acquiring an additional 218 shares during the period. Greenwich Wealth Management LLC acquired a new position in Elevance Health in the second quarter valued at about $217,000. QRG Capital Management Inc. increased its holdings in shares of Elevance Health by 9.2% in the second quarter. QRG Capital Management Inc. now owns 11,302 shares of the company’s stock worth $4,371,000 after acquiring an additional 951 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Elevance Health by 6.5% in the second quarter. Envestnet Asset Management Inc. now owns 468,145 shares of the company’s stock worth $181,046,000 after acquiring an additional 28,647 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a health benefits and services company that provides health insurance, managed care and related healthcare solutions in the United States. Its offerings serve individuals, employers, government-sponsored programs and other organizations across commercial, Medicare and Medicaid markets.

The company operates a portfolio of health plans, including Blue Cross Blue Shield-affiliated plans in several states, as well as government-focused plans marketed under brands such as Wellpoint.