Elevance Health (NYSE:ELV) Sets New 1-Year High – Here’s What Happened

Elevance Health, Inc. (NYSE:ELV) shares reached a new 52-week high during trading on Tuesday. The company traded as high as $437.00 and last traded at $434.2820, with a volume of 39,762 shares traded. The stock had previously closed at $430.23.

Analyst Upgrades and Downgrades

Several analysts have commented on ELV shares. The Goldman Sachs Group reiterated a “neutral” rating and set a $395.00 target price on shares of Elevance Health in a research report on Thursday, July 16th. Wall Street Zen downgraded Elevance Health from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Leerink Partners raised their price target on Elevance Health from $364.00 to $395.00 and gave the stock a “market perform” rating in a research report on Friday, July 17th. Robert W. Baird raised their price target on Elevance Health from $331.00 to $393.00 and gave the stock a “neutral” rating in a research report on Thursday, July 16th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Elevance Health in a research note on Thursday, August 13th. Fifteen 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.com, Elevance Health currently has an average rating of “Moderate Buy” and an average target price of $441.71.

Elevance Health Trading Up 1.5%

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 capitalization of $94.67 billion, a P/E ratio of 19.39, a PEG ratio of 2.23 and a beta of 0.70. The business has a 50 day moving average price of $404.84 and a 200 day moving average price of $387.58.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Elevance Health during the second quarter worth $7,344,424,000. Bank of New York Mellon Corp acquired a new position in shares of Elevance Health in the 2nd quarter valued at $1,246,349,000. Legal & General Group Plc acquired a new position in shares of Elevance Health in the 2nd quarter valued at $688,469,000. Amundi increased its position in shares of Elevance Health by 145.7% in the 1st quarter. Amundi now owns 2,693,664 shares of the company’s stock valued at $788,570,000 after buying an additional 1,597,497 shares in the last quarter. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Elevance Health in the 2nd quarter valued at $591,084,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a diversified health benefits company that provides health insurance and related services in the United States. Its offerings serve employers, individuals and families, as well as members of government-sponsored programs, including Medicare and Medicaid. The company provides medical, pharmacy, behavioral health and other benefits through a range of health plans and specialty products.

Elevance Health operates its health benefits businesses through a portfolio that includes Blue Cross and Blue Shield-affiliated plans and other insurance offerings.