Elevance Health, Inc. (NYSE:ELV) Sees Significant Growth in Short Interest

Elevance Health, Inc. (NYSE:ELV) saw a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 3,630,000 shares, a growth of 5.2% from the December 15th total of 3,450,000 shares. Based on an average daily trading volume, of 1,940,000 shares, the days-to-cover ratio is presently 1.9 days. Currently, 1.6% of the company’s shares are sold short.

Elevance Health Stock Down 0.3 %

Shares of ELV stock traded down $1.00 on Monday, hitting $384.26. The stock had a trading volume of 2,696,400 shares, compared to its average volume of 1,457,754. 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 business has a 50 day moving average price of $388.02 and a 200 day moving average price of $466.18. The company has a market cap of $89.12 billion, a PE ratio of 14.01, a P/E/G ratio of 1.08 and a beta of 0.84. Elevance Health has a one year low of $362.21 and a one year high of $567.26.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29). The firm had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The business’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $8.99 earnings per share. Research analysts anticipate that Elevance Health will post 32.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Elevance Health

Large investors have recently added to or reduced their stakes in the company. Raelipskie Partnership purchased a new stake in Elevance Health in the third quarter valued at approximately $26,000. PSI Advisors LLC acquired a new position in shares of Elevance Health during the 3rd quarter worth approximately $27,000. Eastern Bank acquired a new position in shares of Elevance Health during the 3rd quarter worth approximately $31,000. Dunhill Financial LLC raised its stake in shares of Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after buying an additional 26 shares during the period. Finally, Peterson Financial Group Inc. acquired a new position in shares of Elevance Health during the 3rd quarter worth approximately $44,000. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on ELV. Wells Fargo & Company dropped their price objective on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Mizuho dropped their price objective on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. Truist Financial dropped their price objective 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. Royal Bank of Canada dropped their price objective on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. Finally, Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Elevance Health has a consensus rating of “Moderate Buy” and an average target price of $536.53.

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.