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Elevance Health (ELV) Rises As Market Takes a Dip: Key Facts
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In the latest market close, Elevance Health (ELV - Free Report) reached $454.11, with a +0.13% movement compared to the previous day. The stock's change was more than the S&P 500's daily loss of 0.5%. On the other hand, the Dow registered a gain of 0.12%, and the technology-centric Nasdaq decreased by 1.23%.
Shares of the health insurer have appreciated by 2.06% over the course of the past month, outperforming the Medical sector's loss of 4.84% and the S&P 500's loss of 2.4%.
Market participants will be closely following the financial results of Elevance Health in its upcoming release. The company plans to announce its earnings on October 18, 2023. The company's earnings per share (EPS) are projected to be $8.45, reflecting a 12.22% increase from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $42.53 billion, reflecting a 7.33% rise from the equivalent quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $32.91 per share and revenue of $169.87 billion, indicating changes of +13.21% and +9.13%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Elevance Health. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. At present, Elevance Health boasts a Zacks Rank of #2 (Buy).
With respect to valuation, Elevance Health is currently being traded at a Forward P/E ratio of 13.78. This signifies a discount in comparison to the average Forward P/E of 20.62 for its industry.
It is also worth noting that ELV currently has a PEG ratio of 1.14. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Medical Services industry had an average PEG ratio of 1.69 as trading concluded yesterday.
The Medical Services industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 98, which puts it in the top 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Elevance Health (ELV) Rises As Market Takes a Dip: Key Facts
In the latest market close, Elevance Health (ELV - Free Report) reached $454.11, with a +0.13% movement compared to the previous day. The stock's change was more than the S&P 500's daily loss of 0.5%. On the other hand, the Dow registered a gain of 0.12%, and the technology-centric Nasdaq decreased by 1.23%.
Shares of the health insurer have appreciated by 2.06% over the course of the past month, outperforming the Medical sector's loss of 4.84% and the S&P 500's loss of 2.4%.
Market participants will be closely following the financial results of Elevance Health in its upcoming release. The company plans to announce its earnings on October 18, 2023. The company's earnings per share (EPS) are projected to be $8.45, reflecting a 12.22% increase from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $42.53 billion, reflecting a 7.33% rise from the equivalent quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $32.91 per share and revenue of $169.87 billion, indicating changes of +13.21% and +9.13%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Elevance Health. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. At present, Elevance Health boasts a Zacks Rank of #2 (Buy).
With respect to valuation, Elevance Health is currently being traded at a Forward P/E ratio of 13.78. This signifies a discount in comparison to the average Forward P/E of 20.62 for its industry.
It is also worth noting that ELV currently has a PEG ratio of 1.14. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Medical Services industry had an average PEG ratio of 1.69 as trading concluded yesterday.
The Medical Services industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 98, which puts it in the top 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.