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Here's Why Elevance Health (ELV) Gained But Lagged the Market Today
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Elevance Health (ELV - Free Report) closed the latest trading day at $512.17, indicating a +0.55% change from the previous session's end. This move lagged the S&P 500's daily gain of 2.11%. On the other hand, the Dow registered a gain of 1.18%, and the technology-centric Nasdaq increased by 2.96%.
The health insurer's stock has climbed by 7.54% in the past month, exceeding the Medical sector's gain of 3.98% and the S&P 500's gain of 3.08%.
Analysts and investors alike will be keeping a close eye on the performance of Elevance Health in its upcoming earnings disclosure. In that report, analysts expect Elevance Health to post earnings of $10.60 per share. This would mark year-over-year growth of 12.05%. In the meantime, our current consensus estimate forecasts the revenue to be $42.7 billion, indicating a 1.92% growth compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $37.09 per share and a revenue of $173.19 billion, signifying shifts of +11.92% and +1.75%, respectively, from the last year.
Investors might also notice recent changes to analyst estimates for Elevance Health. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.24% higher. Elevance Health presently features a Zacks Rank of #2 (Buy).
In terms of valuation, Elevance Health is currently trading at a Forward P/E ratio of 13.73. This valuation marks a discount compared to its industry's average Forward P/E of 20.27.
One should further note that ELV currently holds 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 was holding an average PEG ratio of 1.61 at yesterday's closing price.
The Medical Services industry is part of the Medical sector. This group has a Zacks Industry Rank of 101, putting it in the top 41% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Here's Why Elevance Health (ELV) Gained But Lagged the Market Today
Elevance Health (ELV - Free Report) closed the latest trading day at $512.17, indicating a +0.55% change from the previous session's end. This move lagged the S&P 500's daily gain of 2.11%. On the other hand, the Dow registered a gain of 1.18%, and the technology-centric Nasdaq increased by 2.96%.
The health insurer's stock has climbed by 7.54% in the past month, exceeding the Medical sector's gain of 3.98% and the S&P 500's gain of 3.08%.
Analysts and investors alike will be keeping a close eye on the performance of Elevance Health in its upcoming earnings disclosure. In that report, analysts expect Elevance Health to post earnings of $10.60 per share. This would mark year-over-year growth of 12.05%. In the meantime, our current consensus estimate forecasts the revenue to be $42.7 billion, indicating a 1.92% growth compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $37.09 per share and a revenue of $173.19 billion, signifying shifts of +11.92% and +1.75%, respectively, from the last year.
Investors might also notice recent changes to analyst estimates for Elevance Health. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.24% higher. Elevance Health presently features a Zacks Rank of #2 (Buy).
In terms of valuation, Elevance Health is currently trading at a Forward P/E ratio of 13.73. This valuation marks a discount compared to its industry's average Forward P/E of 20.27.
One should further note that ELV currently holds 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 was holding an average PEG ratio of 1.61 at yesterday's closing price.
The Medical Services industry is part of the Medical sector. This group has a Zacks Industry Rank of 101, putting it in the top 41% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.