Leerink Cuts Elevance Health Rating to Underperform

Elevance Health Faces Downgrade, But Analysts Remain Optimistic

On July 18, 2025, Leerink Partners adjusted its outlook for Elevance Health (NYSE:ELV), lowering its rating from "Outperform" to "Market Perform." Despite this change, the company still shows strong potential according to analyst price forecasts. As of July 17, 2025, the average one-year price target for Elevance Health is $479.36 per share. This range spans from a low of $381.78 to a high of $614.25, indicating a significant upside of 58.49% from its latest reported closing price of $302.45 per share.

This projected increase suggests that many analysts believe the company is poised for growth despite the recent downgrade. The forecasted annual revenue for Elevance Health is $175.825 billion, which represents a decrease of 7.10%. However, the projected annual non-GAAP earnings per share (EPS) is $41.95, showing continued financial strength.

Fund Sentiment and Institutional Ownership

Institutional investors are closely watching Elevance Health, with 2,728 funds or institutions reporting positions in the company. This number reflects a slight decline of 117 owners, or 4.11%, over the last quarter. However, the average portfolio weight of all funds dedicated to ELV has increased by 4.73%, reaching 0.46%.

Total shares owned by institutions have decreased by 1.99% over the last three months, now standing at 238,238,000 shares. The put/call ratio for ELV is 0.74, suggesting a bullish sentiment among investors. This ratio is often used as an indicator of market sentiment, with lower values typically signaling more optimism.

Major Shareholders and Portfolio Adjustments

Several major institutional investors have made notable changes to their holdings in Elevance Health:

• Price T. Rowe Associates holds 9,143,000 shares, representing 4.05% ownership. This is a decrease of 16.14% from its previous holding of 10,618,000 shares. However, the firm increased its portfolio allocation in ELV by 8.51% over the last quarter.

• VTSMX - Vanguard Total Stock Market Index Fund Investor Shares owns 7,059,000 shares, or 3.12% of the company. This is a decrease of 2.97% from its prior holding of 7,269,000 shares. The fund also increased its allocation in ELV by 19.45%.

• VFINX - Vanguard 500 Index Fund Investor Shares holds 6,324,000 shares, or 2.80% of the company. This represents an increase of 0.72% compared to its previous holding of 6,278,000 shares. The fund boosted its allocation in ELV by 21.27%.

• Wellington Management Group Llp owns 5,795,000 shares, or 2.56% of the company. This is a decrease of 9.68% from its previous holding of 6,356,000 shares. The firm increased its allocation in ELV by 12.92%.

• Capital International Investors holds 5,556,000 shares, or 2.46% of the company. This is an increase of 30.15% from its prior holding of 3,881,000 shares. The firm significantly increased its allocation in ELV by 76.69%.

About Elevance Health

Elevance Health, formerly known as Anthem, is a leading health benefits company focused on improving lives and communities while simplifying healthcare. Through its affiliated companies, the organization serves more than 110 million people, including approximately 43 million within its family of health plans. The company aims to be the most innovative, valuable, and inclusive partner in the healthcare industry.

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