Why Is Elevance Health Stock Trading Lower On Thursday?
Portfolio Pulse from Vandana Singh
Elevance Health Inc. (NYSE:ELV) reported Q3 revenues of $44.7 billion, surpassing expectations but with a lower EPS forecast. Evolent Health, Inc (NYSE:EVH) is also trading lower due to mixed earnings and guidance from Elevance. Both companies face challenges related to Medicaid utilization and medical cost pressures.
October 17, 2024 | 6:11 pm
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Elevance Health reported Q3 revenues of $44.7 billion, beating expectations, but lowered its EPS forecast to $33.00, below prior guidance and consensus. The stock is down 12.12% due to concerns over Medicaid utilization and cost pressures.
Despite beating revenue expectations, Elevance Health's lowered EPS forecast and challenges with Medicaid utilization and cost pressures have led to a significant stock price drop.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Evolent Health's stock is down 5.54% following Elevance Health's mixed earnings report and softer guidance. The company faces challenges due to anticipated rising medical costs impacting its performance.
Evolent Health is affected by Elevance Health's earnings report, as investors anticipate rising medical costs impacting its performance, leading to a stock price decline.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80