Yahoo Finance Here's Why Elevance Health (ELV) is a Strong Momentum Stock
It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors.
Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.
Is This 1 Momentum Stock a Screaming Buy Right Now?
Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
Elevance Health (ELV)
Based in Indianapolis, IN, Elevance Health is one of the largest publicly traded health insurers in the United States, in terms of membership. The company was previously named Anthem, Inc. Effective Jun 27, 2022, the corporate name was changed to Elevance Health and began trading under the ticker “ELV” on Jun 28.
ELV is a Zacks Rank #3 (Hold) stock, with a Momentum Style Score of B and VGM Score of A. Shares are up 2.8% over the past one week and up 4.1% over the past four weeks. ELV has gained 16% in the last one-year period as well. Looking at trading volume, an average of 1,135,197.63 shares exchanged hands over the last 20 trading days.
Momentum investors also pay close attention to a company's earnings. For ELV, eight analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.09 to $37.23 per share for 2024. ELV boasts an average earnings surprise of 2.8%.
ELV should be on investors' short list because of its impressive earnings fundamentals, a good Zacks Rank, and strong Momentum and VGM Style Scores.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Elevance Health, Inc. (ELV) : Free Stock Analysis Report
