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Here's Why Elevance Health (ELV) is a Strong Growth Stock

Zacks Equity Research
·2 min read

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike.

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.

Why This 1 Growth Stock Should Be On Your Watchlist

Growth investors build their portfolios around companies that are financially strong and have a bright future, and the Growth Style Score helps take projected and historical earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

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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 sits at a Zacks Rank #3 (Hold), holds a Growth Style Score of A, and has a VGM Score of A. Earnings and sales are forecasted to increase 12.4% and 1.1% year-over-year, respectively.

15 analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $0.23 to $37.26 per share. ELV boasts an average earnings surprise of 2.8%.

Elevance Health is also cash rich. The company has generated cash flow growth of 12.5%, and is expected to report cash flow expansion of 10.1% in 2024.

ELV should be on investors' short lists because of its impressive growth fundamentals, a good Zacks Rank, and strong Growth and VGM Style Scores.

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Elevance Health, Inc. (ELV) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research