Keybanc Gives Evolent Health an Overweight Rating with Strong Price Projection
Analysts Predict a Significant Price Increase
On October 11, 2024, Keybanc began coverage of Evolent Health (NYSE:EVH) with an Overweight recommendation.
The average price target for Evolent Health stands at $43.00 per share as of September 25, 2024. Predictions vary, with the lowest at $33.33 and the highest at $66.15. This average target suggests a potential upside of 58.91% compared to its recent closing price of $27.06 per share.
Financial Outlook and Revenue Projection
Analysts project that Evolent Health will generate annual revenue of $2,046 million, reflecting a decrease of 13.08%. Non-GAAP earnings per share are expected to be $1.01.
Institutional Investment Trends and Sentiment
Currently, 570 funds or institutions have reported positions in Evolent Health, a figure that has remained stable over the past quarter. The average portfolio weight allocated to EVH by these funds is 0.22%, which has increased by 23.72%. Institutions collectively boosted their shares by 5.65% over the last three months, owning a total of 155,127K shares. The put/call ratio for EVH is 0.89, signaling a generally bullish outlook.
Key Players and Investments
Wellington Management Group LLP holds 11,169K shares, accounting for 9.73% ownership. The firm increased its holdings from 8,854K shares, marking a rise of 20.73%, but decreased its overall portfolio allocation by 89.56% in the last quarter.
Ra Capital Management owns 8,515K shares, representing 7.42% of Evolent Health. Their stake increased by 32.63% from the previous quarter when they held 5,736K shares, yet they have reduced their allocation by 10.72% recently.
The Vanguard Health Care Fund Investor Shares has increased its holdings to 5,761K shares, a 41.83% rise from 3,352K shares. This corresponds to a portfolio allocation increase of 35.29% quarter-over-quarter.
William Blair Investment Management reports ownership of 5,026K shares, up 26.03% from 3,718K shares previously. However, they have decreased their allocation in EVH by 20.00% over the last quarter.
JPMorgan Chase holds 4,355K shares, having reduced its stake by 9.01% from 4,747K shares and slashing its portfolio allocation by 91.87% recently.
Company Overview
Evolent Health Background Information
(This description is provided by the company.)
Evolent Health offers solutions that enhance overall health while simplifying healthcare services. Its offerings include total cost management, specialty care management, and administrative improvements. With a large base of prominent payers and providers, Evolent has achieved the first-ever Population Health Program Accreditation from the National Committee for Quality Assurance. The company is also frequently recognized as a top workplace in healthcare across the nation.
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