So, you’re looking up the anthem blue cross stock price and probably noticing something a little weird right off the bat. If you type "ANTM" into your brokerage app, it's not going to show you what you think. Honestly, the most common mistake people make is looking for a company that technically doesn't exist under that name anymore.
Back in 2022, the company rebranded to Elevance Health, and the ticker symbol switched to ELV. But because everyone still knows them as Anthem Blue Cross, that’s what we keep searching for. As of late January 2026, the stock is hovering around $374.87, which is a far cry from the all-time highs we saw back in late 2024. It's been a bit of a rollercoaster. One day you’re up 2%, the next you’re down because of a new Medicaid report out of Washington.
Why the Price is Moving Right Now
If you've been watching the charts, you'll see the 52-week range is pretty wild—anywhere from $273 to $458. That is a massive gap. Basically, the market is trying to figure out if the worst of the "utilization spike" is over.
What does that even mean? Well, more people have been actually using their insurance lately. While that's great for patients, it costs insurers like Elevance a ton of money.
The Medicaid Headwind
The big story for 2026 is Medicaid. For a while there, during the pandemic and shortly after, Medicaid was a massive growth engine. Now? States are redetermining who qualifies, and the "medical loss ratio" (the fancy term for how much premium money they spend on actual healthcare) has been creeping up.
In their last quarterly update, CEO Gail Boudreaux was pretty upfront about it. She mentioned that while revenue is still growing—hitting over $50 billion in a single quarter recently—the profit margins are being squeezed by these government-sponsored plans.
Investors hate uncertainty.
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When the news broke that Medicaid rates weren't keeping up with the cost of care, the stock took a bruising. But, and this is the "kinda" interesting part, a lot of analysts from places like Wolfe Research and Wells Fargo have recently upgraded the stock. They think the 2026 earnings estimates have finally "bottomed out."
- Current Ticker: ELV (NYSE)
- Price Point: Roughly $375 (subject to daily swings)
- Dividend: They still pay out, usually around $1.70+ per share quarterly.
- Market Cap: Somewhere around $84 billion.
Is It Actually Undervalued?
If you look at the P/E ratio—which is basically just the price compared to how much money they make—it’s sitting around 13 or 14. For a company that basically runs a massive chunk of the U.S. healthcare system, that’s historically pretty low.
I was looking at some data from Alpha Spread and FAST Graphs, and some of those folks think the "intrinsic value" is way higher, maybe even over $600. But that assumes everything goes perfectly. It assumes the government plays nice with reimbursement rates and that the Carelon division (their health services arm) keeps growing at 30% or more.
What the Analysts Say
It's a mixed bag, but mostly bullish.
- J.P. Morgan has targets as high as $631.
- TD Cowen recently raised their target to $400, calling it a "Best Idea for 2026."
- Baird, on the other hand, is a bit more cautious with a target closer to $297.
That is a huge discrepancy. It basically comes down to whether you believe Elevance can control costs in their Anthem Blue Cross branded plans better than their competitors like UnitedHealth or Humana.
The Carelon Factor
Most people don't realize that Elevance isn't just an insurance company anymore. They have this huge side-hustle called Carelon. It handles pharmacy benefits, behavioral health, and data analytics.
Last year, Carelon's revenue jumped by double digits. Why does this matter for the stock price? Because service-based revenue is usually more stable than insurance-premium revenue. Insurance is a gamble; services are a fee. Investors love fees.
Real Talk on the Risks
Don't let the "undervalued" tag fool you into thinking it's a sure thing. There are real risks here.
- Election Cycles: It’s 2026. We are constantly hearing about healthcare reform. Any hint of "Medicare for All" or massive changes to the Affordable Care Act (ACA) makes this stock twitchy.
- Medical Inflation: If doctors and hospitals keep raising prices faster than Elevance can raise premiums, the stock stays stuck.
- The "Anthem" Identity Crisis: Even though they are Elevance now, they still operate under the Anthem Blue Cross name in many states. Keeping those brands separate and managed costs money and creates complexity.
Honestly, if you're looking at the anthem blue cross stock price, you have to look at the "whole health" of the company, not just the insurance side. They are trying to be a tech company, a pharmacy, and a provider all at once.
Actionable Insights for Investors
If you're thinking about jumping in or just trying to make sense of your 401k, here is the breakdown of what to actually do with this information.
Watch the "Medical Loss Ratio" (MLR). The next time they release earnings, look for this number. If it’s above 90%, the stock will likely struggle. If they get it back down toward 87%, expect a rally.
Check the Dividend Dates. Elevance has been very consistent about returning cash to shareholders. If you're a long-term holder, the dividend yield (currently around 1.8% to 2%) helps cushion the blow during volatile months.
Don't Search for "Anthem Stock." Set your alerts for ELV. You'll get much faster news updates. Most major financial sites have finally caught up, but some smaller blogs still use the old ANTM data which is totally outdated.
Monitor Medicaid Redeterminations. This is the "boring" stuff that actually moves the needle. If your state is cutting Medicaid rolls, Elevance loses members. If they lose members, they lose revenue. It’s that simple.
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The anthem blue cross stock price isn't just a number on a screen; it's a reflection of how expensive it's getting to stay healthy in America. Right now, the market is skeptical, but the fundamentals suggest there's a lot of "coiled spring" potential if they can just get a handle on those medical costs.
Keep an eye on the $380 resistance level. If it breaks through that with high volume, we might actually see that "bottom" the analysts are talking about. Otherwise, expect more of the same sideways chopping we've seen since the start of the year.
Next Steps for Your Research
To get a better handle on where things are headed, you should look up the most recent 10-Q filing from Elevance Health on the SEC website. Specifically, look at the "Management's Discussion and Analysis" section—it's where they hide the real details about why they think the stock is moving. You can also track the ELV ticker on sites like Yahoo Finance or CNBC to see if the recent upgrades from Wolfe Research actually lead to sustained buying volume.