Anthem is changing its name to Elevance Health
Anthem Inc (NYSE:ANTM) stock is down 1.2% to trade at $459.26 at last check, amid rebranding news. The company is changing its name to Elevance Health, as it looks to widen its scope beyond health insurance. Anthem's Blue Cross Blue Shield health plans will not be renamed, however.
ANTM has experienced a choppy past few months of trading, with support from its ascending 100-day moving average capturing pullbacks since early December. The stock has pulled back slightly from its March 4 record high of $477.47, but boasts a 37.8% year-over-year lead.
Though the options pits have seen fairly low absolute volume, it's worth noting that they have been more pessimistic than usual, as per ANTM's 50-day put/call volume ratio of 1.36 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio sits higher than 94% of readings from the past year, showing long puts being picked up at a much faster-than-usual rate over the past 10 weeks.
Analysts, on the other hand, are mostly bullish. Of the 15 in coverage, 12 carry a "buy" or better rating on Anthem stock. Plus, the 12-month consensus price target of $490.38 represents never-before-seen highs.