Elevance Health, Inc. ELV

The insurer said it’s trying to restrict hospitals from charging higher rates for services at off-campus outpatient departments. Hospital groups say the reimbursement cuts could threaten access to care.

Elevance Health is scheduled to report its third-quarter results soon, and analysts expect a double-digit earnings decline.

UnitedHealth (UNH) stock trades at 22.5 times its past year's adjusted earnings, which are normalized net income with stock-based pay added back. That multiple leaves little room for error after three years of shrinking operating margins, sitting near the stock's 10-year median despite fundamentally weaker profitability. But the price looks different against the profit expected for fiscal 2026 and fiscal 2027. So what are UnitedHealth investors betting on.