TD Cowen Issues Positive Forecast for Elevance Health (NYSE:ELV) Stock Price

Elevance Health (NYSE:ELV) had its price target upped by TD Cowen from $380.00 to $400.00 in a research report issued to clients and investors on Wednesday,MarketScreener reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s target price would indicate a potential upside of 18.08% from the company’s current price.

ELV has been the subject of a number of other research reports. Barclays dropped their target price on Elevance Health from $395.00 to $385.00 and set an “overweight” rating for the company in a research report on Wednesday, October 22nd. Sanford C. Bernstein reduced their target price on shares of Elevance Health from $445.00 to $420.00 and set an “outperform” rating on the stock in a research note on Thursday, October 16th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Elevance Health in a research report on Monday. Zacks Research raised Elevance Health from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Finally, UBS Group decreased their price objective on Elevance Health from $435.00 to $425.00 and set a “buy” rating for the company in a research note on Friday, September 5th. Twelve research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $398.44.

Elevance Health Price Performance

Shares of NYSE ELV traded up $2.48 during trading on Wednesday, reaching $338.75. The company had a trading volume of 442,928 shares, compared to its average volume of 1,927,476. Elevance Health has a 52 week low of $273.71 and a 52 week high of $458.75. The business’s 50 day moving average price is $331.74 and its 200-day moving average price is $336.47. The stock has a market cap of $75.28 billion, a PE ratio of 13.86, a PEG ratio of 1.23 and a beta of 0.60. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.56 and a current ratio of 1.56.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, beating analysts’ consensus estimates of $5.03 by $1.00. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. The business had revenue of $50.09 billion during the quarter, compared to analyst estimates of $49.26 billion. During the same quarter last year, the business posted $8.37 earnings per share. Elevance Health’s revenue for the quarter was up 12.0% compared to the same quarter last year. Analysts expect that Elevance Health will post 33.96 earnings per share for the current year.

Institutional Investors Weigh In On Elevance Health

A number of hedge funds and other institutional investors have recently made changes to their positions in ELV. Prana Capital Management LP lifted its position in Elevance Health by 798.9% in the 3rd quarter. Prana Capital Management LP now owns 51,633 shares of the company’s stock valued at $16,684,000 after acquiring an additional 45,889 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new stake in shares of Elevance Health in the 3rd quarter valued at about $10,047,000. Centaurus Financial Inc. lifted its holdings in shares of Elevance Health by 65.3% in the third quarter. Centaurus Financial Inc. now owns 3,416 shares of the company’s stock valued at $1,104,000 after purchasing an additional 1,349 shares in the last quarter. Tweedy Browne Co LLC bought a new stake in shares of Elevance Health in the third quarter valued at about $871,000. Finally, Auxier Asset Management LLC lifted its holdings in shares of Elevance Health by 0.9% in the third quarter. Auxier Asset Management LLC now owns 37,096 shares of the company’s stock valued at $11,986,000 after purchasing an additional 343 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Company Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.