Morgan Stanley Lowers Elevance Health (NYSE:ELV) Price Target to $352.00

Elevance Health (NYSE:ELV) had its price target decreased by equities researchers at Morgan Stanley from $359.00 to $352.00 in a report released on Wednesday,MarketScreener reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 1.78% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on the company. Wells Fargo & Company dropped their price objective on Elevance Health from $412.00 to $403.00 and set an “overweight” rating for the company in a research note on Wednesday, October 22nd. UBS Group cut their price objective on Elevance Health from $435.00 to $425.00 and set a “buy” rating on the stock in a research report on Friday, September 5th. Weiss Ratings reissued a “hold (c-)” rating on shares of Elevance Health in a research note on Monday. Wall Street Zen cut Elevance Health from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, 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 report on Thursday, October 16th. Twelve research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $400.44.

Elevance Health Price Performance

NYSE:ELV opened at $345.83 on Wednesday. Elevance Health has a 52 week low of $273.71 and a 52 week high of $458.75. The stock’s fifty day moving average is $335.42 and its two-hundred day moving average is $331.37. The company has a market capitalization of $76.86 billion, a P/E ratio of 14.23, a P/E/G ratio of 1.67 and a beta of 0.52. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.71.

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

Hedge Funds Weigh In On Elevance Health

A number of institutional investors have recently modified their holdings of the business. Physician Wealth Advisors Inc. raised its holdings in shares of Elevance Health by 331.6% in the third quarter. Physician Wealth Advisors Inc. now owns 82 shares of the company’s stock valued at $26,000 after buying an additional 63 shares during the last quarter. Activest Wealth Management raised its stake in Elevance Health by 66.7% during the 3rd quarter. Activest Wealth Management now owns 85 shares of the company’s stock valued at $27,000 after acquiring an additional 34 shares during the last quarter. Rossby Financial LCC grew its stake in shares of Elevance Health by 110.0% in the 3rd quarter. Rossby Financial LCC now owns 84 shares of the company’s stock valued at $28,000 after purchasing an additional 44 shares during the last quarter. WPG Advisers LLC purchased a new stake in shares of Elevance Health during the first quarter worth approximately $29,000. Finally, Vermillion & White Wealth Management Group LLC lifted its holdings in shares of Elevance Health by 94.9% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 76 shares of the company’s stock worth $30,000 after purchasing an additional 37 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

About Elevance Health

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.