Elevance Health (NYSE:ELV) Price Target Raised to $492.00

Elevance Health (NYSE:ELV) had its price objective lifted by equities researchers at Wells Fargo & Company from $473.00 to $492.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 15.54% from the stock’s current price.

Several other equities analysts have also recently weighed in on ELV. UBS Group raised their price target on shares of Elevance Health from $460.00 to $523.00 and gave the company a “buy” rating in a research report on Thursday. Royal Bank Of Canada boosted their price objective on Elevance Health from $424.00 to $455.00 and gave the stock a “sector perform” rating in a report on Thursday. Weiss Ratings reissued a “hold (c)” rating on shares of Elevance Health in a research note on Thursday, August 13th. Truist Financial lifted their target price on Elevance Health from $450.00 to $475.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Finally, Cantor Fitzgerald upped their price target on Elevance Health from $400.00 to $450.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Fifteen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $456.48.

Elevance Health Price Performance

ELV traded down $5.49 during trading on Tuesday, hitting $425.83. 93,252 shares of the stock traded hands, compared to its average volume of 1,594,761. The business has a 50 day moving average price of $408.19 and a 200 day moving average price of $371.09. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.47 and a quick ratio of 1.47. Elevance Health has a twelve month low of $274.84 and a twelve month high of $450.69. The company has a market cap of $92.00 billion, a price-to-earnings ratio of 18.19, a PEG ratio of 2.10 and a beta of 0.70.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Wednesday, October 21st. The company reported $6.99 EPS for the quarter, beating analysts’ consensus estimates of $4.71 by $2.28. Elevance Health had a net margin of 2.55% and a return on equity of 14.97%. The business had revenue of $50.44 billion during the quarter, compared to analyst estimates of $49.28 billion. During the same quarter in the previous year, the business posted $6.03 EPS. Elevance Health’s quarterly revenue was up .7% on a year-over-year basis. Equities research analysts forecast that Elevance Health will post 29.11 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Mark Kaye sold 10,584 shares of the company’s stock in a transaction that occurred on Thursday, October 22nd. The stock was sold at an average price of $440.13, for a total value of $4,658,335.92. Following the completion of the transaction, the chief financial officer directly owned 19,919 shares of the company’s stock, valued at $8,766,949.47. This represents a 34.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.34% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. SYM FINANCIAL Corp raised its position in Elevance Health by 37.5% in the third quarter. SYM FINANCIAL Corp now owns 943 shares of the company’s stock worth $367,000 after acquiring an additional 257 shares during the period. Angeles Wealth Management LLC bought a new position in shares of Elevance Health during the 3rd quarter valued at approximately $275,000. Apollon Wealth Management LLC grew its position in shares of Elevance Health by 7.8% during the 3rd quarter. Apollon Wealth Management LLC now owns 4,328 shares of the company’s stock valued at $1,683,000 after acquiring an additional 314 shares during the period. Kingswood Wealth Advisors LLC increased its stake in shares of Elevance Health by 1.1% during the 3rd quarter. Kingswood Wealth Advisors LLC now owns 6,621 shares of the company’s stock worth $2,574,000 after purchasing an additional 71 shares during the last quarter. Finally, Citizens Financial Group Inc. RI increased its stake in shares of Elevance Health by 77.0% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 6,604 shares of the company’s stock worth $2,568,000 after purchasing an additional 2,873 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a diversified health benefits company that provides health insurance and related services in the United States. Its offerings serve employers, individuals and families, as well as members of government-sponsored programs, including Medicare and Medicaid. The company provides medical, pharmacy, behavioral health and other benefits through a range of health plans and specialty products.

Elevance Health operates its health benefits businesses through a portfolio that includes Blue Cross and Blue Shield-affiliated plans and other insurance offerings.