Elevance Health (NYSE:ELV) Price Target Cut to $484.00

Elevance Health (NYSE:ELV) had its target price decreased by analysts at TD Cowen from $589.00 to $484.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price target indicates a potential upside of 15.28% from the company’s current price.

Other analysts also recently issued research reports about the company. Morgan Stanley began coverage on Elevance Health in a research report on Monday, June 24th. They issued an “overweight” rating and a $643.00 target price on the stock. Barclays lifted their price target on Elevance Health from $611.00 to $622.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Raymond James set a $485.00 price target on Elevance Health in a report on Friday. Truist Financial reiterated a “buy” rating and set a $520.00 price target (down previously from $620.00) on shares of Elevance Health in a report on Friday, October 18th. Finally, Argus cut Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $557.20.

Elevance Health Stock Performance

ELV opened at $419.84 on Monday. The business’s 50-day moving average price is $522.44 and its two-hundred day moving average price is $526.65. Elevance Health has a 1 year low of $397.98 and a 1 year high of $567.26. The company has a market capitalization of $97.58 billion, a price-to-earnings ratio of 15.87, a P/E/G ratio of 1.08 and a beta of 0.82. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.66 by ($1.29). The firm had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the prior year, the business earned $8.99 EPS. Equities analysts expect that Elevance Health will post 37.26 EPS for the current fiscal year.

Insider Buying and Selling at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the transaction, the executive vice president now owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the transaction, the director now directly owns 8,744 shares in the company, valued at $4,647,610.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elevance Health

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank & Trust Co acquired a new stake in shares of Elevance Health in the second quarter valued at about $27,000. Palisade Asset Management LLC acquired a new stake in Elevance Health during the first quarter worth about $28,000. Opal Wealth Advisors LLC acquired a new stake in Elevance Health during the second quarter worth about $28,000. Strategic Financial Concepts LLC acquired a new stake in Elevance Health during the second quarter worth about $30,000. Finally, Eastern Bank acquired a new stake in Elevance Health during the third quarter worth about $31,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

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.