Elevance Health (NYSE:ELV) Price Target Cut to $485.00

Elevance Health (NYSE:ELV) had its price target dropped by research analysts at Cantor Fitzgerald from $600.00 to $485.00 in a report released on Friday, Marketbeat Ratings reports. The firm presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 12.59% from the stock’s current price.

A number of other research firms have also recently commented on ELV. TD Cowen lowered their price target on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a report on Friday, July 19th. Morgan Stanley began coverage on Elevance Health in a research note on Monday, June 24th. They issued an “overweight” rating and a $643.00 target price on the stock. Stephens reiterated an “overweight” rating and set a $615.00 price target on shares of Elevance Health in a research note on Thursday, September 5th. Truist Financial lifted their price objective on Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Finally, Wells Fargo & Company cut their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Elevance Health presently has an average rating of “Moderate Buy” and an average price target of $572.27.

Elevance Health Stock Down 3.1 %

ELV stock opened at $430.77 on Friday. Elevance Health has a 1-year low of $397.98 and a 1-year high of $567.26. The stock has a market cap of $100.12 billion, a P/E ratio of 16.28, a P/E/G ratio of 1.08 and a beta of 0.82. The stock’s fifty day simple moving average is $526.74 and its two-hundred day simple moving average is $527.66. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58.

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

Insider Transactions at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the sale, the director now owns 8,744 shares in the company, valued at approximately $4,647,610.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 completion of the transaction, the executive vice president now directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,170 shares of company stock valued at $20,638,737. 0.35% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Elevance Health

Several institutional investors have recently modified their holdings of the company. New Mexico Educational Retirement Board boosted its stake in Elevance Health by 14.6% in the first quarter. New Mexico Educational Retirement Board now owns 14,146 shares of the company’s stock worth $6,949,000 after buying an additional 1,800 shares in the last quarter. Blair William & Co. IL boosted its stake in shares of Elevance Health by 119.7% in the 1st quarter. Blair William & Co. IL now owns 12,134 shares of the company’s stock valued at $6,292,000 after purchasing an additional 6,610 shares in the last quarter. AMI Investment Management Inc. bought a new position in shares of Elevance Health during the 3rd quarter valued at $1,294,000. Artemis Investment Management LLP raised its position in Elevance Health by 16.1% in the 1st quarter. Artemis Investment Management LLP now owns 83,757 shares of the company’s stock worth $43,422,000 after purchasing an additional 11,627 shares during the period. Finally, BDF Gestion bought a new stake in Elevance Health in the second quarter worth $5,837,000. 89.24% of the stock is currently owned by institutional investors.

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.