Morgan Stanley Initiates Coverage on Elevance Health (NYSE:ELV)

Stock analysts at Morgan Stanley began coverage on shares of Elevance Health (NYSE:ELV) in a note issued to investors on Monday, Marketbeat reports. The brokerage set an “overweight” rating and a $643.00 price target on the stock. Morgan Stanley’s price target would indicate a potential upside of 20.12% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Bank of America raised their price target on Elevance Health from $621.00 to $646.00 and gave the stock a “buy” rating in a report on Tuesday, June 4th. Mizuho raised their price target on Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. JPMorgan Chase & Co. raised their price target on Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. Wells Fargo & Company raised their price target on Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Finally, Jefferies Financial Group raised their price target on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a report on Friday, April 19th. One investment analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $611.36.

Elevance Health Price Performance

Shares of ELV stock opened at $535.29 on Monday. Elevance Health has a 1-year low of $412.00 and a 1-year high of $550.34. The stock’s 50-day moving average is $533.44 and its 200 day moving average is $507.84. The company has a market cap of $124.41 billion, a P/E ratio of 20.23, a PEG ratio of 1.18 and a beta of 0.83. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The company had revenue of $42.27 billion for the quarter, compared to the consensus estimate of $42.49 billion. During the same quarter last year, the company earned $9.46 earnings per share. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. Research analysts predict that Elevance Health will post 37.2 earnings per share for the current fiscal year.

Insider Activity at Elevance Health

In related news, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the completion of the transaction, the executive vice president now directly owns 31,460 shares in the company, valued at $16,791,460.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.29% of the stock is owned by company insiders.

Institutional Trading of Elevance Health

Institutional investors have recently bought and sold shares of the business. Palisade Asset Management LLC acquired a new stake in Elevance Health in the first quarter valued at approximately $28,000. Pin Oak Investment Advisors Inc. acquired a new stake in Elevance Health in the fourth quarter valued at approximately $28,000. Register Financial Advisors LLC acquired a new stake in Elevance Health in the first quarter valued at approximately $32,000. Alaska Permanent Fund Corp acquired a new stake in shares of Elevance Health in the fourth quarter worth approximately $31,000. Finally, Beaird Harris Wealth Management LLC acquired a new stake in shares of Elevance Health in the fourth quarter worth approximately $32,000. 89.24% of the stock is 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.