Elevance Health (NYSE:ELV) Price Target Lowered to $484.00 at TD Cowen

Elevance Health (NYSE:ELV) had its price target reduced by stock analysts at TD Cowen from $589.00 to $484.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s target price indicates a potential upside of 12.56% from the company’s previous close.

A number of other brokerages have also commented on ELV. Wells Fargo & Company restated a “buy” rating on shares of Elevance Health in a research note on Friday. UBS Group dropped their price objective on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a research note on Friday. Stephens reiterated an “underperform” rating on shares of Elevance Health in a research report on Friday. Morgan Stanley assumed coverage on shares of Elevance Health in a research report on Monday, June 24th. They issued an “overweight” rating and a $643.00 price target for the company. Finally, Barclays lifted their price objective on Elevance Health from $611.00 to $622.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $565.27.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $430.01 on Monday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. The business has a 50 day moving average price of $526.74 and a 200 day moving average price of $527.81. The company has a market cap of $99.94 billion, a price-to-earnings ratio of 16.25, a PEG ratio of 1.08 and a beta of 0.82. Elevance Health has a twelve month low of $397.98 and a twelve month high of $567.26.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data 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 business had revenue of $44.72 billion during 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%. The firm’s revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the company posted $8.99 earnings per share. Research analysts predict that Elevance Health will post 37.26 earnings per share for the current year.

Insider Activity

In related news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares in the company, valued at $4,647,610.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction on Friday, October 18th. The shares were 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the company’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 of the company’s stock, valued at $4,647,610.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is owned by insiders.

Institutional Investors Weigh In On Elevance Health

Institutional investors have recently made changes to their positions in the stock. Ameriprise Financial Inc. boosted its holdings in Elevance Health by 5.3% during the second quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock worth $2,054,641,000 after buying an additional 190,118 shares during the last quarter. Capital International Investors raised its position in shares of Elevance Health by 3.7% in the 1st quarter. Capital International Investors now owns 3,498,511 shares of the company’s stock valued at $1,814,118,000 after acquiring an additional 123,802 shares during the period. Legal & General Group Plc boosted its stake in Elevance Health by 2.9% during the 2nd quarter. Legal & General Group Plc now owns 2,247,091 shares of the company’s stock worth $1,217,607,000 after acquiring an additional 64,376 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Elevance Health by 34.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock valued at $1,117,698,000 after purchasing an additional 523,910 shares during the period. Finally, First Eagle Investment Management LLC raised its holdings in Elevance Health by 15.5% in the second quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock worth $1,115,301,000 after purchasing an additional 275,708 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.