Elevance Health (NYSE:ELV) Price Target Raised to $600.00

Elevance Health (NYSE:ELV) had its price objective lifted by research analysts at Wells Fargo & Company from $557.00 to $600.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 13.20% from the stock’s current price.

ELV has been the topic of a number of other reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $580.00 price target on shares of Elevance Health in a report on Wednesday, April 10th. Jefferies Financial Group upped their price target on Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a report on Friday. Barclays upped their price target on Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a research report on Friday. StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 25th. Finally, Royal Bank of Canada upped their price target on Elevance Health from $572.00 to $574.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $581.92.

Elevance Health Trading Up 0.9 %

Shares of ELV traded up $4.85 during mid-day trading on Friday, hitting $530.04. 225,837 shares of the company’s stock traded hands, compared to its average volume of 1,042,553. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.59. Elevance Health has a 1 year low of $412.00 and a 1 year high of $539.11. The firm has a market capitalization of $123.34 billion, a P/E ratio of 21.09, a PEG ratio of 1.12 and a beta of 0.78. The business’s 50-day moving average price is $508.63 and its 200-day moving average price is $482.59.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, beating the consensus estimate of $10.54 by $0.10. Elevance Health had a return on equity of 20.47% and a net margin of 3.49%. The company had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. During the same period in the previous year, the company posted $9.46 earnings per share. The firm’s revenue was up .9% on a year-over-year basis. As a group, sell-side analysts forecast that Elevance Health will post 37.03 EPS for the current fiscal year.

Insider Activity

In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the transaction, the director now directly owns 9,109 shares in the company, valued at approximately $4,554,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.35% of the company’s stock.

Institutional Trading of Elevance Health

Institutional investors have recently made changes to their positions in the business. Sanders Capital LLC lifted its position in Elevance Health by 4.6% during the 4th quarter. Sanders Capital LLC now owns 4,457,986 shares of the company’s stock worth $2,102,208,000 after acquiring an additional 196,010 shares during the period. Capital International Investors boosted its position in shares of Elevance Health by 7.9% during the fourth quarter. Capital International Investors now owns 3,374,709 shares of the company’s stock worth $1,591,237,000 after buying an additional 248,150 shares during the period. Alliancebernstein L.P. boosted its position in shares of Elevance Health by 13.1% during the second quarter. Alliancebernstein L.P. now owns 3,214,663 shares of the company’s stock worth $1,428,243,000 after buying an additional 372,937 shares during the period. Nuveen Asset Management LLC boosted its position in shares of Elevance Health by 1.8% during the second quarter. Nuveen Asset Management LLC now owns 3,143,404 shares of the company’s stock worth $1,396,583,000 after buying an additional 56,204 shares during the period. Finally, Baillie Gifford & Co. boosted its position in shares of Elevance Health by 0.9% during the fourth quarter. Baillie Gifford & Co. now owns 3,087,904 shares of the company’s stock worth $1,456,132,000 after buying an additional 27,986 shares during the period. Institutional investors and hedge funds own 89.24% of the company’s stock.

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.