Elevance Health (NYSE:ELV) Stock Price Expected to Rise, Guggenheim Analyst Says

Key Points

• Guggenheim raised Elevance Health’s price target to $460 from $455 and maintained a “buy” rating, implying 11.51% upside from the prior close.
• Analyst sentiment is broadly positive: 15 analysts rate the stock a Buy and eight rate it a Hold, producing a consensus “Moderate Buy” rating and $441.71 price target.
• Elevance Health exceeded quarterly expectations, reporting $7.45 in EPS versus the $6.21 consensus estimate and $49.83 billion in revenue; institutional investors own 89.24% of the company.

Elevance Health (NYSE:ELV - Get Free Report) had its price target hoisted by research analysts at Guggenheim from $455.00 to $460.00 in a research note issued on Monday, Benzinga reports. The firm currently has a "buy" rating on the stock. Guggenheim's price target points to a potential upside of 11.51% from the company's previous close.

Other analysts have also recently issued reports about the company. Barclays upped their price objective on Elevance Health from $457.00 to $469.00 and gave the stock an "overweight" rating in a report on Wednesday. Leerink Partners raised their target price on shares of Elevance Health from $364.00 to $395.00 and gave the company a "market perform" rating in a report on Friday, July 17th. Robert W. Baird raised their target price on shares of Elevance Health from $331.00 to $393.00 and gave the company a "neutral" rating in a report on Thursday, July 16th. Weiss Ratings restated a "hold (c)" rating on shares of Elevance Health in a research report on Thursday, August 13th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and set a $395.00 price target on shares of Elevance Health in a research note on Thursday, July 16th. Fifteen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, Elevance Health presently has a consensus rating of "Moderate Buy" and a consensus price target of $441.71.

Elevance Health Trading Down 0.0%

Shares of Elevance Health stock opened at $412.51 on Monday. The firm has a market cap of $89.46 billion, a price-to-earnings ratio of 18.33, a PEG ratio of 2.14 and a beta of 0.70. The business has a 50-day moving average price of $400.27 and a 200-day moving average price of $381.82. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. Elevance Health has a twelve month low of $274.84 and a twelve month high of $436.24.

Elevance Health (NYSE:ELV - Get Free Report) last issued its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%. The firm had revenue of $49.83 billion for the quarter, compared to analysts' expectations of $48.88 billion. During the same period in the previous year, the firm posted $8.84 earnings per share. The business's revenue was up .8% compared to the same quarter last year. Equities research analysts anticipate that Elevance Health will post 27.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Field & Main Bank boosted its holdings in Elevance Health by 1.3% in the second quarter. Field & Main Bank now owns 1,883 shares of the company's stock valued at $728,000 after purchasing an additional 25 shares during the last quarter. Tranquilli Financial Advisor LLC grew its position in Elevance Health by 1.3% during the 2nd quarter. Tranquilli Financial Advisor LLC now owns 2,081 shares of the company's stock worth $805,000 after purchasing an additional 26 shares during the period. WealthCollab LLC raised its stake in shares of Elevance Health by 42.2% during the 1st quarter. WealthCollab LLC now owns 91 shares of the company's stock valued at $27,000 after buying an additional 27 shares during the last quarter. Signet Financial Management LLC raised its stake in shares of Elevance Health by 3.5% during the 1st quarter. Signet Financial Management LLC now owns 837 shares of the company's stock valued at $245,000 after buying an additional 28 shares during the last quarter. Finally, Cornerstone Financial Management LLC lifted its holdings in shares of Elevance Health by 12.0% in the 2nd quarter. Cornerstone Financial Management LLC now owns 270 shares of the company's stock valued at $104,000 after buying an additional 29 shares during the period. Institutional investors own 89.24% of the company's stock.

Elevance Health Company Profile

Elevance Health, Inc NYSE: ELV is a health benefits and services company that provides health insurance, managed care and related healthcare solutions in the United States. Its offerings serve individuals, employers, government-sponsored programs and other organizations across commercial, Medicare and Medicaid markets.

The company operates a portfolio of health plans, including Blue Cross Blue Shield-affiliated plans in several states, as well as government-focused plans marketed under brands such as Wellpoint.

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