Elevance Health (NYSE:ELV) Stock Price Target Raised at TD Cowen

Key Points

• TD Cowen raised Elevance Health’s price target from $465 to $495 while maintaining a “buy” rating, implying 11.02% upside from the reported price.
• Analyst sentiment remains positive, with 15 buy ratings and eight hold ratings; the stock has a “Moderate Buy” consensus and an average price target of $451.71.
• Elevance Health exceeded quarterly expectations, reporting $6.99 EPS versus the $4.71 consensus and revenue of $50.44 billion, up 0.7% year over year.

Elevance Health (NYSE:ELV - Get Free Report) had its target price boosted by stock analysts at TD Cowen from $465.00 to $495.00 in a research note issued on Friday, Benzinga reports. The firm currently has a "buy" rating on the stock. TD Cowen's target price would indicate a potential upside of 11.02% from the company's current price.

A number of other research analysts also recently weighed in on ELV. Truist Financial upped their target price on Elevance Health from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Barclays raised their target price on Elevance Health from $469.00 to $472.00 and gave the company an "overweight" rating in a research note on Thursday. UBS Group lifted their price target on Elevance Health from $460.00 to $523.00 and gave the company a "buy" rating in a research report on Thursday. Guggenheim increased their price objective on Elevance Health from $460.00 to $485.00 and gave the stock a "buy" rating in a report on Thursday. Finally, Sanford C. Bernstein set a $488.00 price objective on Elevance Health in a research report on Thursday, July 16th. Fifteen research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $451.71.

Elevance Health Trading Up 2.7%

Shares of ELV opened at $445.85 on Friday. The firm's 50-day moving average price is $407.53 and its 200-day moving average price is $390.54. The firm has a market capitalization of $96.69 billion, a price-to-earnings ratio of 19.82, a PEG ratio of 2.12 and a beta of 0.70. The company has a current ratio of 1.47, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. Elevance Health has a 1-year low of $274.84 and a 1-year high of $450.69.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Wednesday, October 21st. The company reported $6.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.71 by $2.28. Elevance Health had a net margin of 2.55% and a return on equity of 14.97%. The company had revenue of $50.44 billion for the quarter, compared to analysts' expectations of $49.28 billion. During the same quarter in the previous year, the company earned $6.03 earnings per share. Elevance Health's quarterly revenue was up .7% on a year-over-year basis. Sell-side analysts anticipate that Elevance Health will post 29.00 EPS for the current year.

Institutional Investors Weigh In On Elevance Health

A number of institutional investors have recently made changes to their positions in ELV. Activest Wealth Management raised its holdings in Elevance Health by 146.2% in the 3rd quarter. Activest Wealth Management now owns 64 shares of the company's stock worth $25,000 after acquiring an additional 38 shares during the last quarter. Kilter Group LLC bought a new position in Elevance Health in the 2nd quarter valued at approximately $28,000. WealthCollab LLC boosted its stake in 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 purchasing an additional 27 shares during the last quarter. Elevation Wealth Partners LLC boosted its stake in Elevance Health by 600.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 105 shares of the company's stock valued at $41,000 after purchasing an additional 90 shares during the last quarter. Finally, Tacita Capital Inc bought a new stake in shares of Elevance Health in the 2nd quarter worth $44,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Company Profile

Elevance Health, Inc NYSE: ELV is a diversified health benefits company that provides health insurance and related services in the United States. Its offerings serve employers, individuals and families, as well as members of government-sponsored programs, including Medicare and Medicaid. The company provides medical, pharmacy, behavioral health and other benefits through a range of health plans and specialty products.

Elevance Health operates its health benefits businesses through a portfolio that includes Blue Cross and Blue Shield-affiliated plans and other insurance offerings.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.