Barclays Lowers Elevance Health (NYSE:ELV) Price Target to $385.00

Key Points

• Barclays has lowered its price target for Elevance Health from $395.00 to $385.00, while maintaining an "overweight" rating, indicating a potential upside of 9.76% from the stock's previous close.
• In addition to Barclays, other firms like JPMorgan and Mizuho have also adjusted their ratings and targets, contributing to a consensus rating of "Moderate Buy" with an average target price of $399.47.
• Elevance Health reported a quarterly EPS of $6.03, exceeding analysts' estimates, with a revenue of $50.09 billion, reflecting a year-over-year revenue growth of 12.0%.

Elevance Health (NYSE:ELV - Get Free Report) had its target price dropped by stock analysts at Barclays from $395.00 to $385.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Barclays's target price points to a potential upside of 9.76% from the company's previous close.

A number of other equities research analysts have also recently commented on ELV. JPMorgan Chase & Co. cut their price target on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a report on Tuesday, July 22nd. Mizuho increased their price target on shares of Elevance Health from $342.00 to $420.00 and gave the company an "outperform" rating in a report on Thursday, October 9th. The Goldman Sachs Group began coverage on shares of Elevance Health in a research report on Tuesday, October 14th. They set a "neutral" rating and a $343.00 price objective on the stock. Guggenheim increased their price objective on shares of Elevance Health from $360.00 to $398.00 and gave the company a "buy" rating in a research report on Wednesday, October 8th. Finally, Wells Fargo & Company increased their price objective on shares of Elevance Health from $330.00 to $412.00 and gave the company an "overweight" rating in a research report on Tuesday, October 7th. Ten analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $399.47.

Elevance Health Trading Down 0.9%

NYSE:ELV opened at $350.77 on Wednesday. The company's 50 day moving average price is $324.38 and its 200-day moving average price is $354.59. Elevance Health has a 52 week low of $273.71 and a 52 week high of $458.75. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. The stock has a market cap of $78.99 billion, a price-to-earnings ratio of 14.93, a PEG ratio of 1.29 and a beta of 0.59.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 EPS for the quarter, beating analysts' consensus estimates of $5.03 by $1.00. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm had revenue of $50.09 billion for the quarter, compared to analysts' expectations of $49.26 billion. During the same quarter in the prior year, the company posted $8.37 earnings per share. The business's revenue for the quarter was up 12.0% on a year-over-year basis. On average, equities research analysts forecast that Elevance Health will post 33.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Elevance Health news, Director Susan D. Devore purchased 1,200 shares of the firm's stock in a transaction on Tuesday, August 19th. The shares were acquired at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the transaction, the director owned 3,502 shares of the company's stock, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.29% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ELV. Norges Bank bought a new position in Elevance Health in the second quarter worth approximately $1,148,379,000. Nuveen LLC bought a new position in Elevance Health in the first quarter worth approximately $789,943,000. Sanders Capital LLC raised its position in Elevance Health by 24.7% in the second quarter. Sanders Capital LLC now owns 5,825,208 shares of the company's stock worth $2,265,773,000 after acquiring an additional 1,152,440 shares during the period. Beutel Goodman & Co Ltd. bought a new position in Elevance Health in the second quarter worth approximately $293,141,000. Finally, Vanguard Group Inc. raised its position in Elevance Health by 3.2% in the second quarter. Vanguard Group Inc. now owns 22,856,898 shares of the company's stock worth $8,890,419,000 after acquiring an additional 704,790 shares during the period. 89.24% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.