Elevance Health (NYSE:ELV) Price Target Cut to $330.00 by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo & Company has reduced Elevance Health's price target from $400.00 to $330.00 while maintaining an "overweight" rating, indicating a potential price increase of 11.73% from its current levels.
• Analysts have varied opinions on Elevance Health, with some downgrading ratings and others maintaining higher price targets, contributing to a consensus rating of "Moderate Buy" with an average price target of $413.81.
• Elevance Health reported a quarterly earnings miss of $8.84 per share, below the consensus estimate of $9.30, despite a revenue growth of 14.3% year-over-year, totaling $49.42 billion.

Elevance Health (NYSE:ELV - Get Free Report) had its price target lowered by stock analysts at Wells Fargo & Company from $400.00 to $330.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's target price indicates a potential upside of 5.57% from the stock's current price.

A number of other research analysts have also issued reports on ELV. Leerink Partners reaffirmed a "market perform" rating and set a $310.00 target price (down from $510.00) on shares of Elevance Health in a report on Friday, July 18th. Argus reaffirmed a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Truist Financial lowered their target price on Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Leerink Partnrs lowered Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $485.00 price target on shares of Elevance Health in a research report on Wednesday, April 23rd. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $413.81.

Elevance Health Stock Performance

Shares of ELV traded up $0.58 during trading hours on Friday, reaching $312.58. 819,796 shares of the company's stock traded hands, compared to its average volume of 1,967,718. The firm has a market capitalization of $70.39 billion, a price-to-earnings ratio of 13.32, a P/E/G ratio of 1.13 and a beta of 0.58. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. Elevance Health has a twelve month low of $273.71 and a twelve month high of $567.26. The business's fifty day simple moving average is $328.49 and its two-hundred day simple moving average is $380.45.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The firm had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.Elevance Health's revenue was up 14.3% on a year-over-year basis. During the same period in the previous year, the firm earned $10.12 earnings per share. Analysts predict that Elevance Health will post 33.96 earnings per share for the current year.

Insider Buying and Selling

In other Elevance Health news, CEO Gail Boudreaux acquired 8,500 shares of the firm's stock in a transaction on Friday, July 18th. The stock was purchased at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the transaction, the chief executive officer owned 151,020 shares of the company's stock, valued at $43,333,678.80. The trade was a 5.96% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.29% of the company's stock.

Institutional Investors Weigh In On Elevance Health

A number of institutional investors have recently bought and sold shares of the business. Milestone Asset Management LLC increased its position in shares of Elevance Health by 2.2% during the first quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock valued at $488,000 after purchasing an additional 24 shares during the period. GLOBALT Investments LLC GA boosted its stake in Elevance Health by 0.4% in the 1st quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company's stock valued at $2,743,000 after buying an additional 24 shares in the last quarter. Elser Financial Planning Inc boosted its stake in Elevance Health by 3.0% in the 1st quarter. Elser Financial Planning Inc now owns 882 shares of the company's stock valued at $384,000 after buying an additional 26 shares in the last quarter. Checchi Capital Advisers LLC boosted its stake in Elevance Health by 1.0% in the 1st quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company's stock valued at $1,190,000 after buying an additional 27 shares in the last quarter. Finally, Hemington Wealth Management boosted its stake in Elevance Health by 13.3% in the 1st quarter. Hemington Wealth Management now owns 230 shares of the company's stock valued at $100,000 after buying an additional 27 shares in the last quarter. 89.24% of the stock is currently 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.