Wells Fargo & Company Lowers Elevance Health (NYSE:ELV) Price Target to $400.00

Elevance Health (NYSE:ELV - Get Free Report) had its price objective decreased by analysts at Wells Fargo & Company from $478.00 to $400.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's price target would indicate a potential upside of 29.98% from the company's previous close.

Several other equities analysts have also recently weighed in on the stock. Barclays lowered their price objective on shares of Elevance Health from $480.00 to $434.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 9th. Sanford C. Bernstein reissued an "outperform" rating on shares of Elevance Health in a research report on Friday, March 28th. Guggenheim reissued a "buy" rating and set a $518.00 target price on shares of Elevance Health in a research report on Wednesday, April 23rd. UBS Group reissued a "buy" rating and set a $484.00 target price (down previously from $555.00) on shares of Elevance Health in a research report on Monday. Finally, Argus set a $465.00 target price on shares of Elevance Health in a research report on Friday, April 25th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Elevance Health has a consensus rating of "Moderate Buy" and a consensus target price of $481.87.

Elevance Health Price Performance

NYSE:ELV traded down $36.81 during midday trading on Tuesday, hitting $307.74. 3,194,677 shares of the stock were exchanged, compared to its average volume of 1,644,540. Elevance Health has a one year low of $297.56 and a one year high of $567.26. The company has a market capitalization of $69.53 billion, a price-to-earnings ratio of 11.92, a P/E/G ratio of 0.85 and a beta of 0.60. The business has a 50-day moving average price of $376.31 and a two-hundred day moving average price of $396.73. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.66.

Elevance Health (NYSE:ELV - Get Free Report) last announced its earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing the consensus estimate of $9.30 by ($0.46). The firm had revenue of $49.42 billion for the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a return on equity of 18.61% and a net margin of 3.23%. Elevance Health's revenue for the quarter was up 14.3% on a year-over-year basis. During the same period in the previous year, the firm earned $10.12 EPS. Sell-side analysts predict that Elevance Health will post 33.96 EPS for the current year.

Insiders Place Their Bets

In other Elevance Health news, CFO Mark Kaye sold 4,588 shares of the company's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the sale, the chief financial officer directly owned 18,977 shares of the company's stock, valued at approximately $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.29% of the company's stock.

Institutional Trading of Elevance Health

Several large investors have recently added to or reduced their stakes in the company. Private Wealth Management Group LLC lifted its position in shares of Elevance Health by 152.0% during the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after purchasing an additional 38 shares in the last quarter. Accredited Wealth Management LLC acquired a new position in shares of Elevance Health during the fourth quarter worth approximately $25,000. WPG Advisers LLC acquired a new position in shares of Elevance Health during the first quarter worth approximately $29,000. Flagship Wealth Advisors LLC acquired a new position in shares of Elevance Health during the fourth quarter worth approximately $26,000. Finally, Riverview Trust Co lifted its position in shares of Elevance Health by 1,340.0% during the first quarter. Riverview Trust Co now owns 72 shares of the company's stock worth $31,000 after purchasing an additional 67 shares in the last quarter. 89.24% of the stock is owned by institutional investors.

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.