Elevance Health (NYSE:ELV) Price Target Cut to $434.00 by Analysts at Barclays

Elevance Health (NYSE:ELV - Get Free Report) had its price target dropped by equities researchers at Barclays from $480.00 to $434.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Barclays's price target points to a potential upside of 25.39% from the company's current price.

Several other equities research analysts have also issued reports on the stock. Guggenheim reiterated a "buy" rating and issued a $518.00 price target on shares of Elevance Health in a research note on Wednesday, April 23rd. Wall Street Zen raised shares of Elevance Health from a "hold" rating to a "buy" rating in a research note on Thursday, March 20th. Cantor Fitzgerald reissued an "overweight" rating and issued a $485.00 price objective on shares of Elevance Health in a research note on Wednesday, April 23rd. Argus set a $465.00 price target on shares of Elevance Health in a research report on Friday, April 25th. Finally, Robert W. Baird reiterated a "neutral" rating and set a $529.00 price objective (down from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $495.80.

Elevance Health Price Performance

Shares of NYSE ELV traded down $3.35 during mid-day trading on Wednesday, reaching $346.11. 1,820,575 shares of the company traded hands, compared to its average volume of 1,617,650. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.43 and a quick ratio of 1.43. The firm has a market cap of $78.20 billion, a PE ratio of 13.50, a price-to-earnings-growth ratio of 0.88 and a beta of 0.60. Elevance Health has a fifty-two week low of $342.86 and a fifty-two week high of $567.26. The stock has a fifty day simple moving average of $385.03 and a 200-day simple moving average of $398.16.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, beating analysts' consensus estimates of $10.60 by $1.37. The business had revenue of $48.77 billion for the quarter, compared to the consensus estimate of $46.26 billion. Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. Equities research analysts anticipate that Elevance Health will post 33.96 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the sale, the chief financial officer directly owned 18,977 shares in the company, valued at $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Elevance Health

A number of hedge funds and other institutional investors have recently bought and sold shares of ELV. Vanguard Group Inc. grew its stake in shares of Elevance Health by 3.1% during the first quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company's stock valued at $9,635,281,000 after buying an additional 666,534 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Elevance Health by 4.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,618,062 shares of the company's stock valued at $3,917,004,000 after purchasing an additional 464,137 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Elevance Health by 42.5% during the fourth quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company's stock valued at $2,344,556,000 after purchasing an additional 1,893,947 shares during the last quarter. Geode Capital Management LLC raised its holdings in Elevance Health by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 4,963,991 shares of the company's stock worth $1,826,447,000 after acquiring an additional 115,971 shares during the last quarter. Finally, Sanders Capital LLC raised its holdings in Elevance Health by 1.7% in the 4th quarter. Sanders Capital LLC now owns 4,686,154 shares of the company's stock worth $1,728,722,000 after acquiring an additional 76,896 shares during the last quarter. Institutional investors own 89.24% of the company's stock.

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.

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