Barclays Has Lowered Expectations for Elevance Health (NYSE:ELV) Stock Price

Elevance Health (NYSE:ELV - Get Free Report) had its target price cut by analysts at Barclays from $434.00 to $358.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Barclays's price objective indicates a potential upside of 29.30% from the company's current price.

A number of other research analysts have also recently commented on ELV. Morgan Stanley reduced their price objective on Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a research note on Friday. Baird R W cut Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Guggenheim reduced their price objective on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a research note on Friday. Truist Financial reduced their price objective on Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a research note on Wednesday. Finally, Mizuho boosted their price objective on Elevance Health from $455.00 to $505.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 9th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $441.81.

Elevance Health Trading Down 8.5%

Elevance Health stock traded down $25.58 during midday trading on Friday, reaching $276.87. The stock had a trading volume of 8,379,827 shares, compared to its average volume of 1,670,815. Elevance Health has a twelve month low of $276.57 and a twelve month high of $567.26. The stock has a market capitalization of $62.55 billion, a PE ratio of 11.78, a price-to-earnings-growth ratio of 0.88 and a beta of 0.60. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.43 and a current ratio of 1.44. The stock's 50-day simple moving average is $371.52 and its 200 day simple moving average is $395.63.

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

Insider Activity

In related news, CFO Mark Kaye sold 4,588 shares of the business's stock in a transaction dated 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 of the company's stock, valued at $8,061,809.14. The trade was a 19.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Gail Boudreaux bought 8,500 shares of the firm's stock in a transaction on Friday, July 18th. The stock was bought at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the purchase, the chief executive officer owned 151,020 shares of the company's stock, valued at $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.29% of the stock is owned by insiders.

Hedge Funds Weigh In On Elevance Health

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

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.