Elevance Health (NYSE:ELV) Price Target Raised to $370.00

Key Points

• Bank of America raised its price target for Elevance Health from $330.00 to $370.00, suggesting a potential upside of 3.69% from the company's previous close.
• Despite the price target increase, various research firms, including Wall Street Zen and Robert W. Baird, have issued mixed ratings on the stock, with some shifting from "buy" to "hold" ratings.
• Shares of Elevance Health recently traded down, reflecting a 0.4% decrease in value during midday trading, with the stock price at $356.82.

Elevance Health (NYSE:ELV - Get Free Report) had its price target upped by stock analysts at Bank of America from $330.00 to $370.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Bank of America's price target suggests a potential upside of 3.69% from the company's previous close.

A number of other research firms have also recently issued reports on ELV. Wall Street Zen cut shares of Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. UBS Group reduced their target price on shares of Elevance Health from $435.00 to $425.00 and set a "buy" rating for the company in a report on Friday, September 5th. Robert W. Baird reduced their target price on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a report on Friday, July 25th. Leerink Partnrs cut Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. Finally, Barclays lifted their price target on Elevance Health from $373.00 to $395.00 and gave the company an "overweight" rating in a research report on Thursday. Twelve analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $412.00.

Elevance Health Stock Down 0.4%

Shares of ELV stock traded down $1.31 during mid-day trading on Friday, hitting $356.82. The stock had a trading volume of 554,918 shares, compared to its average volume of 1,968,795. The firm's 50-day moving average is $313.51 and its two-hundred day moving average is $359.66. Elevance Health has a 12-month low of $273.71 and a 12-month high of $510.24. The firm has a market capitalization of $80.35 billion, a P/E ratio of 15.17, a price-to-earnings-growth ratio of 1.32 and a beta of 0.59. 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 (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing the consensus estimate of $9.30 by ($0.46). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The business had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. During the same period in the previous year, the company posted $10.12 EPS. Elevance Health's revenue for the quarter was up 14.3% on a year-over-year basis. On average, analysts predict that Elevance Health will post 33.96 earnings per share for the current fiscal year.

Insider Transactions at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux acquired 8,500 shares of the company's stock in a transaction dated Friday, July 18th. The stock was acquired at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the purchase, the chief executive officer directly owned 151,020 shares in the company, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Susan D. Devore acquired 1,200 shares of the company's stock in a transaction dated Tuesday, August 19th. The shares were acquired at an average cost of $312.15 per share, with a total value of $374,580.00. Following the completion of the purchase, the director owned 3,502 shares in the company, valued at approximately $1,093,149.30. This represents a 52.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by corporate insiders.

Institutional Trading of Elevance Health

Several hedge funds and other institutional investors have recently bought and sold shares of ELV. CWA Asset Management Group LLC purchased a new stake in shares of Elevance Health during the 1st quarter worth about $299,000. Focus Partners Wealth lifted its position in shares of Elevance Health by 4.6% during the first quarter. Focus Partners Wealth now owns 22,446 shares of the company's stock worth $9,764,000 after purchasing an additional 982 shares during the last quarter. Dynamic Advisor Solutions LLC lifted its stake in Elevance Health by 11.3% during the second quarter. Dynamic Advisor Solutions LLC now owns 8,034 shares of the company's stock worth $3,125,000 after purchasing an additional 817 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Elevance Health by 88.1% in the first quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock worth $1,475,000 after acquiring an additional 1,588 shares during the last quarter. Finally, Asio Capital LLC lifted its holdings in Elevance Health by 7.1% in the second quarter. Asio Capital LLC now owns 15,371 shares of the company's stock worth $5,979,000 after acquiring an additional 1,015 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other 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.

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