Elevance Health (NYSE:ELV) Price Target Raised to $380.00

Key Points

• Elevance Health has had its price target raised by analysts at TD Cowen from $330.00 to $380.00, indicating a potential upside of 10.97% from its current trading price.
• Despite this positive outlook from some analysts, the stock recently traded down 0.8%, reaching $342.43 during trading hours this Thursday.
• The company reported a net margin of 2.84% and a year-over-year revenue increase of 12%, with earnings per share of $6.03, exceeding analysts' consensus estimates.

Elevance Health (NYSE:ELV - Get Free Report) had its price objective upped by analysts at TD Cowen from $330.00 to $380.00 in a report released on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. TD Cowen's target price would suggest a potential upside of 10.97% from the stock's current price.

A number of other analysts have also commented on ELV. UBS Group cut their price objective on shares of Elevance Health from $435.00 to $425.00 and set a "buy" rating on the stock in a research report on Friday, September 5th. JPMorgan Chase & Co. cut their price target on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 22nd. Guggenheim raised their price objective on Elevance Health from $360.00 to $398.00 and gave the company a "buy" rating in a report on Wednesday, October 8th. Wells Fargo & Company reduced their price target on Elevance Health from $412.00 to $403.00 and set an "overweight" rating for the company in a research report on Wednesday. Finally, Morgan Stanley increased their price objective on Elevance Health from $316.00 to $359.00 and gave the company an "equal weight" rating in a report on Tuesday, October 14th. Eleven investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $397.89.

Elevance Health Stock Down 0.8%

NYSE ELV traded down $2.78 during trading hours on Thursday, reaching $342.43. 1,132,337 shares of the company's stock were exchanged, compared to its average volume of 1,973,010. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The company has a market capitalization of $77.11 billion, a price-to-earnings ratio of 14.01, a price-to-earnings-growth ratio of 1.28 and a beta of 0.59. The company's 50-day moving average is $325.40 and its two-hundred day moving average is $354.52. Elevance Health has a one year low of $273.71 and a one year high of $458.75.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.03 by $1.00. The company had revenue of $50.09 billion during the quarter, compared to the consensus estimate of $49.26 billion. Elevance Health had a net margin of 2.84% and a return on equity of 16.31%. The firm's revenue was up 12.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $8.37 earnings per share. On average, analysts forecast that Elevance Health will post 33.96 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Susan D. Devore purchased 1,200 shares of Elevance Health stock in a transaction dated Tuesday, August 19th. The shares were bought at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the purchase, the director owned 3,502 shares in the company, valued at approximately $1,093,149.30. This trade represents a 52.13% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.29% of the company's stock.

Hedge Funds Weigh In On Elevance Health

Several large investors have recently bought and sold shares of the company. Private Wealth Management Group LLC grew its stake in shares of Elevance Health by 152.0% in 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 during the last quarter. WPG Advisers LLC acquired a new stake in shares of Elevance Health during the first quarter worth $29,000. Vermillion & White Wealth Management Group LLC lifted its holdings in Elevance Health by 94.9% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 76 shares of the company's stock valued at $30,000 after buying an additional 37 shares during the period. BOK Financial Private Wealth Inc. bought a new stake in Elevance Health during the second quarter valued at $32,000. Finally, Motco lifted its stake in shares of Elevance Health by 334.8% in the 3rd quarter. Motco now owns 100 shares of the company's stock valued at $32,000 after purchasing an additional 77 shares during the period. 89.24% of the stock is currently owned by institutional investors.

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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