Elevance Health's (ELV) "Market Perform" Rating Reaffirmed at Leerink Partners

Elevance Health (NYSE:ELV - Get Free Report)'s stock had its "market perform" rating reissued by investment analysts at Leerink Partners in a report issued on Friday, Marketbeat reports. They presently have a $310.00 target price on the stock, down from their previous target price of $510.00. Leerink Partners' price target would indicate a potential upside of 8.71% from the stock's previous close.

Several other equities analysts have also recently weighed in on ELV. Wall Street Zen raised Elevance Health from a "hold" rating to a "buy" rating in a report on Thursday, March 20th. Morgan Stanley decreased their price target on Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a research note on Friday. Wells Fargo & Company decreased their price target on Elevance Health from $478.00 to $400.00 and set an "overweight" rating on the stock in a research note on Tuesday. Barclays decreased their price target on Elevance Health from $480.00 to $434.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 9th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $478.00 price target on shares of Elevance Health in a research note on Wednesday, June 4th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Elevance Health has a consensus rating of "Moderate Buy" and an average target price of $456.44.

Elevance Health Stock Performance

NYSE:ELV traded down $17.30 during mid-day trading on Friday, hitting $285.16. 619,345 shares of the stock were exchanged, compared to its average volume of 1,647,530. The stock has a market capitalization of $64.43 billion, a price-to-earnings ratio of 11.10, a price-to-earnings-growth ratio of 0.88 and a beta of 0.60. The firm's 50-day simple moving average is $374.07 and its 200 day simple moving average is $396.26. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.43 and a current ratio of 1.43. Elevance Health has a fifty-two week low of $283.36 and a fifty-two week high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last released 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). The firm had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. Elevance Health had a return on equity of 18.61% and a net margin of 3.23%. The business's revenue for the quarter was up 14.3% on a year-over-year basis. During the same period in the previous year, the business posted $10.12 earnings per share. As a group, equities analysts anticipate that Elevance Health will post 33.96 EPS for the current fiscal year.

Insider Buying and Selling at Elevance Health

In other news, CFO Mark Kaye sold 4,588 shares of the firm's stock in a transaction that occurred 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 transaction, the chief financial officer owned 18,977 shares in the company, valued at $8,061,809.14. This trade represents a 19.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is owned by corporate insiders.

Institutional Trading of Elevance Health

A number of hedge funds have recently bought and sold shares of ELV. CIBC Private Wealth Group LLC grew its stake in shares of Elevance Health by 82.9% during the 4th quarter. CIBC Private Wealth Group LLC now owns 720,367 shares of the company's stock worth $276,073,000 after acquiring an additional 326,543 shares during the period. CWA Asset Management Group LLC bought a new position in shares of Elevance Health during the 1st quarter worth $299,000. GAMMA Investing LLC lifted its stake in shares of Elevance Health by 88.1% during the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock valued at $1,475,000 after buying an additional 1,588 shares in the last quarter. Ritholtz Wealth Management boosted its holdings in Elevance Health by 185.7% in the 1st quarter. Ritholtz Wealth Management now owns 3,083 shares of the company's stock worth $1,341,000 after buying an additional 2,004 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Elevance Health by 36.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company's stock worth $11,991,000 after buying an additional 7,410 shares during the period. 89.24% of the stock is currently 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.

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