Guggenheim Cuts Elevance Health (NYSE:ELV) Price Target to $360.00

Elevance Health (NYSE:ELV - Get Free Report) had its target price lowered by research analysts at Guggenheim from $447.00 to $360.00 in a research note issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Guggenheim's target price points to a potential upside of 24.72% from the company's current price.

ELV has been the subject of a number of other reports. Baird R W cut shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Truist Financial reduced their price objective on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a report on Wednesday. Wall Street Zen upgraded shares of Elevance Health from a "hold" rating to a "buy" rating in a report on Thursday, March 20th. Wells Fargo & Company reduced their price objective on shares of Elevance Health from $478.00 to $400.00 and set an "overweight" rating for the company in a report on Tuesday. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $478.00 price objective on shares of Elevance Health in a report on Wednesday, June 4th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $446.56.

Elevance Health Trading Down 4.6%

NYSE ELV traded down $13.80 during trading hours on Friday, hitting $288.65. 1,407,361 shares of the company's stock were exchanged, compared to its average volume of 1,650,802. The stock has a 50-day simple moving average of $374.07 and a 200 day simple moving average of $396.26. Elevance Health has a 1-year low of $279.74 and a 1-year high of $567.26. The firm has a market cap of $65.21 billion, a price-to-earnings ratio of 11.15, a PEG ratio of 0.88 and a beta of 0.60. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.66.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing the consensus estimate of $9.30 by ($0.46). The business 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 company's revenue for the quarter was up 14.3% on a year-over-year basis. During the same period in the prior year, the business earned $10.12 EPS. On average, equities analysts forecast that Elevance Health will post 33.96 EPS for the current fiscal year.

Insider Activity

In other news, CFO Mark Kaye sold 4,588 shares of the business's stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $424.82, for a total value of $1,949,074.16. Following the sale, the chief financial officer 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.29% of the stock is currently owned by company insiders.

Institutional Trading of Elevance Health

Hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank purchased a new position in Elevance Health during the fourth quarter valued at approximately $1,135,014,000. Wellington Management Group LLP grew its stake in 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 acquiring an additional 1,893,947 shares in the last quarter. Nuveen LLC purchased a new position in Elevance Health during the first quarter valued at approximately $789,943,000. GAMMA Investing LLC grew its stake in Elevance Health by 81,726.5% during the first quarter. GAMMA Investing LLC now owns 1,474,514 shares of the company's stock valued at $641,355,000 after acquiring an additional 1,472,712 shares in the last quarter. Finally, Orion Portfolio Solutions LLC grew its stake in Elevance Health by 6,817.8% during the fourth quarter. Orion Portfolio Solutions LLC now owns 908,795 shares of the company's stock valued at $335,254,000 after acquiring an additional 895,658 shares in the last quarter. Institutional investors own 89.24% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.