Elevance Health (NYSE:ELV) PT Raised to $575.00 at Royal Bank of Canada

Elevance Health (NYSE:ELV - Get Free Report) had its price objective increased by analysts at Royal Bank of Canada from $574.00 to $575.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank of Canada's price objective would suggest a potential upside of 8.17% from the company's current price.

Several other equities research analysts have also recently commented on the company. Cantor Fitzgerald restated an "overweight" rating and set a $580.00 price target on shares of Elevance Health in a research note on Wednesday, April 10th. StockNews.com downgraded shares of Elevance Health from a "strong-buy" rating to a "buy" rating in a report on Thursday, January 25th. UBS Group increased their price target on shares of Elevance Health from $585.00 to $605.00 and gave the stock a "buy" rating in a report on Friday. Barclays increased their target price on Elevance Health from $584.00 to $621.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, Wells Fargo & Company upped their price target on Elevance Health from $557.00 to $600.00 and gave the stock an "overweight" rating in a report on Friday. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $583.77.

Elevance Health Stock Performance

ELV stock traded up $6.40 on Friday, hitting $531.59. The company's stock had a trading volume of 1,791,392 shares, compared to its average volume of 1,063,187. The stock has a market cap of $123.70 billion, a price-to-earnings ratio of 21.25, a price-to-earnings-growth ratio of 1.12 and a beta of 0.78. The firm has a 50 day moving average of $508.63 and a two-hundred day moving average of $482.59. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.59. Elevance Health has a 1 year low of $412.00 and a 1 year high of $539.11.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Thursday, April 18th. The company reported $10.64 EPS for the quarter, beating analysts' consensus estimates of $10.54 by $0.10. Elevance Health had a net margin of 3.49% and a return on equity of 20.47%. The company had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. During the same period in the previous year, the business posted $9.46 earnings per share. Elevance Health's quarterly revenue was up .9% on a year-over-year basis. Equities analysts predict that Elevance Health will post 37.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the transaction, the director now owns 9,109 shares of the company's stock, valued at approximately $4,554,500. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.35% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ELV. Norges Bank purchased a new position in Elevance Health in the fourth quarter valued at about $1,347,434,000. Legal & General Group Plc acquired a new stake in shares of Elevance Health during the fourth quarter valued at about $944,528,000. Moneta Group Investment Advisors LLC acquired a new stake in shares of Elevance Health during the fourth quarter valued at about $664,077,000. Massachusetts Financial Services Co. MA acquired a new stake in shares of Elevance Health during the fourth quarter valued at about $467,141,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Elevance Health by 825.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 758,754 shares of the company's stock valued at $372,715,000 after acquiring an additional 676,769 shares in 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.