Robert W. Baird Cuts Elevance Health (NYSE:ELV) Price Target to $297.00

Key Points

• Robert W. Baird has cut Elevance Health's price target significantly from $492.00 to $297.00, maintaining a "neutral" rating on the stock.
• In addition to Baird, multiple research firms have adjusted their price targets, with UBS lowering its target to $484.00 and Mizuho raising it to $505.00.
• Elevance Health's recent quarterly earnings report indicated an EPS of $8.84, missing estimates, while revenues surpassed expectations at $49.42 billion, marking a 14.3% year-over-year increase.

Elevance Health (NYSE:ELV - Get Free Report) had its price objective decreased by equities research analysts at Robert W. Baird from $492.00 to $297.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Robert W. Baird's price target indicates a potential upside of 5.97% from the company's previous close.

A number of other research firms have also recently commented on ELV. UBS Group reiterated a "buy" rating and set a $484.00 target price (down previously from $555.00) on shares of Elevance Health in a research report on Monday, July 14th. Leerink Partnrs cut Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. Mizuho raised their price target on Elevance Health from $455.00 to $505.00 and gave the stock an "outperform" rating in a report on Wednesday, April 9th. Leerink Partners reissued a "market perform" rating and set a $310.00 price target (down previously from $510.00) on shares of Elevance Health in a report on Friday, July 18th. Finally, Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, Elevance Health has a consensus rating of "Moderate Buy" and an average price target of $418.19.

Elevance Health Trading Down 5.5%

ELV opened at $280.28 on Friday. Elevance Health has a 52 week low of $274.40 and a 52 week high of $567.26. The business has a fifty day simple moving average of $363.07 and a 200-day simple moving average of $393.21. The firm has a market cap of $63.11 billion, a P/E ratio of 11.93, a P/E/G ratio of 1.09 and a beta of 0.60. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly 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 firm had revenue of $49.42 billion for the quarter, compared to analysts' expectations of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. The company's quarterly revenue was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $10.12 earnings per share. On average, equities analysts expect that Elevance Health will post 33.96 earnings per share for the current year.

Insider Activity at Elevance Health

In related news, CEO Gail Boudreaux acquired 8,500 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was purchased at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the transaction, the chief executive officer directly owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.29% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Accredited Wealth Management LLC acquired a new position in Elevance Health in the 4th quarter valued at $25,000. Private Wealth Management Group LLC raised its holdings in Elevance Health by 152.0% in the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after acquiring an additional 38 shares during the last quarter. WealthTrak Capital Management LLC acquired a new position in Elevance Health in the 4th quarter valued at $29,000. WPG Advisers LLC acquired a new position in Elevance Health in the 1st quarter valued at $29,000. Finally, Riverview Trust Co raised its holdings in Elevance Health by 1,340.0% in the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after acquiring an additional 67 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

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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