Wells Fargo & Company Has Lowered Expectations for Elevance Health (NYSE:ELV) Stock Price

Key Points

• Wells Fargo & Company has lowered its target price for Elevance Health from $412.00 to $403.00, indicating a potential upside of 17.98% from the stock's previous close.
• Despite the reduced target price, the stock maintains a consensus rating of "Moderate Buy" from analysts, with 10 "Buy" ratings and 10 "Hold" ratings.
• Elevance Health's stock recently traded down 2.3% to $341.59, with a twelve-month trading range of $273.71 to $458.75.

Elevance Health (NYSE:ELV - Get Free Report) had its target price reduced by research analysts at Wells Fargo & Company from $412.00 to $403.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's target price indicates a potential upside of 17.98% from the stock's previous close.

Several other equities research analysts have also issued reports on the stock. Argus reiterated a "hold" rating on shares of Elevance Health in a research note on Monday, July 21st. Weiss Ratings upgraded shares of Elevance Health from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, October 8th. Guggenheim lifted their price objective on shares of Elevance Health from $360.00 to $398.00 and gave the company a "buy" rating in a research report on Wednesday, October 8th. UBS Group decreased their price objective on shares of Elevance Health from $435.00 to $425.00 and set a "buy" rating for the company in a research report on Friday, September 5th. Finally, Bank of America lifted their price objective on shares of Elevance Health from $330.00 to $370.00 and gave the company a "neutral" rating in a research report on Friday, October 10th. Ten analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $398.94.

Elevance Health Stock Down 2.3%

ELV stock traded down $8.16 during midday trading on Wednesday, hitting $341.59. The company's stock had a trading volume of 142,483 shares, compared to its average volume of 1,962,643. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. Elevance Health has a twelve month low of $273.71 and a twelve month high of $458.75. The company's fifty day moving average price is $324.38 and its 200 day moving average price is $354.59. The stock has a market capitalization of $76.92 billion, a P/E ratio of 14.54, a PEG ratio of 1.29 and a beta of 0.59.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.03 by $1.00. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm had revenue of $50.09 billion for the quarter, compared to analyst estimates of $49.26 billion. During the same period in the previous year, the business earned $8.37 EPS. The company's revenue was up 12.0% compared to the same quarter last year. As a group, equities research analysts predict that Elevance Health will post 33.96 EPS for the current year.

Insider Activity at Elevance Health

In related news, Director Susan D. Devore bought 1,200 shares of Elevance Health stock in a transaction that occurred on Tuesday, August 19th. The stock was acquired at an average price of $312.15 per share, with a total value of $374,580.00. Following the acquisition, the director owned 3,502 shares of the company's stock, valued at approximately $1,093,149.30. This represents a 52.13% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.29% of the company's stock.

Institutional Trading of Elevance Health

Institutional investors have recently bought and sold shares of the business. Private Wealth Management Group LLC boosted 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 purchasing an additional 38 shares during the period. WPG Advisers LLC bought a new stake in Elevance Health in the 1st quarter valued at about $29,000. Vermillion & White Wealth Management Group LLC boosted its holdings in Elevance Health by 94.9% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 76 shares of the company's stock valued at $30,000 after purchasing an additional 37 shares during the period. BOK Financial Private Wealth Inc. bought a new stake in Elevance Health in the 2nd quarter valued at about $32,000. Finally, North Capital Inc. bought a new stake in Elevance Health in the 1st quarter valued at about $36,000. 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.

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