Elevance Health (NYSE:ELV) PT Lowered to $551.00

Elevance Health (NYSE:ELV) had its target price lowered by equities research analysts at Morgan Stanley from $643.00 to $551.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 31.58% from the company’s previous close.

Several other equities research analysts have also issued reports on ELV. Truist Financial restated a “buy” rating and set a $520.00 price target (down previously from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Cantor Fitzgerald lowered their target price on Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. Royal Bank of Canada dropped their price target on Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. UBS Group lowered their price objective on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research note on Friday, October 18th. Finally, Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $551.07.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $418.75 on Wednesday. The business’s fifty day simple moving average is $519.97 and its 200 day simple moving average is $525.88. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. Elevance Health has a 12 month low of $397.98 and a 12 month high of $567.26. The firm has a market capitalization of $97.33 billion, a P/E ratio of 15.83, a price-to-earnings-growth ratio of 1.08 and a beta of 0.82.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The business had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. During the same quarter in the previous year, the firm earned $8.99 earnings per share. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, analysts anticipate that Elevance Health will post 37.26 EPS for the current year.

Insider Activity

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the sale, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the transaction, the executive vice president now directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the sale, the director now owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.35% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ELV. TCI Wealth Advisors Inc. boosted its holdings in shares of Elevance Health by 5.6% in the 3rd quarter. TCI Wealth Advisors Inc. now owns 506 shares of the company’s stock worth $263,000 after purchasing an additional 27 shares in the last quarter. Concord Wealth Partners grew its position in Elevance Health by 9.3% during the third quarter. Concord Wealth Partners now owns 2,445 shares of the company’s stock valued at $1,271,000 after acquiring an additional 208 shares during the last quarter. Asahi Life Asset Management CO. LTD. raised its stake in shares of Elevance Health by 4.0% during the third quarter. Asahi Life Asset Management CO. LTD. now owns 1,045 shares of the company’s stock worth $543,000 after acquiring an additional 40 shares in the last quarter. Smithbridge Asset Management Inc. DE lifted its holdings in shares of Elevance Health by 84.0% in the 3rd quarter. Smithbridge Asset Management Inc. DE now owns 2,819 shares of the company’s stock worth $1,466,000 after acquiring an additional 1,287 shares during the last quarter. Finally, Insight Folios Inc boosted its stake in shares of Elevance Health by 6.6% in the 3rd quarter. Insight Folios Inc now owns 730 shares of the company’s stock valued at $380,000 after purchasing an additional 45 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

About Elevance Health

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.