Elevance Health (NYSE:ELV) PT Raised to $600.00

Elevance Health (NYSE:ELV) had its target price hoisted by research analysts at Wells Fargo & Company from $557.00 to $600.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 12.91% from the stock’s current price.

Several other research firms have also issued reports on ELV. Jefferies Financial Group upped their target price on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a report on Friday. Barclays upped their price objective on Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a research note on Friday. Cantor Fitzgerald restated an “overweight” rating and issued a $580.00 price objective on shares of Elevance Health in a research note on Wednesday, April 10th. StockNews.com lowered Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. Finally, Royal Bank of Canada upped their price objective on Elevance Health from $572.00 to $574.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. One analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $584.50.

Elevance Health Stock Performance

ELV opened at $531.42 on Friday. Elevance Health has a 52-week low of $412.00 and a 52-week high of $539.11. The firm has a market capitalization of $123.66 billion, a PE ratio of 20.08, a PEG ratio of 1.15 and a beta of 0.78. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.44 and a current ratio of 1.37. The business’s 50-day simple moving average is $509.14 and its 200 day simple moving average is $483.57.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.54 by $0.10. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The business had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. During the same quarter in the prior year, the company posted $9.46 earnings per share. Elevance Health’s revenue was up .9% on a year-over-year basis. As a group, sell-side analysts expect that Elevance Health will post 37.2 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the transaction, the director now owns 9,109 shares of the company’s stock, valued at $4,554,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.35% of the stock is owned by company insiders.

Institutional Investors Weigh In On Elevance Health

Large investors have recently added to or reduced their stakes in the stock. OFI Invest Asset Management acquired a new stake in Elevance Health during the third quarter worth approximately $25,000. Pin Oak Investment Advisors Inc. acquired a new stake in Elevance Health during the fourth quarter worth approximately $28,000. Fortis Capital Advisors LLC acquired a new stake in Elevance Health during the fourth quarter worth approximately $29,000. TD Capital Management LLC acquired a new stake in Elevance Health during the fourth quarter worth approximately $30,000. Finally, Quarry LP acquired a new stake in Elevance Health during the fourth quarter worth approximately $30,000. Institutional investors and hedge funds 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.