Elevance Health (NYSE:ELV) Given New $480.00 Price Target at Truist Financial

Elevance Health (NYSE:ELV) had its price objective cut by research analysts at Truist Financial from $520.00 to $480.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 26.16% from the stock’s current price.

A number of other analysts have also weighed in on ELV. Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Royal Bank of Canada dropped their price objective 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. Stephens reiterated an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. TD Cowen lowered their price target on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Finally, Morgan Stanley reduced their price objective on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $536.53.

Elevance Health Trading Up 0.2 %

ELV stock opened at $380.47 on Monday. The company has a market capitalization of $88.24 billion, a PE ratio of 13.87, a P/E/G ratio of 1.15 and a beta of 0.84. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. Elevance Health has a 12 month low of $362.21 and a 12 month high of $567.26. The firm’s 50-day moving average is $393.06 and its 200 day moving average is $474.59.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The firm had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. During the same quarter in the prior year, the business posted $8.99 EPS. The business’s quarterly revenue was up 5.3% on a year-over-year basis. On average, research analysts anticipate that Elevance Health will post 32.96 EPS for the current year.

Insider Transactions at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the sale, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.35% of the company’s stock.

Institutional Trading of Elevance Health

Several institutional investors have recently bought and sold shares of ELV. Iridian Asset Management LLC CT lifted its position in shares of Elevance Health by 10.7% during the 3rd quarter. Iridian Asset Management LLC CT now owns 39,154 shares of the company’s stock valued at $20,360,000 after buying an additional 3,786 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in Elevance Health by 85,533.1% during the third quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock valued at $276,972,000 after purchasing an additional 532,016 shares in the last quarter. Benjamin Edwards Inc. increased its stake in shares of Elevance Health by 1,711.9% during the third quarter. Benjamin Edwards Inc. now owns 53,559 shares of the company’s stock worth $27,858,000 after purchasing an additional 50,603 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Elevance Health by 5.0% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 209,859 shares of the company’s stock worth $109,127,000 after purchasing an additional 9,916 shares during the last quarter. Finally, Tidal Investments LLC lifted its stake in Elevance Health by 60.6% in the 3rd quarter. Tidal Investments LLC now owns 10,485 shares of the company’s stock valued at $5,452,000 after buying an additional 3,956 shares in the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

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.