Elevance Health (NYSE:ELV) Price Target Raised to $600.00

Elevance Health (NYSE:ELV) had its target price upped by stock analysts at Wells Fargo & Company from $557.00 to $600.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 13.20% from the stock’s current price.

ELV has been the topic of several other research reports. Barclays raised their price target on shares of 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 target on shares of Elevance Health in a research note on Wednesday, April 10th. Royal Bank of Canada raised their price target on shares of Elevance Health from $572.00 to $574.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. StockNews.com cut shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. Finally, Jefferies Financial Group raised their target price on shares of Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a report on Friday. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Elevance Health presently has a consensus rating of “Moderate Buy” and an average target price of $581.92.

Elevance Health Stock Performance

ELV traded up $4.85 on Friday, hitting $530.04. 225,837 shares of the company’s stock were exchanged, compared to its average volume of 1,042,553. The firm has a market cap of $123.34 billion, a PE ratio of 21.09, a P/E/G ratio of 1.12 and a beta of 0.78. Elevance Health has a twelve month low of $412.00 and a twelve month high of $539.11. The stock has a fifty day moving average of $508.63 and a two-hundred day moving average of $482.59. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.59.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, topping the consensus estimate of $10.54 by $0.10. The firm had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. Elevance Health had a net margin of 3.49% and a return on equity of 20.47%. Elevance Health’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the business earned $9.46 earnings per share. On average, research analysts anticipate that Elevance Health will post 37.03 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total transaction of $376,500.00. Following the sale, the director now directly owns 9,109 shares in the company, valued at approximately $4,554,500. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.35% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elevance Health

Several institutional investors have recently added to or reduced their stakes in the company. Sanders Capital LLC lifted its holdings in Elevance Health by 4.6% during the 4th quarter. Sanders Capital LLC now owns 4,457,986 shares of the company’s stock valued at $2,102,208,000 after purchasing an additional 196,010 shares during the last quarter. Capital International Investors raised its stake in shares of Elevance Health by 7.9% during the fourth quarter. Capital International Investors now owns 3,374,709 shares of the company’s stock worth $1,591,237,000 after buying an additional 248,150 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Elevance Health by 13.1% during the second quarter. Alliancebernstein L.P. now owns 3,214,663 shares of the company’s stock worth $1,428,243,000 after buying an additional 372,937 shares during the last quarter. Nuveen Asset Management LLC raised its stake in shares of Elevance Health by 1.8% during the second quarter. Nuveen Asset Management LLC now owns 3,143,404 shares of the company’s stock worth $1,396,583,000 after buying an additional 56,204 shares during the last quarter. Finally, Baillie Gifford & Co. raised its stake in shares of Elevance Health by 0.9% during the fourth quarter. Baillie Gifford & Co. now owns 3,087,904 shares of the company’s stock worth $1,456,132,000 after buying an additional 27,986 shares during the last quarter. 89.24% of the stock is owned by institutional investors.

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.