Truist Financial Cuts Elevance Health (NYSE:ELV) Price Target to $390.00

Elevance Health (NYSE:ELV) had its price objective lowered by investment analysts at Truist Financial from $400.00 to $390.00 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 14.00% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. Sanford C. Bernstein cut their price target on shares of Elevance Health from $431.00 to $409.00 and set an “outperform” rating for the company in a report on Friday. The Goldman Sachs Group initiated coverage on Elevance Health in a research note on Tuesday, October 14th. They issued a “neutral” rating and a $343.00 price objective on the stock. Robert W. Baird increased their price objective on Elevance Health from $297.00 to $340.00 and gave the company a “neutral” rating in a research report on Thursday, December 11th. UBS Group set a $400.00 target price on shares of Elevance Health in a research note on Thursday. Finally, Jefferies Financial Group lowered their price objective on Elevance Health from $401.00 to $395.00 and set a “buy” rating for the company in a research note on Friday. Thirteen equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, Elevance Health currently has a consensus rating of “Moderate Buy” and a consensus target price of $396.55.

Elevance Health Stock Down 1.1%

Shares of ELV traded down $3.64 during trading hours on Monday, reaching $342.11. 190,130 shares of the stock traded hands, compared to its average volume of 1,682,022. The stock has a fifty day simple moving average of $351.69 and a 200 day simple moving average of $328.87. The company has a market cap of $76.03 billion, a price-to-earnings ratio of 13.64, a PEG ratio of 1.93 and a beta of 0.50. Elevance Health has a 52 week low of $273.71 and a 52 week high of $458.75. The company has a current ratio of 1.54, a quick ratio of 1.56 and a debt-to-equity ratio of 0.70.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Wednesday, January 28th. The company reported $3.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.10 by $0.23. Elevance Health had a net margin of 2.84% and a return on equity of 15.59%. The company had revenue of $49.31 billion for the quarter, compared to analysts’ expectations of $49.52 billion. During the same quarter in the previous year, the business posted $3.84 EPS. Elevance Health’s revenue was up 9.6% compared to the same quarter last year. Elevance Health has set its FY 2026 guidance at 25.500- EPS. On average, equities analysts forecast that Elevance Health will post 33.96 EPS for the current year.

Hedge Funds Weigh In On Elevance Health

A number of hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new position in Elevance Health during the second quarter worth $1,148,379,000. Sanders Capital LLC grew its position in Elevance Health by 24.7% in the 2nd quarter. Sanders Capital LLC now owns 5,825,208 shares of the company’s stock valued at $2,265,773,000 after purchasing an additional 1,152,440 shares during the period. Artisan Partners Limited Partnership increased its stake in shares of Elevance Health by 24.5% in the third quarter. Artisan Partners Limited Partnership now owns 4,576,805 shares of the company’s stock worth $1,478,857,000 after purchasing an additional 901,626 shares in the last quarter. First Eagle Investment Management LLC boosted its stake in Elevance Health by 25.0% in the third quarter. First Eagle Investment Management LLC now owns 3,998,603 shares of the company’s stock worth $1,292,029,000 after buying an additional 798,457 shares in the last quarter. Finally, Beutel Goodman & Co Ltd. bought a new position in shares of Elevance Health in the 2nd quarter worth about $293,141,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

About Elevance Health

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.