Elevance Health (NYSE:ELV) Stock Rating Reaffirmed by Truist Financial

Elevance Health (NYSE:ELV)‘s stock had its “buy” rating reiterated by stock analysts at Truist Financial in a research note issued on Friday, Benzinga reports. They presently have a $520.00 price objective on the stock, down from their prior price objective of $620.00. Truist Financial’s price target indicates a potential upside of 18.60% from the stock’s previous close.

Several other research analysts have also commented on the stock. Bank of America restated a “neutral” rating and set a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday. Barclays increased their price target on shares of Elevance Health from $611.00 to $622.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Royal Bank of Canada increased their price target on shares of Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Finally, Wells Fargo & Company dropped their price target on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and a consensus target price of $582.07.

Elevance Health Stock Down 1.3 %

Shares of NYSE:ELV opened at $438.45 on Friday. The company has a market cap of $101.90 billion, a PE ratio of 16.57, a price-to-earnings-growth ratio of 1.08 and a beta of 0.82. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The firm has a 50 day simple moving average of $528.77 and a 200 day simple moving average of $528.05. Elevance Health has a 52 week low of $397.98 and a 52 week high of $567.26.

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

Insider Buying and Selling at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the sale, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $63,478,674.82. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the sale, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $63,478,674.82. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ramiro G. Peru sold 753 shares of the stock in a transaction 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 completion of the sale, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Elevance Health

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bartlett & CO. Wealth Management LLC lifted its holdings in shares of Elevance Health by 1.3% during the 3rd quarter. Bartlett & CO. Wealth Management LLC now owns 4,584 shares of the company’s stock worth $2,384,000 after acquiring an additional 60 shares during the period. Blue Trust Inc. lifted its holdings in shares of Elevance Health by 36.9% during the 3rd quarter. Blue Trust Inc. now owns 2,836 shares of the company’s stock worth $1,537,000 after acquiring an additional 765 shares during the period. Moss Adams Wealth Advisors LLC bought a new position in shares of Elevance Health during the 3rd quarter worth about $203,000. Net Worth Advisory Group bought a new position in shares of Elevance Health during the 3rd quarter worth about $808,000. Finally, Stratos Investment Management LLC lifted its holdings in shares of Elevance Health by 2.8% during the 3rd quarter. Stratos Investment Management LLC now owns 1,379 shares of the company’s stock worth $717,000 after acquiring an additional 37 shares during the period. 89.24% of the stock is owned by institutional investors.

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.