Truist Financial Boosts Elevance Health (NYSE:ELV) Price Target to $510.00

Elevance Health (NYSE:ELV) had its price objective increased by research analysts at Truist Financial from $480.00 to $510.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price suggests a potential upside of 16.95% from the stock’s previous close.

Several other equities analysts have also commented on the company. Stephens lowered Elevance Health from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Argus upgraded Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price objective for the company in a research note on Monday, March 17th. StockNews.com upgraded Elevance Health from a “hold” rating to a “buy” rating in a research note on Thursday, March 20th. Cantor Fitzgerald restated an “overweight” rating and set a $485.00 price target on shares of Elevance Health in a research report on Friday, January 24th. Finally, Guggenheim initiated coverage on shares of Elevance Health in a report on Wednesday. They issued a “buy” rating and a $518.00 price objective on the stock. Two research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $521.47.

Elevance Health Stock Performance

Shares of ELV opened at $436.08 on Friday. The stock has a market capitalization of $98.72 billion, a PE ratio of 17.03, a price-to-earnings-growth ratio of 1.18 and a beta of 0.77. The business’s fifty day moving average price is $412.18 and its 200 day moving average price is $413.88. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 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.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. Equities research analysts forecast that Elevance Health will post 33.96 EPS for the current year.

Insider Buying and Selling

In other news, CAO Ronald W. Penczek sold 443 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction of $183,902.59. Following the completion of the transaction, the chief accounting officer now owns 1,847 shares in the company, valued at approximately $766,745.11. This trade represents a 19.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the completion of the sale, the executive vice president now owns 10,116 shares in the company, valued at $4,008,970.80. The trade was a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.35% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Elevance Health

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Accredited Wealth Management LLC purchased a new position in Elevance Health in the 4th quarter worth about $25,000. Flagship Wealth Advisors LLC acquired a new stake in shares of Elevance Health in the fourth quarter worth $26,000. OFI Invest Asset Management acquired a new stake in shares of Elevance Health in the fourth quarter worth $29,000. WealthTrak Capital Management LLC purchased a new position in shares of Elevance Health during the fourth quarter valued at $29,000. Finally, Lee Danner & Bass Inc. acquired a new position in Elevance Health during the fourth quarter valued at $30,000. 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.