Elevance Health (NYSE:ELV) Stock Gets Price Target Increase from Guggenheim

Elevance Health (NYSE:ELV) had its target price boosted by equities researchers at Guggenheim from $455.00 to $460.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price objective points to a potential upside of 8.10% from the stock’s previous close.

ELV has been the topic of a number of other research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Elevance Health in a research report on Thursday, August 13th. Robert W. Baird increased their price objective on Elevance Health from $331.00 to $393.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Royal Bank Of Canada decreased their target price on Elevance Health from $439.00 to $424.00 and set a “sector perform” rating for the company in a report on Thursday, July 16th. TD Cowen boosted their target price on Elevance Health from $400.00 to $465.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Finally, Wells Fargo & Company lowered their target price on Elevance Health from $492.00 to $473.00 and set an “overweight” rating for the company in a research note on Thursday, July 16th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $441.71.

Elevance Health Price Performance

Shares of ELV opened at $425.53 on Monday. Elevance Health has a fifty-two week low of $274.84 and a fifty-two week high of $436.24. The firm’s 50 day moving average price is $402.02 and its 200 day moving average price is $383.66. The company has a market cap of $92.28 billion, a P/E ratio of 14.36, a PEG ratio of 2.19 and a beta of 0.70. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68.

Elevance Health (NYSE:ELV) last released its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The company had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. During the same period in the prior year, the business earned $8.84 EPS. The firm’s quarterly revenue was up .8% on a year-over-year basis. On average, research analysts forecast that Elevance Health will post 27.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Elevance Health during the 2nd quarter worth about $7,344,424,000. Bank of New York Mellon Corp purchased a new position in shares of Elevance Health in the 2nd quarter valued at about $1,246,349,000. Legal & General Group Plc purchased a new position in shares of Elevance Health in the 2nd quarter valued at about $688,469,000. Amundi raised its position in shares of Elevance Health by 145.7% during the 1st quarter. Amundi now owns 2,693,664 shares of the company’s stock worth $788,570,000 after acquiring an additional 1,597,497 shares in the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Elevance Health during the 2nd quarter worth about $591,084,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a health benefits and services company that provides health insurance, managed care and related healthcare solutions in the United States. Its offerings serve individuals, employers, government-sponsored programs and other organizations across commercial, Medicare and Medicaid markets.

The company operates a portfolio of health plans, including Blue Cross Blue Shield-affiliated plans in several states, as well as government-focused plans marketed under brands such as Wellpoint.