TD Cowen Increases Elevance Health (NYSE:ELV) Price Target to $400.00

Elevance Health (NYSE:ELV) had its price objective raised by analysts at TD Cowen from $380.00 to $400.00 in a report issued on Wednesday,MarketScreener reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price objective indicates a potential upside of 18.08% from the stock’s previous close.

A number of other research firms also recently weighed in on ELV. UBS Group decreased their price target on Elevance Health from $435.00 to $425.00 and set a “buy” rating for the company in a research note on Friday, September 5th. Bank of America increased their price objective on Elevance Health from $330.00 to $370.00 and gave the company a “neutral” rating in a report on Friday, October 10th. Sanford C. Bernstein lowered their target price on shares of Elevance Health from $445.00 to $420.00 and set an “outperform” rating on the stock in a report on Thursday, October 16th. Zacks Research raised shares of Elevance Health from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. Finally, Barclays decreased their price objective on shares of Elevance Health from $395.00 to $385.00 and set an “overweight” rating for the company in a research report on Wednesday, October 22nd. Twelve equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Elevance Health has an average rating of “Hold” and an average target price of $398.44.

Elevance Health Stock Up 0.7%

Elevance Health stock traded up $2.48 during mid-day trading on Wednesday, reaching $338.75. The company’s stock had a trading volume of 442,928 shares, compared to its average volume of 1,927,476. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.56 and a current ratio of 1.56. Elevance Health has a 12 month low of $273.71 and a 12 month high of $458.75. The business’s 50 day simple moving average is $331.74 and its 200 day simple moving average is $336.47. The company has a market capitalization of $75.28 billion, a price-to-earnings ratio of 13.86, a price-to-earnings-growth ratio of 1.23 and a beta of 0.60.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 EPS for the quarter, topping analysts’ consensus estimates of $5.03 by $1.00. The company had revenue of $50.09 billion during the quarter, compared to the consensus estimate of $49.26 billion. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. The company’s quarterly revenue was up 12.0% on a year-over-year basis. During the same period in the prior year, the business posted $8.37 EPS. As a group, research analysts anticipate that Elevance Health will post 33.96 earnings per share for the current year.

Institutional Trading of Elevance Health

A number of hedge funds have recently modified their holdings of the stock. LPL Financial LLC raised its holdings in Elevance Health by 0.4% in the 1st quarter. LPL Financial LLC now owns 177,911 shares of the company’s stock valued at $77,384,000 after acquiring an additional 702 shares during the period. Prosperity Consulting Group LLC bought a new position in shares of Elevance Health during the first quarter worth approximately $224,000. Mackenzie Financial Corp lifted its holdings in Elevance Health by 5.1% during the 1st quarter. Mackenzie Financial Corp now owns 51,844 shares of the company’s stock worth $22,550,000 after purchasing an additional 2,538 shares during the last quarter. Meeder Advisory Services Inc. grew its holdings in Elevance Health by 20.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 4,614 shares of the company’s stock valued at $2,007,000 after buying an additional 769 shares in the last quarter. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of Elevance Health during the first quarter worth $4,098,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

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.