Elevance Health (NYSE:ELV) Price Target Cut to $485.00 by Analysts at Cantor Fitzgerald

Elevance Health (NYSE:ELV) had its target price reduced by equities research analysts at Cantor Fitzgerald from $600.00 to $485.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 8.72% from the company’s previous close.

A number of other research analysts have also recently commented on ELV. Bank of America reissued a “neutral” rating and issued a $530.00 price target (down from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Wells Fargo & Company dropped their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Royal Bank of Canada lifted their price target on shares of Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Argus downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday. Finally, Morgan Stanley initiated coverage on Elevance Health in a research report on Monday, June 24th. They set an “overweight” rating and a $643.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $596.86.

Elevance Health Stock Down 10.2 %

ELV stock opened at $446.09 on Friday. The business’s 50-day moving average price is $528.77 and its 200-day moving average price is $528.05. The stock has a market cap of $103.68 billion, a P/E ratio of 16.86, a PEG ratio of 1.08 and a beta of 0.82. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. Elevance Health has a twelve month low of $397.98 and a twelve month high of $567.26.

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

Insiders Place Their Bets

In related news, CEO Gail Boudreaux sold 34,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was 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 owns 126,709 shares in the company, valued at approximately $63,478,674.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the sale, the director now directly owns 8,744 shares in the company, valued at $4,647,610.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the completion of the transaction, the chief executive officer now directly owns 126,709 shares in the company, valued at $63,478,674.82. This 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.

Institutional Trading of Elevance Health

Institutional investors have recently made changes to their positions in the business. New Mexico Educational Retirement Board increased its stake in Elevance Health by 14.6% during the 1st quarter. New Mexico Educational Retirement Board now owns 14,146 shares of the company’s stock valued at $6,949,000 after purchasing an additional 1,800 shares in the last quarter. Blair William & Co. IL increased its position in shares of Elevance Health by 119.7% in the 1st quarter. Blair William & Co. IL now owns 12,134 shares of the company’s stock valued at $6,292,000 after acquiring an additional 6,610 shares during the period. AMI Investment Management Inc. purchased a new position in Elevance Health in the 3rd quarter worth $1,294,000. Artemis Investment Management LLP lifted its position in Elevance Health by 16.1% during the 1st quarter. Artemis Investment Management LLP now owns 83,757 shares of the company’s stock worth $43,422,000 after acquiring an additional 11,627 shares during the period. Finally, BDF Gestion acquired a new position in shares of Elevance Health in the second quarter valued at about $5,837,000. 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.