Elevance Health (NYSE:ELV) Stock Rating Upgraded by Argus

Elevance Health (NYSE:ELV) was upgraded by Argus from a “hold” rating to a “buy” rating in a report issued on Monday,Finviz reports. The firm presently has a $450.00 price target on the stock. Argus’ price target indicates a potential upside of 6.71% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $485.00 price objective on shares of Elevance Health in a research report on Friday, January 24th. StockNews.com lowered Elevance Health from a “buy” rating to a “hold” rating in a research note on Wednesday, March 12th. Wells Fargo & Company decreased their price target on Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Finally, Barclays upped their price objective on shares of Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a research note on Friday, January 24th. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Elevance Health presently has an average rating of “Moderate Buy” and a consensus target price of $519.81.

Elevance Health Stock Up 1.1 %

ELV opened at $421.72 on Monday. The firm has a market cap of $95.88 billion, a P/E ratio of 16.47, a PEG ratio of 1.18 and a beta of 0.86. The business’s fifty day simple moving average is $395.45 and its 200 day simple moving average is $428.79. Elevance Health has a 52 week low of $362.21 and a 52 week high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, beating 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%. As a group, equities research analysts anticipate that Elevance Health will post 33.96 EPS for the current fiscal year.

Insider Activity at Elevance Health

In other news, CAO Ronald W. Penczek sold 443 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief accounting officer now owns 1,847 shares of the company’s stock, valued at approximately $766,745.11. This trade represents a 19.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the transaction, the executive vice president now owns 10,116 shares in the company, valued at $4,008,970.80. This trade represents a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Elevance Health

Institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in Elevance Health during the fourth quarter worth about $1,135,014,000. Wellington Management Group LLP raised its position in shares of Elevance Health by 42.5% during the 4th quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company’s stock worth $2,344,556,000 after purchasing an additional 1,893,947 shares during the period. First Eagle Investment Management LLC raised its position in shares of Elevance Health by 47.6% during the 4th quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company’s stock worth $1,189,828,000 after purchasing an additional 1,039,612 shares during the period. Orion Portfolio Solutions LLC lifted its holdings in shares of Elevance Health by 6,817.8% in the 4th quarter. Orion Portfolio Solutions LLC now owns 908,795 shares of the company’s stock worth $335,254,000 after purchasing an additional 895,658 shares during the last quarter. Finally, D1 Capital Partners L.P. acquired a new position in Elevance Health during the 4th quarter valued at approximately $294,751,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Company Profile

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.