Elevance Health (NYSE:ELV) Earns Overweight Rating from Analysts at Morgan Stanley

Equities research analysts at Morgan Stanley initiated coverage on shares of Elevance Health (NYSE:ELV) in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The brokerage set an “overweight” rating and a $643.00 price target on the stock. Morgan Stanley’s price target points to a potential upside of 20.32% from the company’s current price.

Several other equities research analysts have also recently issued reports on the company. Baird R W upgraded Elevance Health to a “strong-buy” rating in a research note on Thursday, May 30th. Mizuho boosted their price target on Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Stephens reiterated an “overweight” rating and issued a $615.00 price target on shares of Elevance Health in a research note on Tuesday, June 11th. Barclays boosted their price target on Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Finally, Jefferies Financial Group upped their target price on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. One research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $611.36.

Elevance Health Price Performance

Elevance Health stock opened at $534.42 on Monday. Elevance Health has a 12 month low of $412.00 and a 12 month high of $550.34. The stock’s 50 day moving average is $532.04 and its 200-day moving average is $506.97. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $124.21 billion, a price-to-earnings ratio of 20.20, a PEG ratio of 1.18 and a beta of 0.83.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, April 18th. The company reported $10.64 EPS for the quarter, beating the consensus estimate of $10.54 by $0.10. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The company had revenue of $42.27 billion for the quarter, compared to the consensus estimate of $42.49 billion. During the same quarter in the prior year, the business earned $9.46 earnings per share. The firm’s revenue for the quarter was up .9% on a year-over-year basis. Equities research analysts expect that Elevance Health will post 37.2 EPS for the current year.

Insider Activity

In other news, EVP Felicia F. Norwood sold 14,111 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total value of $7,531,605.14. Following the completion of the transaction, the executive vice president now directly owns 31,460 shares in the company, valued at approximately $16,791,460.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.35% of the stock is owned by corporate insiders.

Institutional Trading of Elevance Health

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Cape Investment Advisory Inc. increased its holdings in Elevance Health by 1.0% in the first quarter. Cape Investment Advisory Inc. now owns 2,848 shares of the company’s stock valued at $1,477,000 after purchasing an additional 27 shares during the period. Keynote Financial Services LLC acquired a new stake in Elevance Health during the 1st quarter worth about $430,000. Jackson Wealth Management LLC grew its holdings in Elevance Health by 2.9% during the 1st quarter. Jackson Wealth Management LLC now owns 4,879 shares of the company’s stock worth $2,530,000 after acquiring an additional 136 shares during the period. American Trust grew its holdings in Elevance Health by 2.6% during the 1st quarter. American Trust now owns 775 shares of the company’s stock worth $402,000 after acquiring an additional 20 shares during the period. Finally, Clear Rock Advisors LLC grew its holdings in Elevance Health by 2.5% during the 1st quarter. Clear Rock Advisors LLC now owns 4,459 shares of the company’s stock worth $2,312,000 after acquiring an additional 109 shares during the period. 89.24% of the stock is currently 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.