Elevance Health (NYSE:ELV) Price Target Lowered to $505.00 at Mizuho

Elevance Health (NYSE:ELV) had its price target cut by equities researchers at Mizuho from $585.00 to $505.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s price objective indicates a potential upside of 17.73% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. Stephens reissued an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. Truist Financial reiterated a “buy” rating and set a $520.00 price objective (down previously from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Royal Bank of Canada cut their target price on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. UBS Group lowered their price target on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Finally, Cantor Fitzgerald cut their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $539.20.

Elevance Health Stock Performance

ELV opened at $428.93 on Tuesday. Elevance Health has a twelve month low of $397.98 and a twelve month high of $567.26. The stock has a market cap of $99.48 billion, a PE ratio of 15.64, a price-to-earnings-growth ratio of 1.23 and a beta of 0.85. The business’s 50 day moving average is $494.37 and its 200-day moving average is $519.32. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The business had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. During the same period in the previous year, the firm earned $8.99 EPS. The firm’s revenue was up 5.3% on a year-over-year basis. On average, analysts predict that Elevance Health will post 32.93 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the sale, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.29% of the company’s stock.

Institutional Trading of Elevance Health

Hedge funds have recently made changes to their positions in the stock. Bank & Trust Co purchased a new position in Elevance Health during the second quarter valued at approximately $27,000. Opal Wealth Advisors LLC acquired a new stake in shares of Elevance Health during the 2nd quarter valued at $28,000. PSI Advisors LLC purchased a new position in shares of Elevance Health during the 3rd quarter valued at $27,000. Eastern Bank acquired a new position in shares of Elevance Health in the third quarter worth $31,000. Finally, Crewe Advisors LLC purchased a new stake in shares of Elevance Health during the first quarter worth $40,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

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.