Elevance Health (NYSE:ELV) PT Raised to $575.00 at Royal Bank of Canada

Elevance Health (NYSE:ELV) had its target price raised by equities researchers at Royal Bank of Canada from $574.00 to $575.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 7.51% from the stock’s current price.

Several other brokerages have also recently commented on ELV. Barclays boosted their price target on shares of Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a research report on Friday. StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. Truist Financial reissued a “buy” rating and issued a $600.00 price target (up previously from $580.00) on shares of Elevance Health in a research note on Friday. Cantor Fitzgerald reissued an “overweight” rating and issued a $580.00 price target on shares of Elevance Health in a research note on Wednesday, April 10th. Finally, Jefferies Financial Group lifted their price target on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and a consensus target price of $583.77.

Elevance Health Price Performance

Elevance Health stock traded up $9.63 during midday trading on Friday, hitting $534.82. The company’s stock had a trading volume of 704,904 shares, compared to its average volume of 1,048,978. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.59. The stock’s 50-day moving average price is $508.63 and its 200-day moving average price is $482.59. Elevance Health has a 12 month low of $412.00 and a 12 month high of $539.11. The company has a market capitalization of $124.45 billion, a PE ratio of 21.25, a price-to-earnings-growth ratio of 1.12 and a beta of 0.78.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Thursday, April 18th. The company reported $10.64 EPS for the quarter, topping the consensus estimate of $10.54 by $0.10. Elevance Health had a net margin of 3.49% and a return on equity of 20.47%. The firm had revenue of $42.27 billion for the quarter, compared to analysts’ expectations of $42.49 billion. During the same period in the previous year, the business earned $9.46 earnings per share. Elevance Health’s revenue for the quarter was up .9% compared to the same quarter last year. Analysts anticipate that Elevance Health will post 37.03 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the completion of the sale, the director now directly owns 9,109 shares in the company, valued at approximately $4,554,500. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.35% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Elevance Health

Institutional investors have recently made changes to their positions in the company. Cerity Partners LLC lifted its holdings in shares of Elevance Health by 21.3% during the 4th quarter. Cerity Partners LLC now owns 52,300 shares of the company’s stock valued at $24,663,000 after buying an additional 9,199 shares during the last quarter. Chicago Capital LLC lifted its holdings in Elevance Health by 244.2% in the 4th quarter. Chicago Capital LLC now owns 7,028 shares of the company’s stock worth $3,314,000 after purchasing an additional 4,986 shares during the last quarter. Lecap Asset Management Ltd. acquired a new stake in Elevance Health in the 4th quarter worth approximately $2,235,000. International Assets Investment Management LLC lifted its holdings in Elevance Health by 45,888.1% in the 4th quarter. International Assets Investment Management LLC now owns 255,694 shares of the company’s stock worth $1,205,750,000 after purchasing an additional 255,138 shares during the last quarter. Finally, Avitas Wealth Management LLC acquired a new stake in Elevance Health in the 4th quarter worth approximately $2,137,000. 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.