Truist Financial Issues Pessimistic Forecast for Elevance Health (NYSE:ELV) Stock Price

Elevance Health (NYSE:ELV - Get Free Report) had its price objective reduced by analysts at Truist Financial from $520.00 to $480.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Truist Financial's target price indicates a potential upside of 26.53% from the stock's current price.

Several other brokerages also recently weighed in on ELV. Raymond James set a $485.00 price target on shares of Elevance Health in a research report on Friday, October 18th. Argus lowered Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, October 18th. Mizuho lowered their price target on Elevance Health from $585.00 to $505.00 and set an "outperform" rating on the stock in a report on Tuesday, November 5th. Morgan Stanley reduced their price objective on Elevance Health from $643.00 to $551.00 and set an "overweight" rating for the company in a report on Wednesday, October 23rd. Finally, UBS Group lowered their target price on shares of Elevance Health from $605.00 to $555.00 and set a "buy" rating on the stock in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $536.53.

Elevance Health Stock Up 2.1 %

Shares of NYSE:ELV traded up $7.80 during midday trading on Monday, reaching $379.36. The company's stock had a trading volume of 1,908,463 shares, compared to its average volume of 1,459,654. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The firm has a 50 day moving average of $394.43 and a 200-day moving average of $476.77. The firm has a market capitalization of $87.98 billion, a P/E ratio of 13.83, a PEG ratio of 1.15 and a beta of 0.84. Elevance Health has a 12-month low of $362.21 and a 12-month high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last announced its 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). 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 prior year, the business posted $8.99 EPS. Elevance Health's revenue for the quarter was up 5.3% on a year-over-year basis. On average, research analysts anticipate that Elevance Health will post 32.96 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction dated 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 sale, the executive vice president now directly owns 8,423 shares of the company's stock, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.35% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Elevance Health

A number of hedge funds have recently bought and sold shares of ELV. Raelipskie Partnership purchased a new stake in Elevance Health in the 3rd quarter worth about $26,000. PSI Advisors LLC bought a new stake in shares of Elevance Health during the 3rd quarter worth approximately $27,000. Strategic Financial Concepts LLC bought a new position in Elevance Health in the 2nd quarter valued at $30,000. Eastern Bank purchased a new stake in Elevance Health in the third quarter worth $31,000. Finally, Dunhill Financial LLC lifted its position in shares of Elevance Health by 57.8% during the third quarter. Dunhill Financial LLC now owns 71 shares of the company's stock worth $37,000 after purchasing an additional 26 shares during the last quarter. Hedge funds and other institutional investors 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.