UBS Group Raises Elevance Health (NYSE:ELV) Price Target to $605.00

Elevance Health (NYSE:ELV) had its target price upped by UBS Group from $585.00 to $605.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s target price would indicate a potential upside of 13.48% from the company’s current price.

Other research analysts have also recently issued reports about the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $580.00 price objective on shares of Elevance Health in a research report on Wednesday, April 10th. Royal Bank of Canada lifted their price objective on Elevance Health from $572.00 to $574.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Wells Fargo & Company lifted their price objective on Elevance Health from $557.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday. Barclays boosted their price target on Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Truist Financial reissued a “buy” rating and issued a $600.00 price target (up from $580.00) on shares of Elevance Health in a report on Friday. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $583.69.

Elevance Health Stock Performance

Shares of Elevance Health stock traded up $7.96 during trading hours on Friday, reaching $533.15. 386,981 shares of the stock traded hands, compared to its average volume of 1,044,149. The company has a 50 day moving average price of $508.63 and a 200 day moving average price of $482.59. The firm has a market capitalization of $124.06 billion, a price-to-earnings ratio of 21.13, a P/E/G ratio of 1.12 and a beta of 0.78. Elevance Health has a one year low of $412.00 and a one year high of $539.11. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.59.

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

Insiders Place Their Bets

In other news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the transaction, the director now owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Elevance Health

Large investors have recently modified their holdings of the stock. Cerity Partners LLC increased its position 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 purchasing an additional 9,199 shares during the last quarter. Chicago Capital LLC grew its position in Elevance Health by 244.2% in the 4th quarter. Chicago Capital LLC now owns 7,028 shares of the company’s stock valued at $3,314,000 after acquiring an additional 4,986 shares during the last quarter. Lecap Asset Management Ltd. bought a new position in Elevance Health in the 4th quarter valued at $2,235,000. International Assets Investment Management LLC grew its position 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 valued at $1,205,750,000 after acquiring an additional 255,138 shares during the last quarter. Finally, Avitas Wealth Management LLC bought a new position in Elevance Health in the 4th quarter valued at $2,137,000. Institutional investors own 89.24% of the company’s stock.

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.