JPMorgan Chase & Co. Raises Elevance Health (NYSE:ELV) Price Target to $394.00

Elevance Health (NYSE:ELV) had its price objective upped by JPMorgan Chase & Co. from $384.00 to $394.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 17.12% from the stock’s previous close.

A number of other equities analysts also recently weighed in on ELV. Barclays dropped their price target on shares of Elevance Health from $395.00 to $385.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 22nd. Guggenheim upped their price target on shares of Elevance Health from $360.00 to $398.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Weiss Ratings raised shares of Elevance Health from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, October 8th. UBS Group dropped their price target on shares of Elevance Health from $435.00 to $425.00 and set a “buy” rating on the stock in a research note on Friday, September 5th. Finally, Truist Financial set a $400.00 price target on shares of Elevance Health in a research note on Tuesday, October 14th. Twelve equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $398.44.

Elevance Health Price Performance

ELV opened at $336.41 on Tuesday. The stock has a fifty day moving average of $328.79 and a 200-day moving average of $350.22. The firm has a market capitalization of $74.76 billion, a P/E ratio of 13.75, a PEG ratio of 1.24 and a beta of 0.59. Elevance Health has a 12-month low of $273.71 and a 12-month high of $458.75. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last released its earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.03 by $1.00. The company had revenue of $50.09 billion during the quarter, compared to analyst estimates of $49.26 billion. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The company’s revenue for the quarter was up 12.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $8.37 earnings per share. Equities analysts forecast that Elevance Health will post 33.96 EPS for the current fiscal year.

Insider Buying and Selling

In other Elevance Health news, Director Susan D. Devore bought 1,200 shares of the stock in a transaction on Tuesday, August 19th. The shares were purchased at an average cost of $312.15 per share, with a total value of $374,580.00. Following the completion of the transaction, the director directly owned 3,502 shares of the company’s stock, valued at $1,093,149.30. This represents a 52.13% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.29% of the stock is owned by insiders.

Hedge Funds Weigh In On Elevance Health

Hedge funds have recently bought and sold shares of the business. Verdence Capital Advisors LLC lifted its stake in shares of Elevance Health by 3.9% in the second quarter. Verdence Capital Advisors LLC now owns 21,213 shares of the company’s stock valued at $8,251,000 after buying an additional 790 shares during the period. Dynamic Advisor Solutions LLC lifted its stake in Elevance Health by 11.3% during the second quarter. Dynamic Advisor Solutions LLC now owns 8,034 shares of the company’s stock worth $3,125,000 after purchasing an additional 817 shares during the period. Focus Partners Wealth lifted its stake in Elevance Health by 4.6% during the first quarter. Focus Partners Wealth now owns 22,446 shares of the company’s stock worth $9,764,000 after purchasing an additional 982 shares during the period. Asio Capital LLC lifted its stake in Elevance Health by 7.1% during the second quarter. Asio Capital LLC now owns 15,371 shares of the company’s stock worth $5,979,000 after purchasing an additional 1,015 shares during the period. Finally, Generate Investment Management Ltd lifted its stake in Elevance Health by 164.4% during the second quarter. Generate Investment Management Ltd now owns 98,052 shares of the company’s stock worth $38,138,000 after purchasing an additional 60,963 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

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.