Elevance Health (NYSE:ELV) Price Target Lowered to $478.00 at Wells Fargo & Company

Elevance Health (NYSE:ELV) had its target price dropped by investment analysts at Wells Fargo & Company from $483.00 to $478.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 19.32% from the stock’s previous close.

Several other analysts have also issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a report on Friday, January 24th. Argus cut shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. Morgan Stanley reduced their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. UBS Group cut their target price on Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a research note on Friday, October 18th. Finally, TD Cowen decreased their price target on Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Four investment analysts have rated the stock with 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 company has a consensus rating of “Moderate Buy” and a consensus target price of $517.03.

Elevance Health Trading Down 1.2 %

Shares of Elevance Health stock opened at $400.62 on Tuesday. Elevance Health has a 52-week low of $362.21 and a 52-week high of $567.26. The stock has a market cap of $92.91 billion, a PE ratio of 14.61, a PEG ratio of 1.11 and a beta of 0.84. The firm has a 50-day moving average of $386.65 and a 200-day moving average of $459.57. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. As a group, sell-side analysts forecast that Elevance Health will post 32.95 EPS for the current year.

Institutional Investors Weigh In On Elevance Health

Several institutional investors and hedge funds have recently made changes to their positions in ELV. Creative Planning increased its position in Elevance Health by 10.3% during the 2nd quarter. Creative Planning now owns 31,156 shares of the company’s stock valued at $16,882,000 after purchasing an additional 2,901 shares during the period. NewEdge Advisors LLC increased its position in shares of Elevance Health by 21.0% during the second quarter. NewEdge Advisors LLC now owns 14,364 shares of the company’s stock worth $7,783,000 after buying an additional 2,492 shares during the period. Quarry LP bought a new position in Elevance Health during the second quarter worth $73,000. B. Riley Wealth Advisors Inc. boosted its position in Elevance Health by 39.5% during the second quarter. B. Riley Wealth Advisors Inc. now owns 3,982 shares of the company’s stock valued at $2,158,000 after acquiring an additional 1,127 shares during the last quarter. Finally, EP Wealth Advisors LLC grew its holdings in Elevance Health by 18.1% during the 2nd quarter. EP Wealth Advisors LLC now owns 1,882 shares of the company’s stock worth $1,020,000 after acquiring an additional 289 shares during the period. Institutional investors and hedge funds 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.