Elevance Health (NYSE:ELV) Raised to “Buy” at Argus

Elevance Health (NYSE:ELV) was upgraded by equities research analysts at Argus from a “hold” rating to a “buy” rating in a report issued on Monday,Finviz reports. The firm currently has a $450.00 price target on the stock. Argus’ price target points to a potential upside of 6.71% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on the stock. StockNews.com cut shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Wednesday, March 12th. Truist Financial dropped their price target on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Barclays increased their price objective on shares of Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th. Wells Fargo & Company dropped their target price on Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Finally, Stephens lowered Elevance Health from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Three investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Elevance Health presently has an average rating of “Moderate Buy” and a consensus price target of $519.81.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $421.72 on Monday. The firm’s 50 day moving average is $395.45 and its two-hundred day moving average is $428.79. The firm has a market capitalization of $95.88 billion, a P/E ratio of 16.47, a PEG ratio of 1.18 and a beta of 0.86. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. Elevance Health has a 52 week low of $362.21 and a 52 week high of $567.26.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. Analysts anticipate that Elevance Health will post 33.96 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Ronald W. Penczek sold 443 shares of Elevance Health stock in a transaction on Monday, March 10th. The stock was sold at an average price of $415.13, for a total transaction of $183,902.59. Following the transaction, the chief accounting officer now owns 1,847 shares in the company, valued at approximately $766,745.11. The trade was a 19.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total value of $1,388,635.20. Following the completion of the sale, the executive vice president now directly owns 10,116 shares of the company’s stock, valued at approximately $4,008,970.80. This represents a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Elevance Health

Several institutional investors and hedge funds have recently bought and sold shares of ELV. Raelipskie Partnership acquired a new stake in shares of Elevance Health during the third quarter worth approximately $26,000. Accredited Wealth Management LLC purchased a new stake in Elevance Health in the 4th quarter worth approximately $25,000. Flagship Wealth Advisors LLC acquired a new stake in shares of Elevance Health during the 4th quarter valued at $26,000. Dunhill Financial LLC grew its holdings in shares of Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after acquiring an additional 26 shares in the last quarter. Finally, WealthTrak Capital Management LLC acquired a new position in shares of Elevance Health in the fourth quarter worth $29,000. 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.