Elevance Health (NYSE:ELV) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley assumed coverage on shares of Elevance Health (NYSE:ELV) in a note issued to investors on Monday, Marketbeat reports. The brokerage set an “overweight” rating and a $643.00 price target on the stock. Morgan Stanley’s price objective suggests a potential upside of 20.12% from the company’s previous close.

ELV has been the subject of a number of other reports. Mizuho upped their target price on Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Robert W. Baird began coverage on Elevance Health in a research report on Thursday, May 30th. They issued an “outperform” rating and a $649.00 target price for the company. UBS Group upped their target price on Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a research report on Friday, April 19th. StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $600.00 price objective on shares of Elevance Health in a research note on Wednesday, June 12th. One research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $611.36.

Elevance Health Trading Down 1.2 %

NYSE:ELV opened at $535.29 on Monday. The stock has a 50-day simple moving average of $533.44 and a 200-day simple moving average of $507.84. The stock has a market cap of $124.41 billion, a P/E ratio of 20.23, a P/E/G ratio of 1.18 and a beta of 0.83. Elevance Health has a 1 year low of $412.00 and a 1 year high of $550.34. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.54 by $0.10. The business had revenue of $42.27 billion during the quarter, compared to analysts’ expectations of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the firm posted $9.46 EPS. As a group, analysts anticipate that Elevance Health will post 37.2 earnings per share for the current fiscal year.

Insider Transactions at Elevance Health

In other news, EVP Felicia F. Norwood sold 14,111 shares of the stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the completion of the transaction, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Elevance Health

Hedge funds have recently bought and sold shares of the company. abrdn plc increased its stake in Elevance Health by 86.8% in the 4th quarter. abrdn plc now owns 278,397 shares of the company’s stock valued at $131,281,000 after purchasing an additional 129,364 shares in the last quarter. Cerity Partners LLC increased its stake in Elevance Health by 21.3% in 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 in the last quarter. Canoe Financial LP increased its stake in Elevance Health by 158.1% in the 4th quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock valued at $398,054,000 after purchasing an additional 517,116 shares in the last quarter. Wetzel Investment Advisors Inc. purchased a new position in Elevance Health in the 4th quarter valued at approximately $218,000. Finally, Tower Research Capital LLC TRC increased its stake in Elevance Health by 114.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock valued at $14,765,000 after purchasing an additional 16,737 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

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.