Elevance Health (NYSE:ELV) Rating Reiterated by Royal Bank of Canada

Posted by Defense World Staff on Jul 22nd, 2023

Elevance Health (NYSE:ELV – Get Free Report)‘s stock had its “outperform” rating restated by Royal Bank of Canada in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $572.00 price objective on the stock. Royal Bank of Canada’s price target suggests a potential upside of 20.19% from the stock’s current price.

Several other research analysts also recently issued reports on the company. Wells Fargo & Company cut their price target on Elevance Health from $597.00 to $561.00 in a research note on Monday, April 24th. JPMorgan Chase & Co. reduced their price target on shares of Elevance Health from $572.00 to $535.00 in a report on Friday, July 7th. Truist Financial dropped their price objective on shares of Elevance Health from $580.00 to $560.00 in a research note on Tuesday, June 20th. Loop Capital reduced their target price on Elevance Health from $565.00 to $550.00 and set a “buy” rating on the stock in a research note on Friday, April 21st. Finally, StockNews.com assumed coverage on Elevance Health in a research report on Thursday, May 18th. They set a “strong-buy” rating for the company. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $567.13.

Elevance Health Stock Up 0.0 %

ELV stock opened at $475.93 on Thursday. Elevance Health has a 52 week low of $412.00 and a 52 week high of $549.52. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.67. The company has a market cap of $112.82 billion, a P/E ratio of 18.52, a P/E/G ratio of 1.11 and a beta of 0.83. The company’s 50-day moving average price is $449.99 and its 200 day moving average price is $465.92.

Elevance Health (NYSE:ELV – Get Free Report) last announced its quarterly earnings results on Wednesday, July 19th. The company reported $9.04 EPS for the quarter, topping the consensus estimate of $8.78 by $0.26. The business had revenue of $43.38 billion for the quarter, compared to analyst estimates of $41.64 billion. Elevance Health had a return on equity of 20.05% and a net margin of 3.86%. The company’s quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $8.04 EPS. On average, research analysts expect that Elevance Health will post 32.77 earnings per share for the current fiscal year.

Insider Buying and Selling at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 310 shares of the company’s stock in a transaction on Friday, July 21st. The stock was sold at an average price of $476.71, for a total transaction of $147,780.10. Following the completion of the sale, the director now directly owns 9,638 shares in the company, valued at approximately $4,594,530.98. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.35% of the stock is owned by company insiders.

Institutional Trading of Elevance Health

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank Julius Baer & Co. Ltd Zurich grew its stake in Elevance Health by 97,501.7% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 83,475,802 shares of the company’s stock worth $37,087,464,000 after buying an additional 83,390,275 shares during the period. Price T Rowe Associates Inc. MD purchased a new stake in Elevance Health during the 4th quarter worth $6,527,828,000. Geode Capital Management LLC acquired a new stake in Elevance Health in the 4th quarter valued at $2,160,082,000. Sanders Capital LLC purchased a new position in Elevance Health in the fourth quarter valued at about $1,991,235,000. Finally, Edmp Inc. acquired a new position in shares of Elevance Health during the fourth quarter worth about $6,580,000. Institutional investors and hedge funds own 88.30% of the company’s stock.

About Elevance Health

(Get Free Report)

Elevance Health, Inc operates as a health benefits company. The company operates through four segments: Commercial & Specialty Business, Government Business, CarelonRx, and Other. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives.