Truist Financial Issues Pessimistic Forecast for Elevance Health (NYSE:ELV) Stock Price

Elevance Health (NYSE:ELV) had its target price dropped by stock analysts at Truist Financial from $520.00 to $480.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 26.16% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Raymond James set a $485.00 price target on shares of Elevance Health in a research report on Friday, October 18th. Argus cut shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Mizuho decreased their price target on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. Wells Fargo & Company decreased their target price on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Finally, Stephens reissued an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $536.53.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $380.47 on Monday. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The company has a market cap of $88.24 billion, a price-to-earnings ratio of 13.87, a price-to-earnings-growth ratio of 1.15 and a beta of 0.84. Elevance Health has a 12 month low of $362.21 and a 12 month high of $567.26. The company has a 50-day moving average price of $393.06 and a 200-day moving average price of $474.59.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The business had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. During the same quarter last year, the business posted $8.99 EPS. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. As a group, equities analysts anticipate that Elevance Health will post 32.96 EPS for the current year.

Insider Buying and Selling at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the transaction, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. This represents a 46.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Elevance Health

A number of hedge funds have recently made changes to their positions in the company. First County Bank CT bought a new position in shares of Elevance Health during the 4th quarter valued at approximately $290,000. Diversified Trust Co grew its position in Elevance Health by 13.7% in the fourth quarter. Diversified Trust Co now owns 22,576 shares of the company’s stock worth $8,328,000 after acquiring an additional 2,725 shares in the last quarter. Fortem Financial Group LLC raised its position in Elevance Health by 1.9% during the fourth quarter. Fortem Financial Group LLC now owns 2,355 shares of the company’s stock valued at $869,000 after purchasing an additional 44 shares during the period. Pensionfund Sabic boosted its holdings in shares of Elevance Health by 59.0% in the 4th quarter. Pensionfund Sabic now owns 4,850 shares of the company’s stock worth $1,789,000 after purchasing an additional 1,800 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Elevance Health by 4.5% during the 3rd quarter. Principal Financial Group Inc. now owns 272,649 shares of the company’s stock valued at $141,777,000 after purchasing an additional 11,646 shares during the last quarter. 89.24% of the stock is currently 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.