On August 6, Elevance Health rose 3.05% in regular trading, trading at $389.49/share, with turnover of $142 million. The stock was buoyed by insider buying activity and continued analyst optimism.
On the news front, CEO Gail Boudreaux and Chairman Ramiro Peru both purchased company shares on July 17, prompting Smart Insider to name Elevance Health its stock pick of the week. Boudreaux acquired approximately $1 million in stock at $367.79 per share, increasing her stake by 2%. This marked her third purchase since becoming CEO, notably at a price roughly 28% above her July previous year acquisition at $287 per share. Peru simultaneously bought $366,000 of stock on the same day.
Multiple institutions have raised price targets following strong Q2 results that beat expectations on revenue and adjusted EPS. Guggenheim raised its target to $455, Wells Fargo to $492, and Bernstein to $482, all maintaining bullish ratings. Within the Managed Health Care sector, Centene gained 5.81% and UnitedHealth rose 1.33%, reflecting broad sector strength.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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