TD Cowen Raises Elevance Health (ELV) Price Target to $495
Key Points
- TD Cowen maintained a Buy rating on Elevance Health, Inc. on October 23, 2026, while moving its price target up to $495.00 from $465.00.
- TD Cowen's $495 price target implies 11.17% upside from Elevance Health, Inc.'s ($ELV) current $445.28 share price.
- Major asset managers adjusted their holdings during the second quarter, with Sanders Capital, Harris Associates, and Artisan Partners reporting shifts in their stakes.
- The health benefits provider trades with a market capitalization of roughly $96.57 billion and prepares for its next earnings release on January 28, 2027.
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TD Cowen reaffirmed its Buy rating on Elevance Health, Inc. (NYSE: ELV) on October 23, 2026, while adjusting its price target upward.
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Elevance Health, Inc.
TD Cowen vs. the S&P 500
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TD Cowen's Call on Elevance Health
On October 23, 2026, TD Cowen maintained its Buy rating on Elevance Health, Inc. and raised its price target from $465.00 to $495.00. The firm remains positive on the health plans provider as the broader healthcare sector navigates changing market conditions.
Other Institutional Activity in Elevance Health
Large investment firms adjusted their portfolios in the company ahead of the autumn season. Sanders Capital, LLC reduced its position by 69,556 shares, ending the period with 5,825,024 shares valued at about $2,579,116,836.00 after a 1.2% decrease. Harris Associates L.P. grew its holdings by 128,065 shares, ending with 4,924,511 shares worth about $2,180,401,185.00 following a 2.7% increase. Artisan Partners Limited Partnership trimmed its stake by 546,055 shares, wrapping up the quarter with 4,581,222 shares valued at roughly $2,028,404,825.00 after a 10.7% decrease.
Elevance Health, Inc. Stock Up 2.6%
The stock recently traded around $445.28 on October 23, 2026, compared to an event-day closing price of $442.77.
$ELV price target
Elevance Health, Inc. daily closes and this analyst's $495 target. Not advice.
Recent Earnings
The health benefits company posted trailing twelve-month revenue of $201,113,993,216.00 and earnings of $23.55 per share. The next earnings report is scheduled for January 28, 2027.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
9 target raises vs 1 cuts.
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EPS & revenue
EPS beat estimates by 15.1%. Revenue beat estimates by 3.1%.
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Profit surprise
EBITDA missed by 25 percent. Operating income missed by 25 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
2 upgrades, 9 target raises, 1 target cut.
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Earnings quality
Gross margin down 9.6 points. Operating margin down 1.1 points. Positive free cash flow.
Earnings Call Summary
Elevance Health delivered stronger than expected first quarter results with earnings per share of $12.58 beating the $10.68 consensus. Revenue came in at $50.2 billion, above the $48.7 billion expected. The company is executing on cost management initiatives in Medicaid and Medicare, with favorable claims experience and improved performance from AI and care delivery programs through Carelon. Management highlighted strong commercial selling momentum for 2027 with record pipelines and employer focus on affordability.
Guidance Management raised full year adjusted earnings guidance to at least $26.75 per share. They expect 2027 earnings to grow at least 12 percent from a revised 2026 baseline of $25.75. The company is confident in this outlook based on improving cost trend management and better than expected first quarter performance.
Slightly positive report. The quarter was acceptable, but the forward setup is not strong.
Dividend
Eligible shareholders receive an annual dividend rate of $6.88 per share, giving the stock a 1.58% dividend yield alongside a payout ratio of 30.4%.
Insider Buying and Selling at Elevance Health, Inc.
Company insiders executed several transactions leading up to the autumn. Director Robert L Dixon Jr sold 151 shares at an average price of $401.77 on June 11, 2026, totaling $60,667.00. Officer Ronald W Penczek sold 369 shares at $403.16 on June 12, 2026, for a total of $148,766.00. Director Ramiro G Peru bought 1,000 shares at $366.05 on July 17, 2026, totaling $366,050.00. Chief Executive Officer Gail A Koziara Boudreaux acquired 2,725 shares on July 17, 2026, valued at $1,002,230.00.
Analysts Set New Price Targets
Several Wall Street firms updated their views ahead of the autumn season. On October 22, 2026, UBS maintained a Buy rating and raised its price target to $523.00 from $460.00. Guggenheim maintained a Buy rating and lifted its target to $485.00 from $460.00 on October 22, 2026. Morgan Stanley maintained an Equal-Weight rating and moved its target from $404.00 to $449.00 on October 22, 2026. RBC Capital maintained a Sector Perform rating while adjusting its target from $424.00 to $455.00 on October 22, 2026. Overall, the company holds a consensus recommendation key of buy from 21 analysts, with a mean price target of $479.62.
About Elevance Health
Headquartered in Indianapolis, Indiana, Elevance Health operates as a health benefits provider in the United States through four primary segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. The enterprise employs nearly 96,129 people.
Bottom Line
Investors will monitor how the stock performs relative to TD Cowen's revised target ahead of the next earnings report scheduled for January 28, 2027.
Related Filing Alerts
Source: TD Cowen's rating change on $ELV (Oct 23, 2026). Written by software, not financial advice. How we make alerts