UBS Raises Elevance Health (ELV) Price Target to $523
Key Points
- UBS maintained its Buy rating on Elevance Health, Inc. (NYSE:ELV) on October 22, 2026, while increasing its price target to $523 from $460.
- UBS's $523 price target implies 20.47% upside from Elevance Health, Inc.'s ($ELV) current $434.13 share price.
- Major institutional funds adjusted their holdings recently, with Sanders Capital trimming its stake to 5,825,024 shares.
- Elevance Health trades near $434.13 with a trailing twelve month EPS of $23.55 and an annual dividend rate of $6.88.
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On October 22, 2026, UBS maintained its Buy rating on Elevance Health, Inc. (NYSE:ELV) while raising its price target from $460.00 to $523.00. The note reflects the firm's forward-looking view on the healthcare benefits provider.
ELV
Elevance Health, Inc.
UBS vs. the S&P 500
Hypothetical returns from UBS's disclosed trades, not real profit or advice. How we model this.
UBS's Call on Elevance Health
UBS issued its research note on October 22, 2026, keeping a Buy rating and lifting the target by $63.00 to $523.00. Several other firms weighed in on the same day, including Guggenheim with a Buy rating and a target of $485.00, Morgan Stanley with an Equal-Weight rating and a target of $449.00, RBC Capital with a Sector Perform rating and a target of $455.00, and Barclays with an Overweight rating and a target of $472.00.
Other Institutional Activity in Elevance Health
Large investment firms adjusted their positions during the middle of 2026. Sanders Capital, LLC reduced its holdings by 69,556 shares, ending the period with 5,825,024 shares valued at about $2,593,766,679.00. Harris Associates L.P. grew its holdings by 128,065 shares, ending with 4,924,511 shares worth about $2,192,786,252.00. Artisan Partners Limited Partnership trimmed its stake by 546,055 shares, finishing with 4,581,222 shares valued at approximately $2,039,926,526.00.
Elevance Health, Inc. Stock Holds Steady
Elevance Health recently traded around $434.13 as of October 22, 2026, down about 2.5% from its event-day close of $445.28. The shares sit well above their 50-day moving average of $406.29 and 200-day moving average of $370.40.
$ELV price target
Elevance Health, Inc. daily closes and this analyst's $523 target. Not advice.
Recent Earnings
The company reported trailing twelve month revenue of $201,113,993,216.00 and an EPS of $23.55. Its 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
Elevance Health pays an annual dividend rate of $6.88 per share, giving it a dividend yield of 1.58% based on a payout ratio of 30.4%.
Insider Buying and Selling at Elevance Health, Inc.
Company insiders made several transactions in mid-2026. Director Robert L Dixon Jr sold 151 shares on June 11, 2026, at $401.77 for a total of $60,667.00. Officer Ronald W Penczek sold 369 shares on June 12, 2026, at $403.16 for $148,766.00. On July 17, 2026, Director Ramiro G Peru bought 1,000 shares at $366.05 for $366,050.00, while Chief Executive Officer Gail A Koziara Boudreaux bought 2,725 shares for $1,002,230.00.
About Elevance Health
Based in Indianapolis, Indiana, Elevance Health operates as a health benefits company in the United States, managing medical plans and health services through multiple segments.
Bottom Line
UBS's higher price target comes as Wall Street tracks the healthcare provider's performance ahead of its January 2027 earnings release.
Related Filing Alerts
Source: UBS's rating change on $ELV (Oct 22, 2026). Written by software, not financial advice. How we make alerts