Elevance Health Inc "Intra-Quarter Check-up; Steady as It Goes for 2026,..."

Research evidence excerpt

Elevance Health Inc "Intra-Quarter Check-up; Steady as It Goes for 2026,..."

Global Research

22 June 2026ab

Elevance Health Inc Equities

United StatesIntra-Quarter Check-up; Steady as It Goes for

2026, Confidence in Achieving 12% EPS Growth Healthcare Providers

12-month rating Buyin 2027

12m price target US$460.00

Medicaid Tracking to Full Year Targets Price (18 Jun 2026) US$388.50

On Medicaid, ELV noted that the company's margin trajectory remains on track for the RIC: ELV.N BBG: ELV US

full year with trend continuing to be elevated, as expected. This elevated trend in

Medicaid is being driven by pharmacy, emergency department, and outpatient Trading data and key metrics

surgeries. The company saw some favorability in Medicaid in 1Q, but this was largely 52-wk range US$424.43-274.66

related to PYD and the core outperformance in 1Q was very slight. Roughly one-third to Market cap. US$86.2b

40% of membership has a renewal cycle for July 1 and draft rates are slightly favorable Shares o/s 222m (COM)

to expectations. On work rules and community engagement, ELV indicated that the Free float 98%

medical frailty definition is more narrow in scope which management perceives as a Avg. daily volume ('000) 515

modestly positive outcome. Additionally, the year one attestation allowance also Avg. daily value (m) US$186.7

provides states some flexibility such that the impact may be less than originally expected.

Common s/h equity (12/26E) US$44.7b

As for RFPs, the company noted it has received the RFI for Indiana and noted that ELV is

P/BV (12/26E) 1.9x

committed to the state's program. Additionally, ELV is the only plan serving all four

Net debt to EBITDA (12/26E) 2.8x

populations in Indiana.

EPS (UBS, diluted) (USD)

Medicare and Exchange Comments 12/26E