On August 18, Elevance Health rose 3.04% in regular trading, trading at $402.36/share, with turnover of $209 million. The rally was supported by insider buying signals and strong second-quarter results that exceeded expectations.

On the news front, CEO Gail Boudreaux and Chairman Ramiro Peru purchased company shares on July 17 at approximately $367.79 per share, with Boudreaux acquiring roughly $1 million in stock and Peru buying $366,000 worth. The purchases were highlighted as Smart Insider's pick of the week. Boudreaux's buy marked her third since becoming CEO and was made at a price approximately 28% above her previous purchase at $287 per share in July of the prior year, which Smart Insider described as encouraging.

Additionally, the company reported Q2 adjusted EPS of $7.45, significantly beating the consensus estimate of $6.21, while revenue of $49.83 billion also topped expectations. Elevance raised its full-year adjusted EPS guidance to at least $27.00, above the prior floor of $26.75. Multiple analysts subsequently raised price targets, with Guggenheim setting $455, Wells Fargo at $492, and JPMorgan at $476.

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