10 Cheap S&P 500 Stocks to Invest in Now

7. Elevance Health Inc. (NYSE:ELV)

Forward P/E Ratio as of January 12: 13.19

Number of Hedge Fund Holders: 82

Elevance Health Inc. (NYSE:ELV) is one of the cheap S&P 500 stocks to invest in now. On January 9, Mizuho analyst Ann Hynes raised the firm’s price target on Elevance Health to $413 from $400 and maintained an Outperform rating on the shares. As part of its Q4 2025 preview, Mizuho broadly revised price targets across the healthcare facilities and managed care sectors. The firm’s latest physician survey revealed a sequential slowdown in healthcare utilization growth. This deceleration suggests that the recent surge in healthcare demand may finally be peaking.

Wells Fargo also raised the firm’s price target on Elevance Health Inc. (NYSE:ELV) to $424 from $403 and maintained an Overweight rating on the shares on January 7. Regarding managed care organizations, the firm expressed the most confidence in Medicare Advantage, while also noting that uncertainty remains high for Medicaid and health insurance exchanges.

The firm anticipates a more difficult environment for hospitals in 2026 as post-COVID tailwinds diminish and legislative risks approach. Meanwhile, the ongoing debate regarding distributors centers on whether performance will be driven by earnings revisions or valuation multiples.

Elevance Health Inc. (NYSE:ELV), together with its subsidiaries, operates as a health benefits company in the US. It has four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other.