Elevance Health, Inc. (NYSE:ELV – Get Free Report) has earned an average recommendation of “Moderate Buy” from the twenty-three research firms that are covering the stock, Marketbeat.com reports. Eight research analysts have rated the stock with a hold rating and fifteen have issued a buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $456.48.
A number of brokerages have recently commented on ELV. Guggenheim upped their price objective on shares of Elevance Health from $460.00 to $485.00 and gave the company a “buy” rating in a research report on Thursday, October 22nd. TD Cowen lifted their price target on shares of Elevance Health from $465.00 to $495.00 and gave the stock a “buy” rating in a research note on Friday, October 23rd. Cantor Fitzgerald boosted their price target on shares of Elevance Health from $400.00 to $450.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. Robert W. Baird boosted their price target on shares of Elevance Health from $393.00 to $406.00 and gave the company a “neutral” rating in a report on Thursday, October 22nd. Finally, Raymond James Financial set a $450.00 price objective on shares of Elevance Health in a research note on Tuesday, July 7th.
Read Our Latest Stock Report on ELV
Insider Transactions at Elevance Health
In related news, CFO Mark Kaye sold 10,584 shares of the stock in a transaction dated Thursday, October 22nd. The shares were sold at an average price of $440.13, for a total value of $4,658,335.92. Following the completion of the transaction, the chief financial officer owned 19,919 shares of the company’s stock, valued at $8,766,949.47. This represents a 34.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.34% of the stock is owned by company insiders.
Hedge Funds Weigh In On Elevance Health
A number of hedge funds have recently modified their holdings of the stock. Meiji Yasuda Asset Management Co Ltd. bought a new position in Elevance Health in the second quarter valued at approximately $2,086,000. Stoneridge Investment Partners LLC acquired a new position in shares of Elevance Health in the second quarter valued at approximately $970,000. State Street Corp grew its holdings in Elevance Health by 1.3% in the 2nd quarter. State Street Corp now owns 10,426,610 shares of the company’s stock valued at $4,032,283,000 after buying an additional 137,914 shares in the last quarter. State of Wyoming bought a new position in Elevance Health during the second quarter worth about $1,765,000. Finally, Farther Finance Advisors LLC grew its position in shares of Elevance Health by 27.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 11,826 shares of the company’s stock worth $4,598,000 after purchasing an additional 2,518 shares in the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.
Elevance Health Price Performance
NYSE ELV opened at $413.52 on Friday. Elevance Health has a fifty-two week low of $274.84 and a fifty-two week high of $450.69. The stock’s 50-day moving average is $410.87 and its two-hundred day moving average is $372.53. The firm has a market cap of $89.34 billion, a P/E ratio of 13.65, a price-to-earnings-growth ratio of 1.98 and a beta of 0.70. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.47 and a quick ratio of 1.47.
Elevance Health (NYSE:ELV – Get Free Report) last posted its quarterly earnings data on Wednesday, October 21st. The company reported $6.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.71 by $2.28. The business had revenue of $50.44 billion during the quarter, compared to the consensus estimate of $49.28 billion. Elevance Health had a net margin of 2.55% and a return on equity of 14.97%. Elevance Health’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.03 EPS. On average, analysts anticipate that Elevance Health will post 29.18 earnings per share for the current fiscal year.
Elevance Health Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be paid a $1.72 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $6.88 dividend on an annualized basis and a yield of 1.7%. Elevance Health’s payout ratio is presently 29.34%.
Elevance Health Company Profile
Elevance Health, Inc (NYSE: ELV) is a diversified health benefits company that provides health insurance and related services in the United States. Its offerings serve employers, individuals and families, as well as members of government-sponsored programs, including Medicare and Medicaid. The company provides medical, pharmacy, behavioral health and other benefits through a range of health plans and specialty products.
Elevance Health operates its health benefits businesses through a portfolio that includes Blue Cross and Blue Shield-affiliated plans and other insurance offerings.
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