Brokerages Set Elevance Health, Inc. (NYSE:ELV) Target Price at $498.87

Shares of Elevance Health, Inc. (NYSE:ELV) have received an average recommendation of “Moderate Buy” from the sixteen ratings firms that are presently covering the stock, Marketbeat.com reports. Four analysts have rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $498.87.

Several brokerages have recently weighed in on ELV. Robert W. Baird restated a “neutral” rating and set a $529.00 price objective (down previously from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Barclays reduced their price target on shares of Elevance Health from $522.00 to $480.00 and set an “overweight” rating for the company in a research report on Monday, June 2nd. Truist Financial set a $500.00 price objective on Elevance Health and gave the stock a “buy” rating in a report on Monday, June 9th. Wall Street Zen raised Elevance Health from a “hold” rating to a “buy” rating in a report on Thursday, March 20th. Finally, Mizuho upped their target price on Elevance Health from $455.00 to $505.00 and gave the company an “outperform” rating in a research report on Wednesday, April 9th.

Elevance Health Stock Performance

Shares of ELV stock opened at $376.48 on Wednesday. The company has a market cap of $85.06 billion, a P/E ratio of 14.69, a PEG ratio of 0.95 and a beta of 0.60. The firm has a fifty day moving average price of $396.08 and a 200 day moving average price of $398.93. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.66. Elevance Health has a 12 month low of $357.45 and a 12 month high of $567.26.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.60 by $1.37. Elevance Health had a return on equity of 18.61% and a net margin of 3.23%. The business had revenue of $48.77 billion during the quarter, compared to analysts’ expectations of $46.26 billion. Sell-side analysts predict that Elevance Health will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 1.82%. The ex-dividend date is Tuesday, June 10th. Elevance Health’s dividend payout ratio is presently 26.69%.

Insider Activity at Elevance Health

In related news, CFO Mark Kaye sold 4,588 shares of the firm’s stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the sale, the chief financial officer now owns 18,977 shares in the company, valued at $8,061,809.14. This trade represents a 19.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Elevance Health

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Milestone Asset Management LLC grew its holdings in Elevance Health by 2.2% during the first quarter. Milestone Asset Management LLC now owns 1,122 shares of the company’s stock worth $488,000 after acquiring an additional 24 shares during the period. GLOBALT Investments LLC GA boosted its position in shares of Elevance Health by 0.4% during the 1st quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company’s stock worth $2,743,000 after purchasing an additional 24 shares in the last quarter. Elser Financial Planning Inc grew its stake in shares of Elevance Health by 3.0% during the 1st quarter. Elser Financial Planning Inc now owns 882 shares of the company’s stock worth $384,000 after purchasing an additional 26 shares during the period. Jacobi Capital Management LLC increased its holdings in shares of Elevance Health by 3.2% in the 4th quarter. Jacobi Capital Management LLC now owns 882 shares of the company’s stock valued at $325,000 after purchasing an additional 27 shares in the last quarter. Finally, Checchi Capital Advisers LLC lifted its stake in shares of Elevance Health by 1.0% in the first quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company’s stock valued at $1,190,000 after purchasing an additional 27 shares during the period. Institutional investors and hedge funds own 89.24% of the company’s stock.

About Elevance Health

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.