Elevance Health, Inc. (NYSE:ELV – Get Free Report) was the target of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 1,780,000 shares, an increase of 6.6% from the August 15th total of 1,670,000 shares. Based on an average trading volume of 962,600 shares, the short-interest ratio is currently 1.8 days. Approximately 0.8% of the company’s shares are short sold.
Analyst Upgrades and Downgrades
ELV has been the subject of several recent analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $600.00 price objective on shares of Elevance Health in a research report on Tuesday, September 10th. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. Stephens reiterated an “overweight” rating and issued a $615.00 price objective on shares of Elevance Health in a report on Thursday, September 5th. Royal Bank of Canada boosted their target price on Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Finally, Wells Fargo & Company lowered their price target on Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $604.29.
Get Our Latest Analysis on Elevance Health
Insider Buying and Selling at Elevance Health
Institutional Trading of Elevance Health
Several large investors have recently modified their holdings of the business. Bank & Trust Co acquired a new stake in shares of Elevance Health during the second quarter valued at $27,000. Pin Oak Investment Advisors Inc. acquired a new stake in shares of Elevance Health during the 4th quarter worth about $28,000. Palisade Asset Management LLC purchased a new stake in shares of Elevance Health during the first quarter worth about $28,000. Opal Wealth Advisors LLC acquired a new position in shares of Elevance Health in the second quarter valued at approximately $28,000. Finally, Strategic Financial Concepts LLC purchased a new position in shares of Elevance Health during the second quarter valued at approximately $30,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.
Elevance Health Stock Performance
NYSE ELV traded down $10.25 during trading hours on Tuesday, hitting $543.25. 792,230 shares of the stock were exchanged, compared to its average volume of 1,007,257. Elevance Health has a 12-month low of $431.38 and a 12-month high of $567.26. The stock has a 50-day moving average of $535.65 and a 200 day moving average of $528.39. The company has a market cap of $126.26 billion, a price-to-earnings ratio of 20.80, a price-to-earnings-growth ratio of 1.19 and a beta of 0.82. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58.
Elevance Health (NYSE:ELV – Get Free Report) last released its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.99 by $0.13. The firm had revenue of $43.22 billion during the quarter, compared to analysts’ expectations of $42.99 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. Elevance Health’s revenue was down .4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $9.04 earnings per share. As a group, equities research analysts forecast that Elevance Health will post 37.25 earnings per share for the current year.
Elevance Health Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be paid a $1.63 dividend. The ex-dividend date is Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.20%. Elevance Health’s payout ratio is 24.64%.
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.
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