Elevance Health (NYSE:ELV) Price Target Lowered to $478.00 at Royal Bank of Canada

Elevance Health (NYSE:ELV) had its price target cut by Royal Bank of Canada from $585.00 to $478.00 in a research report report published on Friday, Benzinga reports. They currently have an outperform rating on the stock.

Several other equities analysts have also commented on ELV. Stephens restated an “overweight” rating and issued a $615.00 price objective on shares of Elevance Health in a report on Thursday, September 5th. Bank of America restated a “neutral” rating and set a $530.00 price target (down from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Cantor Fitzgerald cut their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a report on Friday. TD Cowen lowered their target price on Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a report on Friday, July 19th. Finally, Wells Fargo & Company cut their price target on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. One research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $572.27.

Elevance Health Trading Down 3.1 %

ELV opened at $430.76 on Friday. The stock has a market capitalization of $100.12 billion, a PE ratio of 16.28, a P/E/G ratio of 1.08 and a beta of 0.82. Elevance Health has a one year low of $397.98 and a one year high of $567.26. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The business’s 50 day moving average price is $526.74 and its 200 day moving average price is $527.46.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). The business had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the company earned $8.99 EPS. As a group, equities research analysts expect that Elevance Health will post 37.26 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio (DPR) is 24.64%.

Insider Transactions at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the transaction, the director now directly owns 8,744 shares of the company’s stock, valued at $4,647,610.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the transaction, the director now directly owns 8,744 shares in the company, valued at approximately $4,647,610.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,170 shares of company stock worth $20,638,737. 0.35% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Elevance Health

Hedge funds have recently modified their holdings of the business. Fisher Asset Management LLC boosted its stake in Elevance Health by 20.8% during the 4th quarter. Fisher Asset Management LLC now owns 899 shares of the company’s stock worth $424,000 after purchasing an additional 155 shares during the period. Mather Group LLC. purchased a new stake in shares of Elevance Health in the first quarter valued at about $158,000. Alaska Permanent Fund Corp raised its holdings in shares of Elevance Health by 950.8% in the first quarter. Alaska Permanent Fund Corp now owns 683 shares of the company’s stock valued at $354,000 after buying an additional 618 shares during the last quarter. Park Avenue Securities LLC boosted its stake in shares of Elevance Health by 11.6% during the first quarter. Park Avenue Securities LLC now owns 8,492 shares of the company’s stock worth $4,403,000 after buying an additional 882 shares during the period. Finally, Marcum Wealth LLC grew its holdings in shares of Elevance Health by 6.7% during the first quarter. Marcum Wealth LLC now owns 555 shares of the company’s stock worth $288,000 after buying an additional 35 shares during the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

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.