Elevance Health, Inc. (NYSE:ELV) Receives $604.29 Average Price Target from Brokerages

Shares of Elevance Health, Inc. (NYSE:ELV) have earned an average rating of “Buy” from the fifteen research firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $604.29.

A number of research firms have weighed in on ELV. TD Cowen decreased their price objective on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a research report on Friday, July 19th. Robert W. Baird assumed coverage on Elevance Health in a report on Thursday, May 30th. They issued an “outperform” rating and a $649.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $600.00 price objective on shares of Elevance Health in a report on Friday. Wells Fargo & Company cut their target price on Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. Finally, JPMorgan Chase & Co. raised their price target on shares of Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th.

Insider Activity

In related news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the sale, the director now owns 8,744 shares in the company, valued at $4,647,610.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Robert L. Dixon, Jr. sold 305 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the transaction, the director now owns 9,721 shares in the company, valued at approximately $4,926,213.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the stock in a transaction 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 completion of the sale, the director now directly owns 8,744 shares in the company, valued at $4,647,610.88. The disclosure for this sale can be found here. In the last three months, insiders sold 35,058 shares of company stock valued at $17,588,116. Company insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Elevance Health

Institutional investors have recently modified their holdings of the company. Bank & Trust Co acquired a new position in Elevance Health during the 2nd quarter valued at about $27,000. Pin Oak Investment Advisors Inc. acquired a new position in shares of Elevance Health during the fourth quarter worth approximately $28,000. Palisade Asset Management LLC bought a new position in Elevance Health in the 1st quarter worth approximately $28,000. Opal Wealth Advisors LLC acquired a new stake in Elevance Health in the 2nd quarter valued at approximately $28,000. Finally, Strategic Financial Concepts LLC bought a new stake in Elevance Health during the 2nd quarter valued at $30,000. Institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $539.79 on Monday. The company has a market cap of $125.46 billion, a P/E ratio of 20.40, a PEG ratio of 1.19 and a beta of 0.82. Elevance Health has a one year low of $431.38 and a one year high of $567.26. The business’s 50-day simple moving average is $536.19 and its 200 day simple moving average is $529.08. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.99 by $0.13. The company had revenue of $43.22 billion for the quarter, compared to analyst estimates of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The business’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter last year, the firm posted $9.04 earnings per share. On average, sell-side analysts forecast that Elevance Health will post 37.25 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be issued a dividend of $1.63 per share. The ex-dividend date is Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.21%. Elevance Health’s dividend payout ratio (DPR) 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.