StockNews.com Downgrades Elevance Health (NYSE:ELV) to Hold

StockNews.com cut shares of Elevance Health (NYSE:ELV) from a buy rating to a hold rating in a research note published on Friday morning.

A number of other research analysts have also weighed in on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $485.00 price objective on shares of Elevance Health in a research note on Friday, January 24th. Truist Financial dropped their price objective on Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Argus reiterated a “hold” rating and set a $405.40 price target on shares of Elevance Health in a research report on Wednesday, January 29th. Stephens lowered shares of Elevance Health from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Finally, Barclays upped their target price on shares of Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a report on Friday, January 24th. Four equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $517.03.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $385.04 on Friday. Elevance Health has a 1-year low of $362.21 and a 1-year high of $567.26. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. The stock has a market cap of $89.30 billion, a PE ratio of 15.03, a price-to-earnings-growth ratio of 1.18 and a beta of 0.83. The stock’s fifty day simple moving average is $385.25 and its two-hundred day simple moving average is $444.32.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, topping analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. As a group, analysts forecast that Elevance Health will post 34 EPS for the current fiscal year.

Elevance Health Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend is Monday, March 10th. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio (DPR) is 25.46%.

Institutional Trading of Elevance Health

Several institutional investors have recently bought and sold shares of ELV. Accredited Wealth Management LLC purchased a new stake in shares of Elevance Health during the fourth quarter valued at approximately $25,000. Raelipskie Partnership bought a new position in Elevance Health in the 3rd quarter valued at approximately $26,000. Flagship Wealth Advisors LLC purchased a new stake in Elevance Health during the 4th quarter valued at $26,000. PSI Advisors LLC bought a new stake in shares of Elevance Health in the 3rd quarter worth $27,000. Finally, OFI Invest Asset Management bought a new stake in shares of Elevance Health in the 4th quarter worth $29,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Company Profile

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.