Elevance Health (NYSE:ELV) Price Target Cut to $611.00 by Analysts at Barclays

Elevance Health (NYSE:ELV) had its price objective trimmed by Barclays from $621.00 to $611.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other analysts have also recently issued reports on ELV. Bank of America reaffirmed a neutral rating and set a $530.00 price objective (down previously from $646.00) on shares of Elevance Health in a research note on Thursday. StockNews.com cut shares of Elevance Health from a strong-buy rating to a buy rating in a research report on Thursday, June 6th. Robert W. Baird initiated coverage on shares of Elevance Health in a research report on Thursday, May 30th. They set an outperform rating and a $649.00 price objective for the company. UBS Group increased their target price on shares of Elevance Health from $585.00 to $605.00 and gave the stock a buy rating in a report on Friday, April 19th. Finally, Wells Fargo & Company raised their price objective on shares of Elevance Health from $557.00 to $600.00 and gave the company an overweight rating in a report on Friday, April 19th. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Buy and a consensus price target of $604.79.

Elevance Health Trading Down 0.9 %

Shares of Elevance Health stock opened at $500.12 on Thursday. The firm has a 50-day simple moving average of $533.12 and a two-hundred day simple moving average of $515.24. The company has a market cap of $115.97 billion, a P/E ratio of 18.90, a price-to-earnings-growth ratio of 1.10 and a beta of 0.84. Elevance Health has a fifty-two week low of $431.38 and a fifty-two week high of $555.35. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.37 and a current ratio of 1.49.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping the consensus estimate of $9.99 by $0.13. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm had revenue of $43.22 billion during the quarter, compared to the consensus estimate of $42.99 billion. During the same quarter in the prior year, the firm earned $9.04 EPS. The company’s revenue for the quarter was down .4% on a year-over-year basis. As a group, equities analysts predict that Elevance Health will post 37.25 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.30%. The ex-dividend date of this dividend is Tuesday, September 10th. Elevance Health’s payout ratio is 24.64%.

Insider Activity

In other news, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total value of $7,531,605.14. Following the sale, the executive vice president now owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.35% of the company’s stock.

Institutional Trading of Elevance Health

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Richwood Investment Advisors LLC lifted its stake in shares of Elevance Health by 0.8% in the fourth quarter. Richwood Investment Advisors LLC now owns 2,546 shares of the company’s stock valued at $1,201,000 after purchasing an additional 20 shares during the period. Bell Investment Advisors Inc lifted its stake in shares of Elevance Health by 2.1% in the fourth quarter. Bell Investment Advisors Inc now owns 989 shares of the company’s stock valued at $466,000 after purchasing an additional 20 shares during the period. Capital Advisors Ltd. LLC lifted its stake in shares of Elevance Health by 8.8% in the first quarter. Capital Advisors Ltd. LLC now owns 248 shares of the company’s stock valued at $129,000 after purchasing an additional 20 shares during the period. Bedel Financial Consulting Inc. lifted its stake in shares of Elevance Health by 1.6% in the first quarter. Bedel Financial Consulting Inc. now owns 1,247 shares of the company’s stock valued at $647,000 after purchasing an additional 20 shares during the period. Finally, American Trust lifted its stake in shares of Elevance Health by 2.6% in the first quarter. American Trust now owns 775 shares of the company’s stock valued at $402,000 after purchasing an additional 20 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

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.