Brokerages Set Elevance Health, Inc. (NYSE:ELV) Price Target at $604.29

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

A number of analysts have commented on the company. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. Baird R W upgraded shares of Elevance Health to a “strong-buy” rating in a research report on Thursday, May 30th. Wells Fargo & Company dropped their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. TD Cowen reduced their price target on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a report on Friday, July 19th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $600.00 price objective on shares of Elevance Health in a research note on Friday.

Elevance Health Stock Performance

Shares of ELV opened at $539.79 on Monday. 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 has a 52-week low of $431.38 and a 52-week high of $567.26. The company has a 50-day simple moving average of $536.19 and a 200-day simple moving average of $529.08. The company has a market capitalization of $125.46 billion, a PE ratio of 20.40, a P/E/G ratio of 1.19 and a beta of 0.82.

Elevance Health (NYSE:ELV) last issued its earnings results 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 during the quarter, compared to analysts’ expectations of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm’s quarterly revenue was down .4% compared to the same quarter last year. During the same period last year, the company posted $9.04 earnings per share. Equities research analysts predict that Elevance Health will post 37.25 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced 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 of this dividend is Tuesday, September 10th. This represents a $6.52 annualized dividend and a yield of 1.21%. Elevance Health’s payout ratio is currently 24.64%.

Insider Buying and Selling

In other news, Director Ramiro G. Peru sold 753 shares of the company’s 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 completion of the transaction, the director now owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the transaction, the chief executive officer now owns 126,709 shares in the company, valued at approximately $63,478,674.82. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the company’s 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 sale, the director now owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,058 shares of company stock worth $17,588,116. 0.35% of the stock is owned by company insiders.

Institutional Investors Weigh In On Elevance Health

A number of institutional investors have recently added to or reduced their stakes in ELV. Accretive Wealth Partners LLC purchased a new stake in shares of Elevance Health during the 4th quarter worth about $209,000. ING Groep NV purchased a new stake in Elevance Health during the fourth quarter worth approximately $1,119,000. PNC Financial Services Group Inc. increased its position in shares of Elevance Health by 1.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 81,298 shares of the company’s stock worth $38,337,000 after acquiring an additional 1,226 shares in the last quarter. Gladstone Institutional Advisory LLC increased its position in shares of Elevance Health by 3.7% in the fourth quarter. Gladstone Institutional Advisory LLC now owns 1,172 shares of the company’s stock worth $553,000 after acquiring an additional 42 shares in the last quarter. Finally, Coldstream Capital Management Inc. raised its stake in shares of Elevance Health by 0.7% in the 4th quarter. Coldstream Capital Management Inc. now owns 3,471 shares of the company’s stock valued at $1,637,000 after acquiring an additional 23 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.