Elevance Health (NYSE:ELV) Rating Reiterated by Truist Financial

Truist Financial reiterated their buy rating on shares of Elevance Health (NYSE:ELV) in a research report released on Friday morning, Benzinga reports. Truist Financial currently has a $600.00 target price on the stock, up from their previous target price of $580.00.

Several other research firms have also weighed in on ELV. StockNews.com lowered Elevance Health from a strong-buy rating to a buy rating in a report on Thursday, January 25th. Jefferies Financial Group raised their target price on Elevance Health from $602.00 to $604.00 and gave the company a buy rating in a report on Friday. Barclays raised their target price on Elevance Health from $584.00 to $621.00 and gave the company an overweight rating in a report on Friday. Cantor Fitzgerald restated an overweight rating and set a $580.00 target price on shares of Elevance Health in a report on Wednesday, April 10th. Finally, Royal Bank of Canada raised their target price on Elevance Health from $572.00 to $574.00 and gave the company an outperform rating in a report on Thursday, January 25th. One investment analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Elevance Health presently has a consensus rating of Moderate Buy and a consensus price target of $583.77.

Elevance Health Price Performance

ELV opened at $531.59 on Friday. The stock has a market cap of $123.70 billion, a price-to-earnings ratio of 20.09, a PEG ratio of 1.15 and a beta of 0.78. Elevance Health has a 1 year low of $412.00 and a 1 year high of $539.11. The company has a current ratio of 1.37, a quick ratio of 1.44 and a debt-to-equity ratio of 0.54. The stock has a fifty day moving average price of $509.14 and a 200 day moving average price of $483.22.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. The firm had revenue of $42.27 billion during the quarter, compared to analysts’ expectations of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The business’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter last year, the firm earned $9.46 earnings per share. Analysts forecast that Elevance Health will post 37.2 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date is Monday, June 10th. Elevance Health’s dividend payout ratio is currently 24.64%.

Insider Activity at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the sale, the director now owns 9,109 shares in the company, valued at approximately $4,554,500. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.35% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Elevance Health

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ELV. Roundview Capital LLC boosted its stake in Elevance Health by 2.9% in the 1st quarter. Roundview Capital LLC now owns 1,858 shares of the company’s stock worth $912,000 after purchasing an additional 52 shares during the period. Moors & Cabot Inc. acquired a new position in shares of Elevance Health during the 1st quarter worth about $251,000. Baird Financial Group Inc. boosted its stake in shares of Elevance Health by 0.4% during the 1st quarter. Baird Financial Group Inc. now owns 14,870 shares of the company’s stock worth $7,305,000 after buying an additional 57 shares during the last quarter. Zions Bancorporation N.A. lifted its stake in Elevance Health by 52.1% in the 1st quarter. Zions Bancorporation N.A. now owns 893 shares of the company’s stock valued at $439,000 after purchasing an additional 306 shares during the last quarter. Finally, Brown Brothers Harriman & Co. lifted its stake in Elevance Health by 102.9% in the 1st quarter. Brown Brothers Harriman & Co. now owns 846 shares of the company’s stock valued at $416,000 after purchasing an additional 429 shares during the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

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.