Elevance Health (NYSE:ELV) Price Target Raised to $600.00

Elevance Health (NYSE:ELV) had its price target boosted by Wells Fargo & Company from $557.00 to $600.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities analysts have also issued reports about the stock. Royal Bank of Canada raised their price target on shares of Elevance Health from $572.00 to $574.00 and gave the stock an outperform rating in a research report on Thursday, January 25th. Jefferies Financial Group increased their price target on Elevance Health from $602.00 to $604.00 and gave the stock a buy rating in a research note on Friday. StockNews.com downgraded Elevance Health from a strong-buy rating to a buy rating in a research note on Thursday, January 25th. Barclays increased their price objective on Elevance Health from $584.00 to $621.00 and gave the company an overweight rating in a report on Friday. Finally, Cantor Fitzgerald reissued an overweight rating and set a $580.00 price objective on shares of Elevance Health in a report on Wednesday, April 10th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $587.64.

Elevance Health Stock Up 0.1 %

ELV opened at $532.17 on Friday. The company has a 50 day moving average of $509.68 and a 200 day moving average of $484.51. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. Elevance Health has a 12 month low of $412.00 and a 12 month high of $539.11. The company has a market cap of $123.69 billion, a PE ratio of 20.11, a price-to-earnings-growth ratio of 1.16 and a beta of 0.78.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The firm had revenue of $42.27 billion for the quarter, compared to the consensus estimate of $42.49 billion. During the same quarter in the prior year, the firm posted $9.46 earnings per share. The business’s revenue was up .9% on a year-over-year basis. On average, sell-side analysts expect that Elevance Health will post 37.24 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th will be issued a dividend of $1.63 per share. The ex-dividend date is Monday, June 10th. This represents a $6.52 annualized dividend and a yield of 1.23%. Elevance Health’s dividend payout ratio (DPR) is currently 24.64%.

Insider Buying and Selling at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $4,554,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Elevance Health

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ELV. Richwood Investment Advisors LLC raised its position in shares of Elevance Health by 0.8% during the fourth quarter. Richwood Investment Advisors LLC now owns 2,546 shares of the company’s stock worth $1,201,000 after purchasing an additional 20 shares during the period. Bell Investment Advisors Inc grew its stake in 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 in the last quarter. Capital Advisors Ltd. LLC grew its stake in 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 in the last quarter. Alliance Wealth Advisors LLC grew its stake in Elevance Health by 2.9% in the fourth quarter. Alliance Wealth Advisors LLC now owns 745 shares of the company’s stock valued at $351,000 after purchasing an additional 21 shares in the last quarter. Finally, HF Advisory Group LLC grew its stake in Elevance Health by 0.7% in the first quarter. HF Advisory Group LLC now owns 2,983 shares of the company’s stock valued at $1,547,000 after purchasing an additional 21 shares in the last quarter. 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.