Elevance Health, Inc. (NYSE:ELV) Receives $400.06 Average Price Target from Brokerages

Elevance Health, Inc. (NYSE:ELV) has earned an average rating of “Moderate Buy” from the twenty-two analysts that are presently covering the company, Marketbeat reports. Ten investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $397.8889.

Several equities research analysts have recently weighed in on the company. Leerink Partners reiterated a “market perform” rating and issued a $310.00 price objective (down from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Morgan Stanley upped their price objective on Elevance Health from $316.00 to $359.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 14th. Sanford C. Bernstein lowered their price objective on Elevance Health from $445.00 to $420.00 and set an “outperform” rating on the stock in a research note on Thursday, October 16th. Robert W. Baird lowered their price objective on Elevance Health from $492.00 to $297.00 and set a “neutral” rating on the stock in a research note on Friday, July 25th. Finally, Cowen reiterated a “buy” rating on shares of Elevance Health in a research note on Thursday.

Elevance Health Trading Down 0.1%

Elevance Health stock opened at $341.90 on Tuesday. Elevance Health has a 12 month low of $273.71 and a 12 month high of $458.75. The stock has a market cap of $75.98 billion, a price-to-earnings ratio of 13.98, a price-to-earnings-growth ratio of 1.25 and a beta of 0.59. The business has a 50 day moving average price of $327.73 and a two-hundred day moving average price of $351.61. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, beating the consensus estimate of $5.03 by $1.00. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The company had revenue of $50.09 billion for the quarter, compared to analyst estimates of $49.26 billion. During the same period in the prior year, the company posted $8.37 EPS. The company’s revenue was up 12.0% compared to the same quarter last year. As a group, equities analysts forecast that Elevance Health will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be given a dividend of $1.71 per share. The ex-dividend date is Friday, December 5th. This represents a $6.84 dividend on an annualized basis and a yield of 2.0%. Elevance Health’s dividend payout ratio is 27.96%.

Insider Buying and Selling

In other Elevance Health news, Director Susan D. Devore purchased 1,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The shares were acquired at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the transaction, the director directly owned 3,502 shares in the company, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 0.29% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Elevance Health

A number of large investors have recently bought and sold shares of ELV. Norges Bank bought a new position in Elevance Health in the 2nd quarter valued at $1,148,379,000. Nuveen LLC bought a new position in Elevance Health in the 1st quarter valued at $789,943,000. Sanders Capital LLC boosted its position in Elevance Health by 24.7% in the 2nd quarter. Sanders Capital LLC now owns 5,825,208 shares of the company’s stock valued at $2,265,773,000 after buying an additional 1,152,440 shares during the last quarter. Beutel Goodman & Co Ltd. bought a new position in Elevance Health in the 2nd quarter valued at $293,141,000. Finally, Vanguard Group Inc. boosted its position in Elevance Health by 3.2% in the 2nd quarter. Vanguard Group Inc. now owns 22,856,898 shares of the company’s stock valued at $8,890,419,000 after buying an additional 704,790 shares during the last quarter. 89.24% of the stock is currently owned by 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.