Brokerages Set Elevance Health, Inc. (NYSE:ELV) PT at $440.90

Shares of Elevance Health, Inc. (NYSE:ELV) have been assigned a consensus rating of “Moderate Buy” from the twenty-three brokerages that are covering the firm, MarketBeat reports. Eight research analysts have rated the stock with a hold recommendation and fifteen have assigned a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $440.9048.

Several research analysts have recently issued reports on the company. Citigroup raised Elevance Health to a “buy” rating in a research note on Wednesday, April 29th. Deutsche Bank Aktiengesellschaft upgraded shares of Elevance Health from a “hold” rating to a “buy” rating and lifted their price objective for the company from $363.00 to $498.00 in a research note on Wednesday, May 20th. Mizuho upped their price objective on shares of Elevance Health from $435.00 to $465.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Royal Bank Of Canada decreased their target price on shares of Elevance Health from $439.00 to $424.00 and set a “sector perform” rating for the company in a research report on Thursday, July 16th. Finally, Guggenheim raised their target price on shares of Elevance Health from $399.00 to $455.00 and gave the company a “buy” rating in a research note on Thursday, July 16th.

Elevance Health Stock Performance

ELV opened at $398.53 on Monday. The business’s 50 day moving average is $394.87 and its 200-day moving average is $359.27. The stock has a market cap of $86.43 billion, a PE ratio of 17.71, a price-to-earnings-growth ratio of 2.29 and a beta of 0.68. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. Elevance Health has a twelve month low of $274.84 and a twelve month high of $436.24.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business had revenue of $49.83 billion during the quarter, compared to the consensus estimate of $48.88 billion. During the same period in the previous year, the firm posted $8.84 earnings per share. The business’s revenue was up .8% on a year-over-year basis. On average, analysts predict that Elevance Health will post 27.07 earnings per share for the current year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be issued a $1.72 dividend. The ex-dividend date is Thursday, September 10th. This represents a $6.88 annualized dividend and a dividend yield of 1.7%. Elevance Health’s dividend payout ratio (DPR) is 30.58%.

Insider Activity at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the sale, the director owned 10,734 shares of the company’s stock, valued at $4,312,599.18. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.34% 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. BlackRock Inc. acquired a new position in Elevance Health during the second quarter worth about $7,344,424,000. Bank of New York Mellon Corp bought a new stake in Elevance Health in the second quarter worth about $1,246,349,000. Norges Bank acquired a new stake in Elevance Health in the 4th quarter valued at about $1,058,165,000. Legal & General Group Plc acquired a new stake in Elevance Health in the 2nd quarter valued at about $688,469,000. Finally, Wellington Management Group LLP boosted its position in shares of Elevance Health by 25.2% during the 4th quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock valued at $2,906,051,000 after purchasing an additional 1,668,679 shares in the last quarter. 89.24% of the stock is owned by institutional investors.

About Elevance Health

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.