Wells Fargo & Company Cuts Elevance Health (NYSE:ELV) Price Target to $400.00

Elevance Health (NYSE:ELV) had its target price reduced by Wells Fargo & Company from $478.00 to $400.00 in a report released on Tuesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other equities analysts have also recently commented on ELV. Guggenheim reaffirmed a “buy” rating and issued a $518.00 price target on shares of Elevance Health in a research note on Wednesday, April 23rd. Wall Street Zen raised Elevance Health from a “hold” rating to a “buy” rating in a research note on Thursday, March 20th. Mizuho boosted their price objective on Elevance Health from $455.00 to $505.00 and gave the company an “outperform” rating in a report on Wednesday, April 9th. Barclays decreased their price target on Elevance Health from $480.00 to $434.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 9th. Finally, Sanford C. Bernstein restated an “outperform” rating on shares of Elevance Health in a research report on Friday, March 28th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Elevance Health presently has a consensus rating of “Moderate Buy” and an average target price of $481.87.

Elevance Health Stock Performance

Shares of ELV opened at $301.33 on Tuesday. The company’s fifty day moving average price is $374.07 and its 200 day moving average price is $396.26. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.43 and a quick ratio of 1.43. Elevance Health has a one year low of $296.39 and a one year high of $567.26. The company has a market capitalization of $68.08 billion, a PE ratio of 11.76, a price-to-earnings-growth ratio of 0.88 and a beta of 0.60.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $9.30 by ($0.46). Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. The business had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. During the same period in the previous year, the firm posted $10.12 EPS. The company’s revenue was up 14.3% compared to the same quarter last year. As a group, analysts expect that Elevance Health will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th were issued a dividend of $1.71 per share. The ex-dividend date was Tuesday, June 10th. This represents a $6.84 annualized dividend and a dividend yield of 2.27%. Elevance Health’s payout ratio is currently 26.69%.

Insider Activity at Elevance Health

In other Elevance Health news, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the transaction, the chief financial officer directly owned 18,977 shares of the company’s stock, valued at $8,061,809.14. The trade was a 19.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.29% of the company’s stock.

Institutional Trading of Elevance Health

A number of hedge funds and other institutional investors have recently modified their holdings of ELV. Accredited Wealth Management LLC acquired a new stake in shares of Elevance Health in the 4th quarter valued at about $25,000. Flagship Wealth Advisors LLC bought a new position in shares of Elevance Health during the fourth quarter valued at about $26,000. Private Wealth Management Group LLC grew its holdings in Elevance Health by 152.0% in the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares during the period. WealthTrak Capital Management LLC purchased a new stake in Elevance Health in the fourth quarter worth approximately $29,000. Finally, WPG Advisers LLC bought a new stake in shares of Elevance Health during the 1st quarter valued at $29,000. Institutional investors and hedge funds 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.