Elevance Health (NYSE:ELV) Price Target Raised to $585.00 at Royal Bank of Canada

Elevance Health (NYSE:ELV) had its price target increased by Royal Bank of Canada from $575.00 to $585.00 in a report released on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

Several other research analysts have also recently commented on the stock. Jefferies Financial Group raised their target price on shares of Elevance Health from $602.00 to $604.00 and gave the stock a buy rating in a report on Friday, April 19th. Stephens reiterated an overweight rating and issued a $615.00 target price on shares of Elevance Health in a report on Tuesday, June 11th. Barclays raised their target price on shares of Elevance Health from $584.00 to $621.00 and gave the stock an overweight rating in a report on Friday, April 19th. Cantor Fitzgerald reiterated an overweight rating and issued a $600.00 target price on shares of Elevance Health in a report on Wednesday, July 10th. Finally, Morgan Stanley assumed coverage on shares of Elevance Health in a report on Monday, June 24th. They issued an overweight rating and a $643.00 target price for the company. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Elevance Health has an average rating of Buy and a consensus target price of $604.79.

Elevance Health Stock Performance

Shares of ELV opened at $500.12 on Thursday. The firm’s 50 day moving average is $533.12 and its 200-day moving average is $515.24. The stock has a market capitalization of $115.97 billion, a P/E ratio of 18.90, a P/E/G ratio of 1.10 and a beta of 0.84. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.37. Elevance Health has a 12-month low of $431.38 and a 12-month high of $555.35.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.99 by $0.13. The company had revenue of $43.22 billion for the quarter, compared to analysts’ expectations of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The business’s revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $9.04 EPS. Equities research analysts anticipate that Elevance Health will post 37.25 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.30%. The ex-dividend date is Tuesday, September 10th. Elevance Health’s dividend payout ratio is currently 24.64%.

Insider Buying and Selling

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total value of $7,531,605.14. Following the completion of the sale, the executive vice president now directly owns 31,460 shares in the company, valued at $16,791,460.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.35% of the stock is currently owned by corporate insiders.

Institutional Trading of Elevance Health

Institutional investors have recently added to or reduced their stakes in the business. abrdn plc lifted its stake in Elevance Health by 86.8% in the fourth quarter. abrdn plc now owns 278,397 shares of the company’s stock valued at $131,281,000 after acquiring an additional 129,364 shares during the last quarter. Cerity Partners LLC lifted its stake in Elevance Health by 21.3% in the fourth quarter. Cerity Partners LLC now owns 52,300 shares of the company’s stock valued at $24,663,000 after acquiring an additional 9,199 shares during the last quarter. Canoe Financial LP lifted its stake in Elevance Health by 158.1% in the fourth quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock valued at $398,054,000 after acquiring an additional 517,116 shares during the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in Elevance Health in the fourth quarter valued at approximately $218,000. Finally, Tower Research Capital LLC TRC lifted its stake in Elevance Health by 114.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock valued at $14,765,000 after acquiring an additional 16,737 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

About Elevance Health

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.