Elevance Health (NYSE:ELV) Stock Rating Reaffirmed by Bank of America

Bank of America restated their neutral rating on shares of Elevance Health (NYSE:ELV) in a research report report published on Thursday, Marketbeat Ratings reports. Bank of America currently has a $530.00 price target on the stock, down from their previous price target of $646.00.

A number of other equities analysts have also weighed in on the company. Mizuho upped their price objective on Elevance Health from $575.00 to $585.00 and gave the stock a buy rating in a research note on Wednesday, April 24th. Royal Bank of Canada upped their price target on Elevance Health from $574.00 to $575.00 and gave the stock an outperform rating in a research note on Friday, April 19th. Robert W. Baird started coverage on shares of Elevance Health in a research report on Thursday, May 30th. They set an outperform rating and a $649.00 price objective on the stock. Baird R W raised shares of Elevance Health to a strong-buy rating in a report on Thursday, May 30th. Finally, Jefferies Financial Group raised their target price on shares of Elevance Health from $602.00 to $604.00 and gave the company a buy rating in a research note on Friday, April 19th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus price target of $604.79.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $500.12 on Thursday. The company 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. Elevance Health has a 1-year low of $431.38 and a 1-year high of $555.35. The firm’s 50 day simple moving average is $533.12 and its two-hundred day simple moving average is $515.24. 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 (NYSE:ELV) last announced its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, beating the consensus estimate of $9.99 by $0.13. The firm had revenue of $43.22 billion for the quarter, compared to the consensus estimate of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The company’s revenue was down .4% on a year-over-year basis. During the same period last year, the firm earned $9.04 EPS. Research analysts expect that Elevance Health will post 37.25 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be given 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 of this dividend is Tuesday, September 10th. Elevance Health’s dividend payout ratio is 24.64%.

Insider Activity at Elevance Health

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ELV. abrdn plc lifted its holdings in shares of Elevance Health by 86.8% in the 4th quarter. abrdn plc now owns 278,397 shares of the company’s stock worth $131,281,000 after acquiring an additional 129,364 shares during the last quarter. Cerity Partners LLC raised its position in Elevance Health by 21.3% in the 4th quarter. Cerity Partners LLC now owns 52,300 shares of the company’s stock worth $24,663,000 after purchasing an additional 9,199 shares during the period. 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 worth $398,054,000 after purchasing an additional 517,116 shares during the last quarter. Wetzel Investment Advisors Inc. purchased a new position in shares of Elevance Health during the fourth quarter valued at approximately $218,000. Finally, Tower Research Capital LLC TRC grew its stake in shares of Elevance Health by 114.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock valued at $14,765,000 after buying an additional 16,737 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other 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.