Mizuho Lowers Elevance Health (NYSE:ELV) Price Target to $505.00

Elevance Health (NYSE:ELV) had its price target trimmed by Mizuho from $585.00 to $505.00 in a report published on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other analysts also recently weighed in on ELV. Argus downgraded Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. TD Cowen decreased their price objective on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a report on Monday, October 21st. Truist Financial restated a “buy” rating and issued a $520.00 target price (down from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. UBS Group decreased their price target on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a research note on Friday, October 18th. Finally, Bank of America reiterated a “neutral” rating and issued a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $539.20.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $422.62 on Tuesday. Elevance Health has a one year low of $397.98 and a one year high of $567.26. The stock has a market cap of $98.01 billion, a price-to-earnings ratio of 15.41, a price-to-earnings-growth ratio of 1.24 and a beta of 0.85. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50. The stock has a 50 day moving average price of $489.22 and a 200-day moving average price of $517.94.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. During the same period in the previous year, the business earned $8.99 EPS. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. Equities analysts expect that Elevance Health will post 32.93 EPS for the current year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be issued a $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a yield of 1.54%. Elevance Health’s dividend payout ratio is presently 23.77%.

Insider Activity

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the transaction, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Pathway Financial Advisers LLC increased its holdings in shares of Elevance Health by 51,967.1% during the third quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock valued at $341,956,000 after acquiring an additional 656,344 shares in the last quarter. International Assets Investment Management LLC increased its stake in Elevance Health by 85,533.1% during the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock valued at $276,972,000 after purchasing an additional 532,016 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Elevance Health by 34.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after buying an additional 523,910 shares during the last quarter. M&G Plc acquired a new stake in shares of Elevance Health during the first quarter worth $203,389,000. Finally, Maj Invest Holding A S acquired a new stake in shares of Elevance Health during the second quarter worth $173,753,000. 89.24% of the stock is 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.