Elevance Health (NYSE:ELV) Given New $478.00 Price Target at Wells Fargo & Company

Elevance Health (NYSE:ELV) had its price target cut by Wells Fargo & Company from $483.00 to $478.00 in a research report released on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts also recently issued reports on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $485.00 price target on shares of Elevance Health in a research report on Friday, January 24th. Stephens downgraded Elevance Health from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Royal Bank of Canada reduced their price target on Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Finally, Morgan Stanley dropped their price objective on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Elevance Health has a consensus rating of “Moderate Buy” and a consensus price target of $524.47.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $405.67 on Tuesday. The company has a market capitalization of $94.08 billion, a price-to-earnings ratio of 14.79, a price-to-earnings-growth ratio of 1.11 and a beta of 0.84. Elevance Health has a 52 week low of $362.21 and a 52 week high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The firm has a 50 day moving average of $386.42 and a 200 day moving average of $460.49.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. On average, sell-side analysts predict that Elevance Health will post 32.95 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be paid a dividend of $1.71 per share. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Monday, March 10th. Elevance Health’s dividend payout ratio is presently 23.77%.

Institutional Investors Weigh In On Elevance Health

Several hedge funds have recently modified their holdings of ELV. Creative Planning boosted its stake in shares of Elevance Health by 10.3% during the 2nd quarter. Creative Planning now owns 31,156 shares of the company’s stock worth $16,882,000 after acquiring an additional 2,901 shares in the last quarter. NewEdge Advisors LLC boosted its stake in shares of Elevance Health by 21.0% during the 2nd quarter. NewEdge Advisors LLC now owns 14,364 shares of the company’s stock worth $7,783,000 after acquiring an additional 2,492 shares in the last quarter. Quarry LP purchased a new stake in shares of Elevance Health during the 2nd quarter worth about $73,000. B. Riley Wealth Advisors Inc. boosted its stake in shares of Elevance Health by 39.5% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 3,982 shares of the company’s stock worth $2,158,000 after acquiring an additional 1,127 shares in the last quarter. Finally, EP Wealth Advisors LLC raised its position in shares of Elevance Health by 18.1% during the 2nd quarter. EP Wealth Advisors LLC now owns 1,882 shares of the company’s stock worth $1,020,000 after purchasing an additional 289 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.