Elevance Health, Inc. (NYSE:ELV) Receives $604.29 Consensus Target Price from Brokerages

Elevance Health, Inc. (NYSE:ELV) has been assigned an average rating of “Buy” from the fifteen ratings firms that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $604.29.

A number of equities research analysts recently issued reports on ELV shares. Wells Fargo & Company decreased their price target on Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. TD Cowen lowered their target price on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a research note on Friday, July 19th. Barclays reduced their price target on shares of Elevance Health from $621.00 to $611.00 and set an “overweight” rating on the stock in a research note on Thursday, July 18th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $600.00 price objective on shares of Elevance Health in a report on Friday.

Elevance Health Trading Up 0.3 %

ELV stock opened at $539.86 on Monday. Elevance Health has a twelve month low of $431.38 and a twelve month high of $567.26. The stock has a market capitalization of $125.47 billion, a price-to-earnings ratio of 20.40, a price-to-earnings-growth ratio of 1.19 and a beta of 0.82. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. The firm’s fifty day simple moving average is $536.19 and its two-hundred day simple moving average is $529.47.

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

Elevance Health Dividend Announcement

The firm also recently disclosed 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 yield of 1.21%. The ex-dividend date is Tuesday, September 10th. Elevance Health’s payout ratio is 24.64%.

Insider Buying and Selling

In other news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total value of $17,033,320.00. Following the transaction, the chief executive officer now directly owns 126,709 shares in the company, valued at approximately $63,478,674.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the sale, the chief executive officer now owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares in the company, valued at approximately $4,647,610.88. The disclosure for this sale can be found here. Insiders sold 35,058 shares of company stock valued at $17,588,116 over the last 90 days. Corporate insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Elevance Health

Institutional investors and hedge funds have recently bought and sold shares of the company. Sanders Capital LLC grew its stake in Elevance Health by 4.6% during the 4th quarter. Sanders Capital LLC now owns 4,457,986 shares of the company’s stock worth $2,102,208,000 after buying an additional 196,010 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Elevance Health by 5.3% during the second quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock worth $2,054,641,000 after acquiring an additional 190,118 shares during the last quarter. Capital International Investors increased its holdings in shares of Elevance Health by 3.7% during the first quarter. Capital International Investors now owns 3,498,511 shares of the company’s stock valued at $1,814,118,000 after acquiring an additional 123,802 shares in the last quarter. Legal & General Group Plc raised its position in shares of Elevance Health by 2.9% in the 2nd quarter. Legal & General Group Plc now owns 2,247,091 shares of the company’s stock valued at $1,217,607,000 after purchasing an additional 64,376 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in Elevance Health by 34.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after purchasing an additional 523,910 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

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.