Elevance Health, Inc. (NYSE:ELV) to Issue $1.63 Quarterly Dividend

Elevance Health, Inc. (NYSE:ELV) declared a quarterly dividend on Friday, April 19th, Wall Street Journal reports. Shareholders of record on Monday, June 10th will be paid a dividend of 1.63 per share on Tuesday, June 25th. This represents a $6.52 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend is Monday, June 10th.

Elevance Health has raised its dividend by an average of 15.9% per year over the last three years and has raised its dividend annually for the last 2 consecutive years. Elevance Health has a dividend payout ratio of 15.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Elevance Health to earn $41.46 per share next year, which means the company should continue to be able to cover its $6.52 annual dividend with an expected future payout ratio of 15.7%.

Elevance Health Trading Up 1.2 %

Shares of ELV opened at $531.59 on Friday. The company has a market capitalization of $123.70 billion, a PE ratio of 20.09, a price-to-earnings-growth ratio of 1.15 and a beta of 0.78. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.44 and a current ratio of 1.37. The stock has a fifty day moving average of $509.14 and a two-hundred day moving average of $483.22. Elevance Health has a fifty-two week low of $412.00 and a fifty-two week high of $539.11.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, April 18th. The company reported $10.64 EPS for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. The business had revenue of $42.27 billion during the quarter, compared to the consensus estimate of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The business’s revenue for the quarter was up .9% on a year-over-year basis. During the same period in the prior year, the firm posted $9.46 EPS. As a group, analysts forecast that Elevance Health will post 37.2 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Wells Fargo & Company increased their price target on shares of Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. Cantor Fitzgerald reiterated an “overweight” rating and set a $580.00 price objective on shares of Elevance Health in a research note on Wednesday, April 10th. Jefferies Financial Group increased their price objective on shares of Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Truist Financial reiterated a “buy” rating and set a $600.00 price objective (up previously from $580.00) on shares of Elevance Health in a research note on Friday. One analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $583.77.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the transaction, the director now owns 9,109 shares of the company’s stock, valued at $4,554,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.35% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ELV. Fortis Capital Advisors LLC purchased a new position in Elevance Health during the 4th quarter worth approximately $29,000. Quarry LP purchased a new position in Elevance Health during the 4th quarter worth approximately $30,000. TD Capital Management LLC purchased a new position in Elevance Health during the 4th quarter worth approximately $30,000. O Dell Group LLC purchased a new position in Elevance Health during the 4th quarter worth approximately $32,000. Finally, West Tower Group LLC purchased a new position in Elevance Health during the 4th quarter worth approximately $35,000. Institutional investors own 89.24% of the company’s stock.

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.