Elevance Health (NYSE:ELV) PT Raised to $575.00

Elevance Health (NYSE:ELV) had its price objective upped by Royal Bank of Canada from $574.00 to $575.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other equities analysts also recently issued research reports about the company. Cantor Fitzgerald reaffirmed an overweight rating and set a $580.00 price target on shares of Elevance Health in a research report on Wednesday, April 10th. Barclays upped their price target on Elevance Health from $584.00 to $621.00 and gave the stock an overweight rating in a research report on Friday. Jefferies Financial Group upped their price target on Elevance Health from $602.00 to $604.00 and gave the stock a buy rating in a research report on Friday. Wells Fargo & Company upped their price target on Elevance Health from $557.00 to $600.00 and gave the stock an overweight rating in a research report on Friday. Finally, Truist Financial reaffirmed a buy rating and set a $600.00 price target (up previously from $580.00) on shares of Elevance Health in a research report on Friday. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $587.64.

Elevance Health Price Performance

NYSE ELV opened at $532.17 on Friday. The business has a 50 day simple moving average of $509.68 and a 200 day simple moving average of $484.51. Elevance Health has a 52-week low of $412.00 and a 52-week high of $539.11. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37. The stock has a market cap of $123.69 billion, a price-to-earnings ratio of 20.11, a PEG ratio of 1.16 and a beta of 0.78.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The business had revenue of $42.27 billion during the quarter, compared to analysts’ expectations of $42.49 billion. During the same period in the prior year, the business earned $9.46 EPS. Elevance Health’s revenue for the quarter was up .9% compared to the same quarter last year. Analysts anticipate that Elevance Health will post 37.24 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th will be issued a dividend of $1.63 per share. 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’s dividend payout ratio is 24.64%.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the completion of the sale, the director now owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Elevance Health

Several hedge funds have recently added to or reduced their stakes in ELV. Nilsine Partners LLC increased its position in Elevance Health by 45.2% during the 1st quarter. Nilsine Partners LLC now owns 2,252 shares of the company’s stock worth $1,168,000 after buying an additional 701 shares during the period. Bay Rivers Group bought a new position in Elevance Health during the 1st quarter worth $205,000. Greystone Financial Group LLC increased its position in Elevance Health by 66.6% during the 1st quarter. Greystone Financial Group LLC now owns 18,606 shares of the company’s stock worth $9,648,000 after buying an additional 7,440 shares during the period. HF Advisory Group LLC increased its position in Elevance Health by 0.7% during the 1st quarter. HF Advisory Group LLC now owns 2,983 shares of the company’s stock worth $1,547,000 after buying an additional 21 shares during the period. Finally, PFG Investments LLC bought a new position in Elevance Health during the 1st quarter worth $399,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

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.