Elevance Health (NYSE:ELV) Reaches New 52-Week Low – Here’s What Happened

Elevance Health, Inc. (NYSE:ELV) shares reached a new 52-week low on Thursday . The company traded as low as $362.95 and last traded at $365.54, with a volume of 273201 shares traded. The stock had previously closed at $366.26.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Barclays dropped their price target on Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Mizuho dropped their target price on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Wells Fargo & Company lowered their price objective on Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. UBS Group cut their target price on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Finally, Raymond James set a $485.00 price target on shares of Elevance Health in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Elevance Health presently has an average rating of “Moderate Buy” and an average price target of $539.20.

Elevance Health Trading Down 0.3 %

The company has a market cap of $84.72 billion, a PE ratio of 13.32, a PEG ratio of 1.15 and a beta of 0.83. The stock has a 50 day moving average price of $414.93 and a 200 day moving average price of $491.14. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The company had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. During the same period last year, the business earned $8.99 EPS. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. Sell-side analysts predict that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be paid a $1.63 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.78%. Elevance Health’s dividend payout ratio is presently 23.77%.

Insiders Place Their Bets

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the transaction, the executive vice president now directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. This trade represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.35% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. raised its position in shares of Elevance Health by 4.5% during the 3rd quarter. Principal Financial Group Inc. now owns 272,649 shares of the company’s stock valued at $141,777,000 after purchasing an additional 11,646 shares during the period. Brass Tax Wealth Management Inc. increased its stake in Elevance Health by 44.1% in the 3rd quarter. Brass Tax Wealth Management Inc. now owns 640 shares of the company’s stock worth $333,000 after buying an additional 196 shares in the last quarter. DGS Capital Management LLC raised its holdings in Elevance Health by 2.6% during the third quarter. DGS Capital Management LLC now owns 2,316 shares of the company’s stock valued at $1,204,000 after acquiring an additional 58 shares during the period. Oddo BHF Asset Management Sas bought a new stake in Elevance Health during the third quarter valued at about $10,883,000. Finally, Franklin Resources Inc. lifted its position in shares of Elevance Health by 16.1% in the third quarter. Franklin Resources Inc. now owns 1,212,839 shares of the company’s stock valued at $617,359,000 after acquiring an additional 168,220 shares in the last quarter. 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.