Elevance Health, Inc. (NYSE:ELV) Receives $539.20 Consensus PT from Brokerages

Elevance Health, Inc. (NYSE:ELV) has earned an average rating of “Moderate Buy” from the sixteen brokerages that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $539.20.

ELV has been the subject of several recent research reports. TD Cowen dropped their target price on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research report on Monday, October 21st. Wells Fargo & Company decreased their price target on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Cantor Fitzgerald cut their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Finally, StockNews.com lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $368.90 on Wednesday. Elevance Health has a 1-year low of $362.21 and a 1-year high of $567.26. The firm has a market capitalization of $85.56 billion, a PE ratio of 13.45, a PEG ratio of 1.15 and a beta of 0.83. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The business’s 50 day moving average is $397.49 and its 200-day moving average is $480.17.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $43.47 billion. During the same period in the prior year, the firm earned $8.99 EPS. Elevance Health’s quarterly revenue was up 5.3% compared to the same quarter last year. Sell-side analysts predict that Elevance Health will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Thursday, December 5th were issued a dividend of $1.63 per share. The ex-dividend date was Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a yield of 1.77%. Elevance Health’s payout ratio is currently 23.77%.

Insider Activity

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the transaction, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This represents a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elevance Health

Several institutional investors have recently made changes to their positions in ELV. Iridian Asset Management LLC CT raised its stake in Elevance Health by 10.7% during the 3rd quarter. Iridian Asset Management LLC CT now owns 39,154 shares of the company’s stock worth $20,360,000 after buying an additional 3,786 shares during the period. International Assets Investment Management LLC raised its position in shares of Elevance Health by 85,533.1% during the third quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock worth $276,972,000 after purchasing an additional 532,016 shares during the period. Benjamin Edwards Inc. raised its position in shares of Elevance Health by 1,711.9% during the third quarter. Benjamin Edwards Inc. now owns 53,559 shares of the company’s stock worth $27,858,000 after purchasing an additional 50,603 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of Elevance Health by 5.0% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 209,859 shares of the company’s stock worth $109,127,000 after purchasing an additional 9,916 shares in the last quarter. Finally, Tidal Investments LLC grew its position in Elevance Health by 60.6% in the 3rd quarter. Tidal Investments LLC now owns 10,485 shares of the company’s stock valued at $5,452,000 after purchasing an additional 3,956 shares during the period. Institutional investors and hedge funds 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.