Wells Fargo & Company Cuts Elevance Health (NYSE:ELV) Price Target to $478.00

Elevance Health (NYSE:ELV) had its price objective decreased by Wells Fargo & Company from $483.00 to $478.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other analysts also recently issued reports about the company. Barclays raised their price objective on Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research report on Friday, January 24th. Argus downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Morgan Stanley decreased their price target on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Finally, Mizuho cut their price target on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $517.03.

Elevance Health Price Performance

Elevance Health stock opened at $399.36 on Tuesday. 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 company has a 50-day moving average price of $386.71 and a 200 day moving average price of $459.16. Elevance Health has a 12-month low of $362.21 and a 12-month high of $567.26. The stock has a market cap of $92.62 billion, a P/E ratio of 14.56, a PEG ratio of 1.11 and a beta of 0.84.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. Sell-side analysts anticipate that Elevance Health will post 32.95 earnings per share for the current year.

Elevance Health Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be paid a $1.71 dividend. The ex-dividend date of this dividend is Monday, March 10th. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a yield of 1.71%. Elevance Health’s dividend payout ratio (DPR) is currently 23.77%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Raelipskie Partnership acquired a new position in Elevance Health in the third quarter valued at approximately $26,000. PSI Advisors LLC purchased a new position in shares of Elevance Health during the third quarter worth about $27,000. Eastern Bank acquired a new position in Elevance Health during the third quarter worth approximately $31,000. Crews Bank & Trust purchased a new stake in Elevance Health in the 4th quarter valued at $34,000. Finally, Dunhill Financial LLC grew its position in Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after purchasing an additional 26 shares during the last quarter. Hedge funds and other 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.