Elevance Health (NYSE:ELV) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Elevance Health (NYSE:ELV) from a hold rating to a buy rating in a research report report published on Saturday morning.

Other research analysts have also issued research reports about the company. Barclays boosted their target price on Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th. Mizuho cut their price objective on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $485.00 target price on shares of Elevance Health in a report on Friday, January 24th. Argus reissued a “hold” rating and set a $405.40 price target on shares of Elevance Health in a report on Wednesday, January 29th. Finally, Stephens lowered Elevance Health from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Three analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the 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 Trading Down 0.3 %

Shares of Elevance Health stock opened at $395.63 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. The company has a market capitalization of $89.95 billion, a P/E ratio of 15.45, a PEG ratio of 1.18 and a beta of 0.83. Elevance Health has a 1 year low of $362.21 and a 1 year high of $567.26. The company’s fifty day moving average is $388.27 and its two-hundred day moving average is $437.33.

Elevance Health (NYSE:ELV) last released 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 return on equity of 18.28% and a net margin of 3.38%. Analysts forecast that Elevance Health will post 33.96 earnings per share for the current year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be issued a $1.71 dividend. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date is Monday, March 10th. This represents a $6.84 annualized dividend and a yield of 1.73%. Elevance Health’s dividend payout ratio is 26.71%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Raelipskie Partnership purchased a new position in Elevance Health during the 3rd quarter valued at about $26,000. Accredited Wealth Management LLC acquired a new stake in shares of Elevance Health in the fourth quarter valued at approximately $25,000. Flagship Wealth Advisors LLC acquired a new position in shares of Elevance Health during the 4th quarter worth approximately $26,000. Dunhill Financial LLC raised its position in shares of 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. Finally, WealthTrak Capital Management LLC acquired a new stake in Elevance Health during the 4th quarter valued at $29,000. 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.