Brokerages Set Elevance Health, Inc. (NYSE:ELV) Target Price at $517.03

Elevance Health, Inc. (NYSE:ELV) has been given an average rating of “Moderate Buy” by the sixteen research firms that are presently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $517.03.

ELV has been the subject of several recent analyst reports. Argus reissued a “hold” rating and issued a $405.40 price objective on shares of Elevance Health in a report on Wednesday, January 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $485.00 price target on shares of Elevance Health in a report on Friday, January 24th. Wells Fargo & Company cut their price target on Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Stephens downgraded Elevance Health from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Finally, Barclays raised their price target on Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th.

Insider Buying and Selling

In related news, CAO Ronald W. Penczek sold 443 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the transaction, the chief accounting officer now owns 1,847 shares in the company, valued at approximately $766,745.11. This trade represents a 19.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total value of $1,388,635.20. Following the completion of the transaction, the executive vice president now owns 10,116 shares in the company, valued at $4,008,970.80. The trade was a 25.73 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Raelipskie Partnership bought a new position in Elevance Health in the third quarter valued at about $26,000. Accredited Wealth Management LLC bought a new position in Elevance Health in the fourth quarter valued at about $25,000. Flagship Wealth Advisors LLC bought a new position in Elevance Health in the fourth quarter valued at about $26,000. Dunhill Financial LLC grew its position in Elevance Health by 57.8% in the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after acquiring an additional 26 shares during the last quarter. Finally, WealthTrak Capital Management LLC bought a new position in Elevance Health in the fourth quarter valued at about $29,000. Institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Up 1.1 %

NYSE ELV opened at $421.72 on Monday. The company has a market cap of $95.88 billion, a PE ratio of 16.47, a PEG ratio of 1.18 and a beta of 0.86. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. Elevance Health has a 12 month low of $362.21 and a 12 month high of $567.26. The stock has a 50 day moving average of $395.45 and a 200-day moving average of $430.47.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, beating the consensus estimate of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. On average, equities research analysts anticipate that Elevance Health will post 33.96 EPS for the current fiscal year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be issued a dividend of $1.71 per share. The ex-dividend date is Monday, March 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.62%. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio (DPR) is currently 26.71%.

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.