Elevance Health (NYSE:ELV) Given New $604.00 Price Target at Jefferies Financial Group

Elevance Health (NYSE:ELV) had its price objective upped by Jefferies Financial Group from $602.00 to $604.00 in a report published on Friday, Benzinga reports. They currently have a buy rating on the stock.

ELV has been the subject of several other reports. Royal Bank of Canada lifted their price objective on Elevance Health from $572.00 to $574.00 and gave the company an outperform rating in a report on Thursday, January 25th. StockNews.com cut Elevance Health from a strong-buy rating to a buy rating in a report on Thursday, January 25th. Cantor Fitzgerald reaffirmed an overweight rating and issued a $580.00 price objective on shares of Elevance Health in a report on Wednesday, April 10th. Wells Fargo & Company dropped their price objective on Elevance Health from $561.00 to $557.00 and set an overweight rating for the company in a report on Monday, April 8th. Finally, Barclays assumed coverage on Elevance Health in a report on Wednesday, March 6th. They issued an overweight rating and a $584.00 price objective for the company. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Elevance Health currently has a consensus rating of Moderate Buy and an average target price of $587.64.

Elevance Health Stock Performance

ELV opened at $532.17 on Friday. The business has a fifty day simple moving average of $509.68 and a 200 day simple moving average of $484.51. The company has a market capitalization of $123.69 billion, a PE ratio of 20.11, a price-to-earnings-growth ratio of 1.16 and a beta of 0.78. Elevance Health has a 1 year low of $412.00 and a 1 year high of $539.11. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.54 by $0.10. The business had revenue of $42.27 billion during the quarter, compared to the consensus estimate of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the company posted $9.46 EPS. Research analysts expect that Elevance Health will post 37.24 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th will be given a $1.63 dividend. The ex-dividend date is Monday, June 10th. This represents a $6.52 annualized dividend and a yield of 1.23%. Elevance Health’s dividend payout ratio is presently 24.64%.

Insider Buying and Selling at Elevance Health

In other news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the sale, the director now owns 9,109 shares of the company’s stock, valued at $4,554,500. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Elevance Health

Several large investors have recently added to or reduced their stakes in ELV. AE Wealth Management LLC grew its stake in Elevance Health by 4.9% during the third quarter. AE Wealth Management LLC now owns 19,176 shares of the company’s stock worth $8,350,000 after purchasing an additional 891 shares during the period. Wealthcare Advisory Partners LLC grew its stake in Elevance Health by 14.1% during the third quarter. Wealthcare Advisory Partners LLC now owns 1,194 shares of the company’s stock worth $520,000 after purchasing an additional 148 shares during the period. IFP Advisors Inc grew its stake in Elevance Health by 106.9% during the third quarter. IFP Advisors Inc now owns 2,683 shares of the company’s stock worth $1,168,000 after purchasing an additional 1,386 shares during the period. Janiczek Wealth Management LLC grew its stake in Elevance Health by 21.8% during the third quarter. Janiczek Wealth Management LLC now owns 442 shares of the company’s stock worth $192,000 after purchasing an additional 79 shares during the period. Finally, OneAscent Wealth Management LLC acquired a new stake in Elevance Health during the third quarter worth approximately $267,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

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.