Elevance Health, Inc. (NYSE:ELV) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Elevance Health, Inc. (NYSE:ELV) have been given an average rating of “Moderate Buy” by the thirteen research firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $587.42.

A number of research firms have commented on ELV. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $580.00 target price on shares of Elevance Health in a report on Wednesday, April 10th. Jefferies Financial Group lifted their target price on shares of Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a report on Friday, April 19th. UBS Group lifted their target price on shares of Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Wells Fargo & Company boosted their price target on shares of Elevance Health from $557.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Finally, StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th.

Insider Activity at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were 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 directly owns 9,109 shares in the company, valued at approximately $4,554,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the completion of the sale, the executive vice president now directly owns 31,460 shares in the company, valued at $16,791,460.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the sale, the director now owns 9,109 shares of the company’s stock, valued at $4,554,500. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Elevance Health

Several hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Elevance Health during the fourth quarter worth approximately $1,347,434,000. Massachusetts Financial Services Co. MA bought a new position in shares of Elevance Health during the fourth quarter worth approximately $467,141,000. Canoe Financial LP increased its holdings in shares of Elevance Health by 158.1% during the fourth quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock worth $398,054,000 after purchasing an additional 517,116 shares during the period. Morningstar Investment Services LLC bought a new position in shares of Elevance Health during the fourth quarter worth approximately $239,244,000. Finally, Focused Investors Fund L P bought a new position in shares of Elevance Health during the first quarter worth approximately $249,884,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Performance

ELV stock opened at $539.70 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37. The company has a 50 day moving average price of $511.40 and a 200 day moving average price of $485.81. Elevance Health has a fifty-two week low of $412.00 and a fifty-two week high of $542.07. The stock has a market capitalization of $125.44 billion, a PE ratio of 20.40, a price-to-earnings-growth ratio of 1.18 and a beta of 0.78.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, April 18th. The company reported $10.64 EPS for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The firm had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. During the same quarter in the previous year, the business earned $9.46 EPS. The business’s quarterly revenue was up .9% compared to the same quarter last year. Analysts forecast that Elevance Health will post 37.25 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. Investors of record on Monday, June 10th will be paid a $1.63 dividend. The ex-dividend date is Monday, June 10th. This represents a $6.52 annualized dividend and a yield of 1.21%. Elevance Health’s dividend payout ratio (DPR) is currently 24.64%.

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.