Elevance Health, Inc. (NYSE:ELV) Stock Has Average Price Target of $456.48

Key Points

• Analysts maintain a Moderate Buy consensus on Elevance Health, with 15 buy ratings and 8 holds among 23 analysts. The average 12-month price target is $456.48, with recent targets ranging as high as $523.
• Elevance Health reported quarterly EPS of $6.99, well above the $4.71 consensus estimate, while revenue reached $50.44 billion. Shares opened at $419.67, near their 12-month high of $450.69.
• The company declared a quarterly dividend of $1.72, equivalent to $6.88 annually and a 1.6% yield. CFO Mark Kaye sold 10,584 shares, reducing his holdings by 34.7%, while institutional investors own 89.24% of the stock.

Elevance Health, Inc. (NYSE:ELV - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the twenty-three analysts that are currently covering the firm, MarketBeat reports. Eight investment analysts have rated the stock with a hold recommendation and fifteen have given a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $456.48.

Several research analysts have recently weighed in on the company. Wells Fargo & Company upped their target price on Elevance Health from $473.00 to $492.00 and gave the stock an "overweight" rating in a research note on Tuesday. Guggenheim lifted their price target on shares of Elevance Health from $460.00 to $485.00 and gave the company a "buy" rating in a research note on Thursday, October 22nd. Robert W. Baird boosted their price target on shares of Elevance Health from $393.00 to $406.00 and gave the stock a "neutral" rating in a report on Thursday, October 22nd. UBS Group upped their price objective on shares of Elevance Health from $460.00 to $523.00 and gave the stock a "buy" rating in a research report on Thursday, October 22nd. Finally, Wall Street Zen downgraded shares of Elevance Health from a "buy" rating to a "hold" rating in a report on Sunday, July 12th.

Insider Transactions at Elevance Health

In other Elevance Health news, CFO Mark Kaye sold 10,584 shares of the business's stock in a transaction that occurred on Thursday, October 22nd. The stock was sold at an average price of $440.13, for a total transaction of $4,658,335.92. Following the completion of the sale, the chief financial officer directly owned 19,919 shares in the company, valued at approximately $8,766,949.47. The trade was a 34.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.34% of the company's stock.

Institutional Investors Weigh In On Elevance Health

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Compass Financial Management LLC grew its holdings in shares of Elevance Health by 15.6% during the third quarter. Compass Financial Management LLC now owns 349 shares of the company's stock worth $136,000 after buying an additional 47 shares during the last quarter. Pzena Investment Management LLC increased its position in Elevance Health by 3.8% in the 3rd quarter. Pzena Investment Management LLC now owns 233,128 shares of the company's stock valued at $90,645,000 after acquiring an additional 8,553 shares during the period. Rakuten Investment Management Inc. acquired a new position in Elevance Health in the 3rd quarter valued at about $15,287,000. Provenance Wealth Advisors LLC purchased a new stake in Elevance Health during the 3rd quarter valued at approximately $105,000. Finally, Gerber Kawasaki Wealth & Investment Management raised its stake in Elevance Health by 24.7% during the 3rd quarter. Gerber Kawasaki Wealth & Investment Management now owns 895 shares of the company's stock valued at $348,000 after acquiring an additional 177 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

Elevance Health Trading Down 0.6%

Shares of NYSE:ELV opened at $419.67 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.68. Elevance Health has a 12-month low of $274.84 and a 12-month high of $450.69. The business has a 50 day moving average of $410.62 and a two-hundred day moving average of $372.32. The company has a market capitalization of $90.67 billion, a PE ratio of 17.90, a PEG ratio of 2.02 and a beta of 0.70.

Elevance Health (NYSE:ELV - Get Free Report) last posted its earnings results on Wednesday, October 21st. The company reported $6.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.71 by $2.28. Elevance Health had a net margin of 2.55% and a return on equity of 14.97%. The firm had revenue of $50.44 billion during the quarter, compared to analysts' expectations of $49.28 billion. During the same period in the previous year, the business posted $6.03 EPS. The business's revenue was up .7% compared to the same quarter last year. As a group, analysts forecast that Elevance Health will post 29.13 EPS for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be issued a $1.72 dividend. This represents a $6.88 annualized dividend and a yield of 1.6%. The ex-dividend date is Friday, December 4th. Elevance Health's payout ratio is presently 29.34%.

Elevance Health Company Profile

Elevance Health, Inc NYSE: ELV is a diversified health benefits company that provides health insurance and related services in the United States. Its offerings serve employers, individuals and families, as well as members of government-sponsored programs, including Medicare and Medicaid. The company provides medical, pharmacy, behavioral health and other benefits through a range of health plans and specialty products.

Elevance Health operates its health benefits businesses through a portfolio that includes Blue Cross and Blue Shield-affiliated plans and other insurance offerings.

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