Elevance Health (NYSE:ELV) Reaches New 1-Year Low - Should You Sell?

Key Points

• Elevance Health shares reached a new 52-week low of $273.71, with a recent trading price of $276.39 and volume exceeding 2.4 million shares.
• Wall Street analysts hold a mixed outlook on the stock, with seven analyststwelve giving it a buy rating, while the current consensus price target is approximately $418.19.
• The company declared a quarterly dividend of $1.71 per share, leading to an annualized dividend yield of 2.5%, and has a dividend payout ratio of 29.11%.

Elevance Health, Inc. (NYSE:ELV - Get Free Report)'s share price hit a new 52-week low on Thursday . The company traded as low as $273.71 and last traded at $276.39, with a volume of 2485009 shares traded. The stock had previously closed at $276.41.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Baird R W downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Royal Bank Of Canada reiterated an "outperform" rating and set a $478.00 price target on shares of Elevance Health in a report on Wednesday, June 4th. Leerink Partnrs downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Leerink Partners reissued a "market perform" rating and set a $310.00 price objective (down previously from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Finally, Truist Financial cut their price objective on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Elevance Health currently has a consensus rating of "Moderate Buy" and a consensus price target of $418.19.

Elevance Health Stock Performance

The company's 50-day simple moving average is $343.89 and its 200 day simple moving average is $386.77. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. The stock has a market cap of $62.24 billion, a P/E ratio of 11.76, a PEG ratio of 1.01 and a beta of 0.58.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.30 by ($0.46). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. The company had revenue of $49.42 billion for the quarter, compared to analysts' expectations of $48.26 billion. During the same quarter in the previous year, the business earned $10.12 EPS. The company's revenue for the quarter was up 14.3% on a year-over-year basis. As a group, sell-side analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be paid a dividend of $1.71 per share. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 annualized dividend and a dividend yield of 2.5%. Elevance Health's dividend payout ratio (DPR) is presently 29.11%.

Insider Activity

In related news, CEO Gail Boudreaux purchased 8,500 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was bought at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the purchase, the chief executive officer directly owned 151,020 shares in the company, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ELV. Accredited Wealth Management LLC bought a new position in Elevance Health in the 4th quarter valued at $25,000. Private Wealth Management Group LLC boosted its holdings in Elevance Health by 152.0% in the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after purchasing an additional 38 shares during the period. WPG Advisers LLC bought a new position in Elevance Health in the 1st quarter valued at $29,000. Riverview Trust Co boosted its holdings in Elevance Health by 1,340.0% in the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after purchasing an additional 67 shares during the period. Finally, North Capital Inc. bought a new position in Elevance Health in the 1st quarter valued at $36,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

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.

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