Elevance Health (NYSE:ELV) Hits New 12-Month Low - Here's Why

Elevance Health, Inc. (NYSE:ELV - Get Free Report) reached a new 52-week low on Tuesday . The company traded as low as $335.17 and last traded at $339.77, with a volume of 1652623 shares trading hands. The stock had previously closed at $340.67.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Wells Fargo & Company dropped their price objective on Elevance Health from $478.00 to $400.00 and set an "overweight" rating for the company in a report on Tuesday. Truist Financial reduced their price objective on Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a research report on Wednesday. Baird R W downgraded shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. Cantor Fitzgerald reissued an "overweight" rating and issued a $485.00 price target on shares of Elevance Health in a research note on Wednesday, April 23rd. Finally, Guggenheim restated a "buy" rating and issued a $518.00 target price on shares of Elevance Health in a report on Wednesday, April 23rd. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $481.87.

Elevance Health Trading Down 12.5%

The firm has a 50 day moving average price of $376.31 and a 200 day moving average price of $396.73. The stock has a market capitalization of $68.08 billion, a PE ratio of 11.76, a P/E/G ratio of 0.85 and a beta of 0.60. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.66.

Elevance Health (NYSE:ELV - Get Free Report) last announced its earnings results on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). Elevance Health had a return on equity of 18.61% and a net margin of 3.23%. The business had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. During the same quarter in the previous year, the firm earned $10.12 EPS. Elevance Health's quarterly revenue was up 14.3% on a year-over-year basis. Equities analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date was Tuesday, June 10th. Elevance Health's dividend payout ratio is currently 26.69%.

Insider Activity at Elevance Health

In other news, CFO Mark Kaye sold 4,588 shares of the company's stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the transaction, the chief financial officer owned 18,977 shares of the company's stock, valued at $8,061,809.14. This represents a 19.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.29% of the company's stock.

Institutional Trading of Elevance Health

Several hedge funds and other institutional investors have recently modified their holdings of ELV. Private Wealth Management Group LLC raised its position in shares of Elevance Health by 152.0% in the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after buying an additional 38 shares in the last quarter. Accredited Wealth Management LLC bought a new position in Elevance Health during the 4th quarter worth approximately $25,000. WPG Advisers LLC purchased a new position in shares of Elevance Health in the first quarter worth $29,000. Flagship Wealth Advisors LLC bought a new position in shares of Elevance Health during the fourth quarter valued at about $26,000. Finally, Riverview Trust Co raised its holdings in shares of Elevance Health by 1,340.0% during the first quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after acquiring an additional 67 shares in the last quarter. Institutional investors own 89.24% of the company's stock.

Elevance Health Company Profile

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.