Morgan Stanley Lowers Elevance Health (NYSE:ELV) Price Target to $316.00

Elevance Health (NYSE:ELV - Free Report) had its target price lowered by Morgan Stanley from $428.00 to $316.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research analysts have also recently issued reports on ELV. Mizuho increased their price objective on Elevance Health from $455.00 to $505.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 9th. Wall Street Zen upgraded Elevance Health from a "hold" rating to a "buy" rating in a research report on Thursday, March 20th. Royal Bank Of Canada restated an "outperform" rating and set a $478.00 target price on shares of Elevance Health in a report on Wednesday, June 4th. Robert W. Baird reissued a "neutral" rating and set a $529.00 target price (down previously from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of Elevance Health in a research note on Friday, March 28th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, Elevance Health currently has a consensus rating of "Moderate Buy" and an average target price of $435.93.

Elevance Health Stock Performance

Elevance Health stock traded up $0.56 during trading on Friday, hitting $277.65. The stock had a trading volume of 938,839 shares, compared to its average volume of 1,669,726. The stock has a market cap of $62.52 billion, a price-to-earnings ratio of 11.81, a price-to-earnings-growth ratio of 0.81 and a beta of 0.60. The stock's 50 day moving average is $371.52 and its two-hundred day moving average is $396.02. Elevance Health has a 1 year low of $274.60 and a 1 year high of $567.26. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64.

Elevance Health (NYSE:ELV - Get Free Report) last posted 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). The firm had revenue of $49.42 billion for the quarter, compared to analysts' expectations of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. The firm's revenue was up 14.3% on a year-over-year basis. During the same quarter last year, the company posted $10.12 EPS. As a group, analysts predict that Elevance Health will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date is Wednesday, September 10th. Elevance Health's dividend payout ratio is currently 29.11%.

Insiders Place Their Bets

In other Elevance Health news, CEO Gail Boudreaux bought 8,500 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was purchased at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the transaction, the chief executive officer owned 151,020 shares in the company, valued at $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the sale, the chief financial officer owned 18,977 shares in the company, valued at $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.29% of the company's stock.

Institutional Investors Weigh In On Elevance Health

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Accredited Wealth Management LLC acquired a new stake in shares of Elevance Health in the 4th quarter valued at $25,000. Private Wealth Management Group LLC increased its position 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 buying an additional 38 shares in the last quarter. WealthTrak Capital Management LLC bought a new stake in Elevance Health in the 4th quarter valued at about $29,000. WPG Advisers LLC bought a new stake in Elevance Health in the 1st quarter worth about $29,000. Finally, Lee Danner & Bass Inc. purchased a new position in Elevance Health in the fourth quarter valued at approximately $30,000. 89.24% of the stock is owned by institutional investors and hedge funds.

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.