Elevance Health (NYSE:ELV) Sets New 12-Month High at $550.34

Elevance Health, Inc. (NYSE:ELV - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $550.34 and last traded at $548.38, with a volume of 125525 shares traded. The stock had previously closed at $545.61.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Wells Fargo & Company boosted their target price on Elevance Health from $557.00 to $600.00 and gave the company an "overweight" rating in a research note on Friday, April 19th. Royal Bank of Canada increased their price objective on Elevance Health from $574.00 to $575.00 and gave the stock an "outperform" rating in a report on Friday, April 19th. Barclays lifted their target price on shares of Elevance Health from $584.00 to $621.00 and gave the company an "overweight" rating in a research note on Friday, April 19th. StockNews.com upgraded shares of Elevance Health from a "buy" rating to a "strong-buy" rating in a research note on Monday. Finally, Mizuho lifted their price objective on shares of Elevance Health from $575.00 to $585.00 and gave the company a "buy" rating in a research note on Wednesday, April 24th. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $587.42.

Elevance Health Stock Up 0.4 %

The business has a 50 day moving average price of $522.08 and a 200 day moving average price of $496.68. The firm has a market capitalization of $127.31 billion, a P/E ratio of 20.62, a price-to-earnings-growth ratio of 1.19 and a beta of 0.79. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.54 by $0.10. The company had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The business's quarterly revenue was up .9% on a year-over-year basis. During the same period last year, the business posted $9.46 EPS. On average, analysts predict that Elevance Health, Inc. will post 37.26 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $6.52 annualized dividend and a yield of 1.19%. Elevance Health's dividend payout ratio (DPR) is 24.64%.

Insiders Place Their Bets

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the business's stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total value of $7,531,605.14. Following the sale, the executive vice president now owns 31,460 shares of the company's stock, valued at approximately $16,791,460.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.29% of the company's stock.

Institutional Trading of Elevance Health

A number of large investors have recently bought and sold shares of ELV. Sanders Capital LLC grew its position in Elevance Health by 4.6% during the 4th quarter. Sanders Capital LLC now owns 4,457,986 shares of the company's stock worth $2,102,208,000 after acquiring an additional 196,010 shares during the last quarter. Capital International Investors grew its holdings in shares of Elevance Health by 3.7% during the first quarter. Capital International Investors now owns 3,498,511 shares of the company's stock worth $1,814,118,000 after purchasing an additional 123,802 shares during the last quarter. Baillie Gifford & Co. raised its holdings in shares of Elevance Health by 0.9% in the fourth quarter. Baillie Gifford & Co. now owns 3,087,904 shares of the company's stock valued at $1,456,132,000 after buying an additional 27,986 shares during the last quarter. Norges Bank acquired a new position in Elevance Health during the 4th quarter worth about $1,347,434,000. Finally, Morgan Stanley lifted its position in Elevance Health by 1.7% during the 3rd quarter. Morgan Stanley now owns 2,784,714 shares of the company's stock worth $1,212,521,000 after buying an additional 46,322 shares in the last quarter. 89.24% of the stock is currently owned by 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.