Elevance Health, Inc. (NYSE:ELV) Receives $587.42 Consensus Target Price from Brokerages

Shares of Elevance Health, Inc. (NYSE:ELV - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the thirteen analysts that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $587.42.

Several brokerages have recently issued reports on ELV. Mizuho lifted their price target on Elevance Health from $575.00 to $585.00 and gave the company a "buy" rating in a research report on Wednesday, April 24th. StockNews.com downgraded Elevance Health from a "strong-buy" rating to a "buy" rating in a research note on Thursday, January 25th. Jefferies Financial Group increased their price objective on Elevance Health from $602.00 to $604.00 and gave the company a "buy" rating in a research report on Friday, April 19th. Truist Financial restated a "buy" rating and set a $600.00 price objective (up previously from $580.00) on shares of Elevance Health in a report on Friday, April 19th. Finally, Barclays lifted their price objective on Elevance Health from $584.00 to $621.00 and gave the stock an "overweight" rating in a report on Friday, April 19th.

Elevance Health Stock Performance

Shares of NYSE:ELV traded down $4.14 on Tuesday, hitting $534.63. The company's stock had a trading volume of 619,422 shares, compared to its average volume of 1,030,669. The company has a market capitalization of $124.26 billion, a price-to-earnings ratio of 20.19, a price-to-earnings-growth ratio of 1.19 and a beta of 0.79. The stock's 50-day moving average is $517.40 and its two-hundred day moving average is $492.69. Elevance Health has a 12 month low of $412.00 and a 12 month high of $543.13. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings results on Thursday, April 18th. The company reported $10.64 EPS for the quarter, topping analysts' consensus estimates of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The company had revenue of $42.27 billion for the quarter, compared to the consensus estimate of $42.49 billion. During the same period in the previous year, the firm earned $9.46 EPS. Elevance Health's revenue was up .9% on a year-over-year basis. On average, equities research analysts forecast that Elevance Health will post 37.26 EPS 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 given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date is Monday, June 10th. Elevance Health's dividend payout ratio (DPR) is currently 24.64%.

Insider Transactions at Elevance Health

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the business's stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the sale, the executive vice president now directly 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. Company insiders own 0.29% of the company's stock.

Hedge Funds Weigh In On Elevance Health

A number of institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Elevance Health during the 4th quarter worth about $1,347,434,000. Massachusetts Financial Services Co. MA bought a new stake in Elevance Health in the fourth quarter valued at approximately $467,141,000. Canoe Financial LP lifted its position in shares of Elevance Health by 158.1% in the fourth quarter. Canoe Financial LP now owns 844,122 shares of the company's stock valued at $398,054,000 after buying an additional 517,116 shares during the last quarter. Morningstar Investment Services LLC bought a new stake in Elevance Health in the 4th quarter valued at $239,244,000. Finally, Focused Investors Fund L P bought a new position in shares of Elevance Health in the first quarter valued at about $249,884,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

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.