Truist Financial Cuts Elevance Health (NYSE:ELV) Price Target to $440.00

Elevance Health (NYSE:ELV - Free Report) had its target price trimmed by Truist Financial from $500.00 to $440.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms have also weighed in on ELV. Mizuho boosted their price objective on shares of Elevance Health from $455.00 to $505.00 and gave the company an "outperform" rating in a research report on Wednesday, April 9th. UBS Group reaffirmed a "buy" rating and issued a $484.00 target price (down from $555.00) on shares of Elevance Health in a research note on Monday. Barclays reduced their price target on Elevance Health from $480.00 to $434.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 9th. Royal Bank Of Canada restated an "outperform" rating and set a $478.00 price objective on shares of Elevance Health in a report on Wednesday, June 4th. Finally, Wells Fargo & Company dropped their target price on Elevance Health from $478.00 to $400.00 and set an "overweight" rating for the company in a research note on Tuesday. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, Elevance Health presently has an average rating of "Moderate Buy" and an average price target of $441.81.

Elevance Health Price Performance

Shares of NYSE ELV traded down $25.55 during trading on Wednesday, reaching $276.90. The company had a trading volume of 3,898,709 shares, compared to its average volume of 1,659,846. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.66. Elevance Health has a twelve month low of $276.99 and a twelve month high of $567.26. The stock has a 50-day moving average price of $374.07 and a two-hundred day moving average price of $396.26. The stock has a market capitalization of $62.56 billion, a PE ratio of 10.84, a price-to-earnings-growth ratio of 0.88 and a beta of 0.60.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The company 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 18.61% and a net margin of 3.23%. The company's revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $10.12 EPS. As a group, sell-side analysts predict that Elevance Health will post 33.96 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th were issued a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, June 10th. This represents a $6.84 annualized dividend and a dividend yield of 2.47%. Elevance Health's dividend payout ratio is 26.69%.

Insider Activity at Elevance Health

In related news, CFO Mark Kaye sold 4,588 shares of the 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 transaction, the chief financial officer owned 18,977 shares in the company, valued at approximately $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.29% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Proficio Capital Partners LLC lifted its position in Elevance Health by 33.5% in the fourth quarter. Proficio Capital Partners LLC now owns 626 shares of the company's stock worth $231,000 after purchasing an additional 157 shares during the period. Creative Financial Designs Inc. ADV raised its stake in shares of Elevance Health by 21.4% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 676 shares of the company's stock valued at $249,000 after buying an additional 119 shares in the last quarter. Flagship Wealth Advisors LLC acquired a new position in shares of Elevance Health in the 4th quarter valued at $26,000. Tocqueville Asset Management L.P. lifted its holdings in shares of Elevance Health by 7.9% during the 4th quarter. Tocqueville Asset Management L.P. now owns 9,171 shares of the company's stock worth $3,383,000 after acquiring an additional 670 shares during the period. Finally, Axxcess Wealth Management LLC boosted its position in shares of Elevance Health by 48.1% during the 4th quarter. Axxcess Wealth Management LLC now owns 1,509 shares of the company's stock valued at $557,000 after acquiring an additional 490 shares in the last quarter. 89.24% of the stock is 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.