Analysts Set Elevance Health, Inc. (NYSE:ELV) Target Price at $539.20

Shares of Elevance Health, Inc. (NYSE:ELV) have been assigned a consensus recommendation of “Moderate Buy” from the sixteen ratings firms that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $539.20.

A number of research analysts have issued reports on the company. Morgan Stanley reduced their price objective on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. UBS Group cut their price target on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a research note on Friday, October 18th. Wells Fargo & Company decreased their price objective on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Raymond James set a $485.00 target price on shares of Elevance Health in a research report on Friday, October 18th. Finally, Mizuho lowered their price objective on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th.

Insiders Place Their Bets

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the transaction, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Elevance Health

Hedge funds have recently bought and sold shares of the company. Raelipskie Partnership bought a new stake in shares of Elevance Health in the 3rd quarter worth $26,000. Bank & Trust Co purchased a new position in Elevance Health in the 2nd quarter worth about $27,000. PSI Advisors LLC bought a new position in Elevance Health during the 3rd quarter valued at about $27,000. Opal Wealth Advisors LLC purchased a new stake in shares of Elevance Health during the 2nd quarter valued at about $28,000. Finally, Strategic Financial Concepts LLC bought a new stake in shares of Elevance Health in the second quarter worth approximately $30,000. Institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

ELV stock opened at $410.39 on Friday. Elevance Health has a 1 year low of $391.02 and a 1 year high of $567.26. The stock has a market capitalization of $95.18 billion, a PE ratio of 14.97, a price-to-earnings-growth ratio of 1.21 and a beta of 0.85. The company’s 50-day moving average is $446.87 and its 200-day moving average is $504.13. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The firm had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The company’s revenue was up 5.3% on a year-over-year basis. During the same period last year, the business posted $8.99 EPS. Equities research analysts expect that Elevance Health will post 32.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.59%. The ex-dividend date is Thursday, December 5th. Elevance Health’s payout ratio is currently 23.77%.

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.