Truist Financial Has Lowered Expectations for Elevance Health (NYSE:ELV) Stock Price

Elevance Health (NYSE:ELV) had its price objective reduced by Truist Financial from $520.00 to $480.00 in a research report released on Monday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Other equities analysts have also issued research reports about the company. StockNews.com lowered Elevance Health from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Argus downgraded Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Raymond James set a $485.00 price target on shares of Elevance Health in a research note on Friday, October 18th. Barclays reduced their price objective on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Finally, Mizuho dropped their target price on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $536.53.

Elevance Health Stock Up 2.1 %

Elevance Health stock opened at $379.36 on Monday. The business’s 50-day moving average price is $393.67 and its 200 day moving average price is $475.68. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The firm has a market cap of $87.98 billion, a price-to-earnings ratio of 13.83, a price-to-earnings-growth ratio of 1.15 and a beta of 0.84. Elevance Health has a 52 week low of $362.21 and a 52 week high of $567.26.

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

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Thursday, December 5th were given a dividend of $1.63 per share. The ex-dividend date was Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a yield of 1.72%. Elevance Health’s payout ratio is 23.77%.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the transaction, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.35% of the stock is owned by company insiders.

Institutional Trading of Elevance Health

Hedge funds and other institutional investors have recently made changes to their positions in the company. Private Advisor Group LLC grew its position in Elevance Health by 7.2% in the second quarter. Private Advisor Group LLC now owns 13,103 shares of the company’s stock worth $7,100,000 after acquiring an additional 876 shares during the period. Savant Capital LLC increased its position in shares of Elevance Health by 29.7% during the 2nd quarter. Savant Capital LLC now owns 6,285 shares of the company’s stock worth $3,406,000 after purchasing an additional 1,439 shares during the last quarter. Advisor OS LLC acquired a new stake in shares of Elevance Health during the 2nd quarter worth about $206,000. Norden Group LLC raised its holdings in Elevance Health by 10.7% in the 2nd quarter. Norden Group LLC now owns 485 shares of the company’s stock valued at $263,000 after buying an additional 47 shares during the period. Finally, Strategic Financial Concepts LLC purchased a new position in Elevance Health during the second quarter worth about $30,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

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.