Elevance Health (NYSE:ELV) Price Target Cut to $485.00

Elevance Health (NYSE:ELV) had its price target lowered by Cantor Fitzgerald from $600.00 to $485.00 in a report issued on Friday morning, Marketbeat.com reports. The brokerage currently has an overweight rating on the stock.

Other equities research analysts have also issued research reports about the company. Bank of America restated a “neutral” rating and set a $530.00 target price (down previously from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Wells Fargo & Company cut their price target on Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. Stephens reiterated an “overweight” rating and issued a $615.00 price objective on shares of Elevance Health in a research note on Thursday, September 5th. Morgan Stanley started coverage on shares of Elevance Health in a research note on Monday, June 24th. They set an “overweight” rating and a $643.00 target price on the stock. Finally, Barclays lifted their price target on shares of Elevance Health from $611.00 to $622.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Elevance Health presently has a consensus rating of “Moderate Buy” and a consensus target price of $565.27.

Elevance Health Stock Performance

Shares of ELV stock opened at $422.39 on Friday. The stock has a market capitalization of $98.17 billion, a PE ratio of 15.96, a PEG ratio of 1.08 and a beta of 0.82. The business’s 50 day simple moving average is $524.68 and its 200 day simple moving average is $527.27. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49. Elevance Health has a one year low of $397.98 and a one year high of $567.26.

Elevance Health (NYSE:ELV) last posted 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). Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. During the same period in the prior year, the company posted $8.99 earnings per share. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, research analysts forecast that Elevance Health will post 37.26 earnings per share for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued a dividend of $1.63 per share. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.54%. Elevance Health’s dividend payout ratio (DPR) is currently 24.64%.

Insider Activity at Elevance Health

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the transaction, the director now directly owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now directly owns 8,744 shares in the company, valued at approximately $4,647,610.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Elevance Health

A number of hedge funds have recently made changes to their positions in the business. Bank & Trust Co bought a new position in Elevance Health during the second quarter valued at about $27,000. Palisade Asset Management LLC purchased a new position in Elevance Health in the first quarter valued at about $28,000. Opal Wealth Advisors LLC bought a new position in shares of Elevance Health during the 2nd quarter valued at approximately $28,000. Strategic Financial Concepts LLC purchased a new stake in shares of Elevance Health during the 2nd quarter worth approximately $30,000. Finally, Eastern Bank bought a new stake in shares of Elevance Health in the 3rd quarter worth approximately $31,000. 89.24% of the stock is currently owned by institutional investors.

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.