Elevance Health (NYSE:ELV) Price Target Cut to $478.00

Elevance Health (NYSE:ELV) had its target price trimmed by Royal Bank of Canada from $585.00 to $478.00 in a research note published on Friday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other research firms have also recently weighed in on ELV. Morgan Stanley started coverage on Elevance Health in a report on Monday, June 24th. They issued an “overweight” rating and a $643.00 price target on the stock. Bank of America restated a “neutral” rating and issued a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Wells Fargo & Company decreased their price objective on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. Barclays raised their target price on shares of Elevance Health from $611.00 to $622.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Finally, Stephens reaffirmed an “overweight” rating and issued a $615.00 price target on shares of Elevance Health in a report on Thursday, September 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Elevance Health presently has an average rating of “Moderate Buy” and a consensus price target of $565.27.

Elevance Health Trading Down 1.9 %

NYSE:ELV opened at $422.39 on Friday. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. The stock’s 50 day simple moving average is $524.68 and its 200-day simple moving average is $527.27. Elevance Health has a 12-month low of $397.98 and a 12-month high of $567.26. The firm has a market cap of $98.17 billion, a P/E ratio of 15.96, a PEG ratio of 1.08 and a beta of 0.82.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The business had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. Elevance Health’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $8.99 EPS. Equities analysts anticipate that Elevance Health will post 37.26 EPS for the current 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 given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio is presently 24.64%.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related 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 sale, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the sale, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. This represents a 0.00 % decrease in their ownership of the stock. 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

Large investors have recently modified their holdings of the stock. New Mexico Educational Retirement Board grew its holdings in shares of Elevance Health by 14.6% during the first quarter. New Mexico Educational Retirement Board now owns 14,146 shares of the company’s stock valued at $6,949,000 after buying an additional 1,800 shares in the last quarter. Blair William & Co. IL increased its stake in Elevance Health by 119.7% in the 1st quarter. Blair William & Co. IL now owns 12,134 shares of the company’s stock valued at $6,292,000 after buying an additional 6,610 shares during the period. AMI Investment Management Inc. acquired a new position in shares of Elevance Health in the third quarter worth $1,294,000. Artemis Investment Management LLP boosted its position in Elevance Health by 16.1% during the first quarter. Artemis Investment Management LLP now owns 83,757 shares of the company’s stock valued at $43,422,000 after purchasing an additional 11,627 shares during the last quarter. Finally, BDF Gestion purchased a new position in Elevance Health in the second quarter valued at about $5,837,000. 89.24% of the stock is 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.