Elevance Health (NYSE:ELV) Hits New 12-Month Low – Here’s What Happened

Elevance Health, Inc. (NYSE:ELV)’s share price reached a new 52-week low on Monday . The company traded as low as $397.92 and last traded at $400.05, with a volume of 472901 shares changing hands. The stock had previously closed at $400.69.

Analyst Upgrades and Downgrades

Several brokerages have commented on ELV. Argus downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Cantor Fitzgerald cut their price target on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. Barclays decreased their price target on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Wells Fargo & Company cut their price target on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Finally, Raymond James set a $485.00 target price on Elevance Health in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $539.20.

Elevance Health Stock Up 0.8 %

The stock has a market capitalization of $92.18 billion, a PE ratio of 14.37, a PEG ratio of 1.19 and a beta of 0.85. The business has a 50 day moving average of $469.43 and a two-hundred day moving average of $511.63. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50.

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

Elevance Health Dividend Announcement

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 paid a $1.63 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a yield of 1.64%. Elevance Health’s dividend payout ratio is currently 23.77%.

Insider Activity at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’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 sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Raelipskie Partnership acquired a new stake in Elevance Health in the third quarter valued at about $26,000. Bank & Trust Co acquired a new position in Elevance Health during the second quarter worth $27,000. PSI Advisors LLC acquired a new stake in Elevance Health in the third quarter valued at $27,000. Opal Wealth Advisors LLC purchased a new position in shares of Elevance Health in the second quarter valued at $28,000. Finally, Strategic Financial Concepts LLC acquired a new stake in Elevance Health in the 2nd quarter valued at about $30,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

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.