Elevance Health, Inc. (NYSE:ELV) Given Consensus Rating of “Buy” by Brokerages

Shares of Elevance Health, Inc. (NYSE:ELV) have received a consensus recommendation of “Buy” from the sixteen analysts that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $611.36.

A number of analysts have weighed in on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $600.00 target price on shares of Elevance Health in a research report on Wednesday, June 12th. Royal Bank of Canada increased their target price on Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a report on Friday, April 19th. Robert W. Baird initiated coverage on Elevance Health in a report on Thursday, May 30th. They issued an “outperform” rating and a $649.00 target price on the stock. Morgan Stanley initiated coverage on Elevance Health in a research note on Monday, June 24th. They set an “overweight” rating and a $643.00 price objective on the stock. Finally, Jefferies Financial Group raised their price objective on Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research note on Friday, April 19th.

Elevance Health Stock Up 0.3 %

ELV stock opened at $535.92 on Wednesday. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54. The company has a market cap of $124.56 billion, a PE ratio of 20.25, a price-to-earnings-growth ratio of 1.20 and a beta of 0.84. Elevance Health has a 52 week low of $412.00 and a 52 week high of $550.34. The business has a 50-day simple moving average of $534.41 and a 200 day simple moving average of $509.38.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.54 by $0.10. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The company had revenue of $42.27 billion during the quarter, compared to the consensus estimate of $42.49 billion. During the same quarter in the prior year, the firm posted $9.46 earnings per share. The firm’s revenue was up .9% compared to the same quarter last year. Sell-side analysts anticipate that Elevance Health will post 37.25 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th were given a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.22%. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Insider Activity

In related news, EVP Felicia F. Norwood sold 14,111 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total value of $7,531,605.14. Following the completion of the sale, the executive vice president now owns 31,460 shares in the company, valued at approximately $16,791,460.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.29% of the company’s stock.

Institutional Trading of Elevance Health

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Palisade Asset Management LLC purchased a new stake in Elevance Health in the first quarter worth $28,000. Pin Oak Investment Advisors Inc. bought a new position in Elevance Health in the fourth quarter valued at about $28,000. Register Financial Advisors LLC bought a new position in Elevance Health in the first quarter valued at about $32,000. Alaska Permanent Fund Corp bought a new position in Elevance Health in the fourth quarter valued at about $31,000. Finally, Beaird Harris Wealth Management LLC purchased a new stake in Elevance Health in the fourth quarter worth about $32,000. Institutional investors 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.