Elevance Health (NYSE:ELV) Shares Gap Down to $511.26

Elevance Health, Inc. (NYSE:ELV) gapped down before the market opened on Wednesday . The stock had previously closed at $511.26, but opened at $499.10. Elevance Health shares last traded at $501.81, with a volume of 410,334 shares changing hands.

Analyst Upgrades and Downgrades

ELV has been the topic of several research reports. Cantor Fitzgerald reissued an “overweight” rating and set a $600.00 price objective on shares of Elevance Health in a report on Tuesday. Barclays reduced their price target on Elevance Health from $621.00 to $611.00 and set an “overweight” rating for the company in a research report on Thursday, July 18th. Truist Financial lifted their target price on Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a research note on Monday, July 15th. TD Cowen decreased their price target on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a research report on Friday, July 19th. Finally, Royal Bank of Canada lifted their price objective on shares of Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Elevance Health currently has an average rating of “Buy” and an average price target of $604.29.

Elevance Health Stock Down 1.9 %

The firm has a market capitalization of $116.53 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 1.17 and a beta of 0.82. The business’s fifty day moving average price is $537.04 and its 200 day moving average price is $530.23. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.99 by $0.13. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The firm had revenue of $43.22 billion for the quarter, compared to analyst estimates of $42.99 billion. During the same quarter last year, the company posted $9.04 earnings per share. The business’s revenue was down .4% on a year-over-year basis. On average, equities analysts expect that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th were issued a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.30%. The ex-dividend date was Tuesday, September 10th. Elevance Health’s payout ratio is 24.64%.

Insider Activity at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the transaction, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the sale, the director now directly owns 9,721 shares in the company, valued at approximately $4,926,213.96. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 value of $400,234.56. Following the completion of the sale, the director now owns 8,744 shares in the company, valued at approximately $4,647,610.88. The disclosure for this sale can be found here. Insiders sold a total of 35,058 shares of company stock worth $17,588,116 over the last 90 days. Company insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Elevance Health

Several institutional investors and hedge funds have recently made changes to their positions in ELV. Centaurus Financial Inc. raised its holdings in shares of Elevance Health by 66.9% in the second quarter. Centaurus Financial Inc. now owns 918 shares of the company’s stock worth $498,000 after acquiring an additional 368 shares during the last quarter. Anchor Investment Management LLC raised its position in shares of Elevance Health by 4.3% in the second quarter. Anchor Investment Management LLC now owns 4,963 shares of the company’s stock valued at $2,689,000 after buying an additional 204 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Elevance Health by 41.6% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 50,000 shares of the company’s stock valued at $27,093,000 after buying an additional 14,700 shares during the period. Heritage Wealth Management Inc. purchased a new stake in Elevance Health in the 2nd quarter worth approximately $1,133,000. Finally, Sanctuary Advisors LLC acquired a new position in Elevance Health in the 2nd quarter valued at $12,805,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

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.