Elevance Health, Inc. (NYSE:ELV – Get Free Report) was the target of a large growth in short interest in August. As of August 31st, there was short interest totalling 1,780,000 shares, a growth of 6.6% from the August 15th total of 1,670,000 shares. Based on an average trading volume of 962,600 shares, the short-interest ratio is currently 1.8 days. Currently, 0.8% of the shares of the stock are short sold.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on ELV. Baird R W upgraded shares of Elevance Health to a “strong-buy” rating in a report on Thursday, May 30th. Wells Fargo & Company cut their price target on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. Barclays cut their price target on shares of Elevance Health from $621.00 to $611.00 and set an “overweight” rating on the stock in a report on Thursday, July 18th. StockNews.com cut shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. Finally, Royal Bank of Canada boosted their price target on shares of Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $604.29.
Read Our Latest Research Report on Elevance Health
Insider Buying and Selling
Institutional Investors Weigh In On Elevance Health
Institutional investors have recently made changes to their positions in the business. Bank & Trust Co purchased a new stake in shares of Elevance Health in the 2nd quarter valued at $27,000. Pin Oak Investment Advisors Inc. purchased a new stake in shares of Elevance Health in the 4th quarter valued at $28,000. Palisade Asset Management LLC purchased a new stake in shares of Elevance Health in the 1st quarter valued at $28,000. Opal Wealth Advisors LLC purchased a new stake in shares of Elevance Health in the 2nd quarter valued at $28,000. Finally, Strategic Financial Concepts LLC purchased a new stake in shares of Elevance Health in the 2nd quarter valued at $30,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.
Elevance Health Price Performance
Elevance Health stock traded up $1.22 during midday trading on Thursday, reaching $540.68. 56,008 shares of the stock were exchanged, compared to its average volume of 1,001,137. The company’s fifty day moving average is $536.03 and its 200-day moving average is $528.77. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The firm has a market cap of $125.66 billion, a PE ratio of 20.39, a PEG ratio of 1.19 and a beta of 0.82. Elevance Health has a 52 week low of $431.38 and a 52 week high of $567.26.
Elevance Health (NYSE:ELV – Get Free Report) last posted its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping analysts’ consensus estimates of $9.99 by $0.13. The business had revenue of $43.22 billion for the quarter, compared to analyst estimates of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. Elevance Health’s revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $9.04 EPS. On average, sell-side analysts forecast that Elevance Health will post 37.25 EPS for the current year.
Elevance Health Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be paid a $1.63 dividend. The ex-dividend date is Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.21%. Elevance Health’s dividend payout ratio (DPR) is 24.64%.
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.
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