Elevance Health (NYSE:ELV) Downgraded to Hold Rating by StockNews.com

StockNews.com cut shares of Elevance Health (NYSE:ELV) from a buy rating to a hold rating in a research report released on Monday.

ELV has been the subject of several other reports. Cantor Fitzgerald reissued an “overweight” rating and set a $485.00 price objective on shares of Elevance Health in a report on Friday. Royal Bank of Canada dropped their price objective on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a report on Friday, October 18th. Truist Financial lowered their price target on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. TD Cowen reduced their price objective on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research note on Monday, October 21st. Finally, Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Four equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $525.60.

Elevance Health Trading Up 2.5 %

NYSE:ELV opened at $411.14 on Monday. Elevance Health has a 52 week low of $362.21 and a 52 week high of $567.26. The firm has a 50-day moving average price of $386.21 and a two-hundred day moving average price of $461.36. The firm has a market cap of $95.35 billion, a price-to-earnings ratio of 14.99, a price-to-earnings-growth ratio of 1.11 and a beta of 0.84. 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 issued its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. On average, equities analysts expect that Elevance Health will post 32.95 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date is Monday, March 10th. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio is 23.77%.

Institutional Investors Weigh In On Elevance Health

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Raelipskie Partnership bought a new position in Elevance Health during the 3rd quarter valued at approximately $26,000. PSI Advisors LLC purchased a new position in Elevance Health during the 3rd quarter valued at $27,000. Eastern Bank purchased a new stake in shares of Elevance Health in the 3rd quarter worth about $31,000. Dunhill Financial LLC boosted its stake in shares of Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after purchasing an additional 26 shares in the last quarter. Finally, Peterson Financial Group Inc. purchased a new position in shares of Elevance Health during the third quarter valued at about $44,000. 89.24% of the stock is currently 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.