Elevance Health (NYSE:ELV) Price Target Raised to $575.00

Elevance Health (NYSE:ELV) had its price target hoisted by Royal Bank of Canada from $574.00 to $575.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other equities analysts also recently weighed in on ELV. UBS Group lifted their target price on Elevance Health from $585.00 to $605.00 and gave the company a buy rating in a research report on Friday. Wells Fargo & Company boosted their price objective on Elevance Health from $557.00 to $600.00 and gave the company an overweight rating in a research note on Friday. Cantor Fitzgerald restated an overweight rating and set a $580.00 target price on shares of Elevance Health in a research note on Wednesday, April 10th. Barclays lifted their price target on shares of Elevance Health from $584.00 to $621.00 and gave the company an overweight rating in a report on Friday. Finally, StockNews.com cut shares of Elevance Health from a strong-buy rating to a buy rating in a research note on Thursday, January 25th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Elevance Health presently has an average rating of Moderate Buy and an average target price of $587.64.

Elevance Health Price Performance

NYSE ELV opened at $531.42 on Friday. The company has a 50-day moving average price of $509.14 and a 200-day moving average price of $483.89. Elevance Health has a 52 week low of $412.00 and a 52 week high of $539.11. The company has a quick ratio of 1.44, a current ratio of 1.37 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $123.66 billion, a P/E ratio of 20.08, a PEG ratio of 1.16 and a beta of 0.78.

Elevance Health (NYSE:ELV) last announced its earnings results 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 net margin of 3.64% and a return on equity of 20.62%. The company had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. During the same period in the previous year, the business posted $9.46 earnings per share. The firm’s quarterly revenue was up .9% compared to the same quarter last year. Equities research analysts anticipate that Elevance Health will post 37.24 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th will be issued a $1.63 dividend. The ex-dividend date is Monday, June 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.23%. Elevance Health’s dividend payout ratio (DPR) is 24.64%.

Insider Buying and Selling

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the completion of the transaction, the director now owns 9,109 shares in the company, valued at approximately $4,554,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.35% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elevance Health

Institutional investors have recently bought and sold shares of the business. Richwood Investment Advisors LLC raised its position in shares of Elevance Health by 0.8% during the 4th quarter. Richwood Investment Advisors LLC now owns 2,546 shares of the company’s stock valued at $1,201,000 after buying an additional 20 shares in the last quarter. Bell Investment Advisors Inc lifted its stake in shares of Elevance Health by 2.1% in the 4th quarter. Bell Investment Advisors Inc now owns 989 shares of the company’s stock valued at $466,000 after purchasing an additional 20 shares during the last quarter. Capital Advisors Ltd. LLC boosted its holdings in shares of Elevance Health by 8.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 248 shares of the company’s stock worth $129,000 after purchasing an additional 20 shares during the period. Alliance Wealth Advisors LLC increased its position in shares of Elevance Health by 2.9% during the 4th quarter. Alliance Wealth Advisors LLC now owns 745 shares of the company’s stock valued at $351,000 after purchasing an additional 21 shares during the last quarter. Finally, Fiduciary Alliance LLC raised its holdings in Elevance Health by 3.6% during the 1st quarter. Fiduciary Alliance LLC now owns 611 shares of the company’s stock valued at $315,000 after buying an additional 21 shares during the period. Institutional investors own 89.24% of the company’s stock.

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.