StockNews.com Downgrades Elevance Health (NYSE:ELV) to Buy

StockNews.com lowered shares of Elevance Health (NYSE:ELVFree Report) from a strong-buy rating to a buy rating in a research note published on Thursday morning.

Several other research firms also recently commented on ELV. Jefferies Financial Group upped their target price on Elevance Health from $602.00 to $604.00 and gave the company a buy rating in a research report on Friday, April 19th. Robert W. Baird assumed coverage on Elevance Health in a research report on Thursday, May 30th. They issued an outperform rating and a $649.00 target price on the stock. Barclays upped their target price on Elevance Health from $584.00 to $621.00 and gave the company an overweight rating in a research report on Friday, April 19th. JPMorgan Chase & Co. upped their target price on Elevance Health from $628.00 to $631.00 and gave the company an overweight rating in a research report on Thursday, May 30th. Finally, Truist Financial reissued a buy rating and set a $600.00 price target (up previously from $580.00) on shares of Elevance Health in a research report on Friday, April 19th. One research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Buy and an average price target of $601.64.

View Our Latest Analysis on ELV

Elevance Health Price Performance

NYSE:ELV opened at $541.12 on Thursday. 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 stock’s 50 day moving average price is $526.10 and its two-hundred day moving average price is $502.19. The firm has a market capitalization of $125.77 billion, a price-to-earnings ratio of 20.45, a P/E/G ratio of 1.19 and a beta of 0.83. Elevance Health has a 12-month low of $412.00 and a 12-month high of $550.34.

Elevance Health (NYSE:ELVGet Free Report) last posted its earnings results on Thursday, April 18th. The company reported $10.64 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 for the quarter, compared to the consensus estimate of $42.49 billion. During the same quarter in the prior year, the business earned $9.46 earnings per share. The firm’s revenue for the quarter was up .9% on a year-over-year basis. On average, analysts anticipate that Elevance Health will post 37.26 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend is Monday, June 10th. Elevance Health’s dividend payout ratio is presently 24.64%.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the firm’s stock in a transaction 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 sale, the executive vice president now owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.35% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ELV. Norges Bank bought a new position in shares of Elevance Health in the 4th quarter valued at $1,347,434,000. Massachusetts Financial Services Co. MA bought a new position in shares of Elevance Health in the 4th quarter valued at $467,141,000. Canoe Financial LP lifted its stake in shares of Elevance Health by 158.1% in the 4th quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock valued at $398,054,000 after acquiring an additional 517,116 shares during the last quarter. Morningstar Investment Services LLC bought a new position in shares of Elevance Health in the 4th quarter valued at $239,244,000. Finally, Focused Investors Fund L P bought a new position in shares of Elevance Health in the 1st quarter valued at $249,884,000. 89.24% of the stock is currently owned by institutional investors.

About Elevance Health

(Get Free Report)

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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