Elevance Health (NYSE:ELV) Receives Buy Rating from Truist Financial

Truist Financial reiterated their buy rating on shares of Elevance Health (NYSE:ELV) in a research note released on Friday morning, Benzinga reports. Truist Financial currently has a $520.00 target price on the stock, down from their prior target price of $620.00.

ELV has been the subject of a number of other reports. Wells Fargo & Company cut their price objective on Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Barclays raised their price objective on Elevance Health from $611.00 to $622.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Cantor Fitzgerald cut their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research report on Friday. Royal Bank of Canada raised their price objective on Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. Finally, Morgan Stanley initiated coverage on Elevance Health in a report on Monday, June 24th. They set an “overweight” rating and a $643.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $565.27.

Elevance Health Stock Down 1.9 %

ELV stock opened at $422.39 on Friday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. The business has a 50 day moving average price of $524.68 and a two-hundred day moving average price of $527.27. The company has a market cap of $98.17 billion, a price-to-earnings ratio of 15.96, a P/E/G ratio of 1.08 and a beta of 0.82. Elevance Health has a twelve month low of $397.98 and a twelve month high of $567.26.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The company had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $8.99 earnings per share. Analysts anticipate that Elevance Health will post 37.26 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.54%. Elevance Health’s dividend payout ratio is presently 24.64%.

Insider Buying and Selling at Elevance Health

In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction 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 transaction, the director now owns 8,744 shares in the company, valued at approximately $4,647,610.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction 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 transaction, the director now owns 8,744 shares in the company, valued at approximately $4,647,610.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the transaction, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Elevance Health

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Capital Advisors Ltd. LLC grew its position in Elevance Health by 8.8% during the 1st quarter. Capital Advisors Ltd. LLC now owns 248 shares of the company’s stock worth $129,000 after acquiring an additional 20 shares during the last quarter. Bedel Financial Consulting Inc. grew its position in Elevance Health by 1.6% during the 1st quarter. Bedel Financial Consulting Inc. now owns 1,247 shares of the company’s stock worth $647,000 after acquiring an additional 20 shares during the last quarter. American Trust grew its position in Elevance Health by 2.6% during the 1st quarter. American Trust now owns 775 shares of the company’s stock worth $402,000 after acquiring an additional 20 shares during the last quarter. Fiduciary Alliance LLC grew its position in Elevance Health by 3.6% during the 1st quarter. Fiduciary Alliance LLC now owns 611 shares of the company’s stock worth $315,000 after acquiring an additional 21 shares during the last quarter. Finally, Ascent Wealth Partners LLC grew its position in Elevance Health by 1.8% during the 1st quarter. Ascent Wealth Partners LLC now owns 1,193 shares of the company’s stock worth $619,000 after acquiring an additional 21 shares during the last quarter. Institutional investors own 89.24% of the company’s stock.

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.