Brokerages Set Elevance Health, Inc. (NYSE:ELV) Target Price at $569.36

Shares of Elevance Health, Inc. (NYSE:ELV) have been given a consensus recommendation of “Moderate Buy” by the nine brokerages that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $569.36.

Several brokerages have recently issued reports on ELV. Barclays began coverage on Elevance Health in a research report on Wednesday, March 6th. They set an “overweight” rating and a $584.00 target price for the company. Cantor Fitzgerald raised their target price on Elevance Health from $547.00 to $580.00 and gave the company an “overweight” rating in a research report on Wednesday, February 14th. Royal Bank of Canada raised their target price on Elevance Health from $572.00 to $574.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Finally, StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th.

Elevance Health Trading Up 0.5 %

NYSE ELV opened at $519.90 on Monday. The firm has a market capitalization of $120.98 billion, a P/E ratio of 20.66, a PEG ratio of 1.14 and a beta of 0.78. The business has a fifty day simple moving average of $500.26 and a 200 day simple moving average of $475.45. Elevance Health has a 12 month low of $412.00 and a 12 month high of $521.18. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.59.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Wednesday, January 24th. The company reported $5.62 EPS for the quarter, beating analysts’ consensus estimates of $5.60 by $0.02. Elevance Health had a return on equity of 20.47% and a net margin of 3.49%. The business had revenue of $42.45 billion during the quarter, compared to analyst estimates of $42.19 billion. During the same period in the prior year, the firm posted $5.23 EPS. Elevance Health’s quarterly revenue was up 7.0% compared to the same quarter last year. On average, analysts predict that Elevance Health will post 37.15 EPS for the current fiscal year.

Elevance Health Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Friday, March 8th were paid a $1.63 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $6.52 annualized dividend and a yield of 1.25%. This is an increase from Elevance Health’s previous quarterly dividend of $1.48. Elevance Health’s dividend payout ratio (DPR) is currently 25.90%.

Insiders Place Their Bets

In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction dated 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 sale, the director now owns 9,109 shares in the company, valued at approximately $4,554,500. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.35% of the stock is owned by corporate insiders.

Institutional Trading of Elevance Health

A number of large investors have recently modified their holdings of ELV. Norges Bank bought a new stake in shares of Elevance Health during the 4th quarter valued at about $1,347,434,000. Legal & General Group Plc purchased a new position in shares of Elevance Health during the 4th quarter valued at about $944,528,000. Moneta Group Investment Advisors LLC purchased a new position in shares of Elevance Health during the 4th quarter valued at about $664,077,000. Veritas Asset Management LLP purchased a new position in shares of Elevance Health during the 2nd quarter valued at about $503,385,000. Finally, Massachusetts Financial Services Co. MA purchased a new position in shares of Elevance Health during the 4th quarter valued at about $467,141,000. 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.