Wells Fargo & Company Increases Elevance Health (NYSE:ELV) Price Target to $600.00

Elevance Health (NYSE:ELV) had its price objective upped by Wells Fargo & Company from $557.00 to $600.00 in a research report report published on Friday morning, Benzinga reports. They currently have an overweight rating on the stock.

ELV has been the topic of a number of other reports. Jefferies Financial Group boosted their price target on shares of Elevance Health from $602.00 to $604.00 and gave the stock a buy rating in a research report on Friday. Barclays boosted their price target on shares of Elevance Health from $584.00 to $621.00 and gave the stock an overweight rating in a research report on Friday. Royal Bank of Canada boosted their target price on shares of Elevance Health from $572.00 to $574.00 and gave the company an outperform rating in a report on Thursday, January 25th. StockNews.com lowered shares of Elevance Health from a strong-buy rating to a buy rating in a report on Thursday, January 25th. Finally, Cantor Fitzgerald reiterated an overweight rating and issued a $580.00 target price on shares of Elevance Health in a report on Wednesday, April 10th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $587.64.

Elevance Health Stock Up 1.2 %

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

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. The firm had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. Elevance Health’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the business posted $9.46 earnings per share. Equities analysts forecast that Elevance Health will post 37.24 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

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

Insider Activity

In other news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total value of $376,500.00. Following the sale, the director now directly owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Elevance Health

Several large investors have recently added to or reduced their stakes in the business. Maryland State Retirement & Pension System increased its stake in Elevance Health by 0.9% during the 1st quarter. Maryland State Retirement & Pension System now owns 18,614 shares of the company’s stock worth $9,482,000 after buying an additional 158 shares during the period. American National Bank & Trust Co. VA purchased a new stake in Elevance Health during the 1st quarter worth approximately $4,637,000. Insight Folios Inc increased its stake in Elevance Health by 13.6% during the 1st quarter. Insight Folios Inc now owns 708 shares of the company’s stock worth $367,000 after buying an additional 85 shares during the period. Retirement Guys Formula LLC increased its stake in Elevance Health by 13.5% during the 1st quarter. Retirement Guys Formula LLC now owns 2,401 shares of the company’s stock worth $1,245,000 after buying an additional 286 shares during the period. Finally, Uncommon Cents Investing LLC increased its stake in Elevance Health by 1.4% during the 1st quarter. Uncommon Cents Investing LLC now owns 3,598 shares of the company’s stock worth $1,866,000 after buying an additional 48 shares during the period. 89.24% of the stock is owned by hedge funds and other institutional investors.

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.