Wells Fargo & Company Lowers Elevance Health (NYSE:ELV) Price Target to $593.00

Elevance Health (NYSE:ELV) had its target price lowered by Wells Fargo & Company from $600.00 to $593.00 in a research note issued to investors on Monday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research analysts have also recently weighed in on the company. Robert W. Baird assumed coverage on Elevance Health in a research note on Thursday, May 30th. They issued an outperform rating and a $649.00 price target for the company. Stephens reaffirmed an overweight rating and set a $615.00 price target on shares of Elevance Health in a report on Tuesday, June 11th. JPMorgan Chase & Co. boosted their price objective on shares of Elevance Health from $628.00 to $631.00 and gave the company an overweight rating in a report on Thursday, May 30th. Mizuho raised their target price on shares of Elevance Health from $575.00 to $585.00 and gave the stock a buy rating in a report on Wednesday, April 24th. Finally, UBS Group boosted their target price on shares of Elevance Health from $585.00 to $605.00 and gave the company a buy rating in a research note on Friday, April 19th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Elevance Health currently has an average rating of Buy and an average target price of $604.29.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $514.03 on Monday. Elevance Health has a 1 year low of $431.38 and a 1 year high of $555.35. The firm’s 50-day moving average is $530.62 and its 200 day moving average is $515.50. The stock has a market cap of $119.20 billion, a price-to-earnings ratio of 19.43, a PEG ratio of 1.11 and a beta of 0.84. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.99 by $0.13. The firm had revenue of $43.22 billion for the quarter, compared to the consensus estimate of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The business’s revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $9.04 earnings per share. Sell-side analysts anticipate that Elevance Health will post 37.25 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.27%. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Insiders Place Their Bets

In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the transaction, the chief executive officer now directly owns 126,709 shares in the company, valued at $63,478,674.82. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the sale, the director now directly owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Gail Boudreaux sold 34,000 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the transaction, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The disclosure for this sale can be found here. 0.35% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Richwood Investment Advisors LLC raised its position in shares of Elevance Health by 0.8% during the fourth 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 during the last quarter. Bell Investment Advisors Inc lifted its stake in Elevance Health by 2.1% in the 4th quarter. Bell Investment Advisors Inc now owns 989 shares of the company’s stock worth $466,000 after purchasing an additional 20 shares in the last quarter. Capital Advisors Ltd. LLC boosted its holdings in shares of Elevance Health by 8.8% during the 1st quarter. Capital Advisors Ltd. LLC now owns 248 shares of the company’s stock valued at $129,000 after purchasing an additional 20 shares during the last quarter. Bedel Financial Consulting Inc. boosted its holdings in shares of Elevance Health by 1.6% during the 1st quarter. Bedel Financial Consulting Inc. now owns 1,247 shares of the company’s stock valued at $647,000 after purchasing an additional 20 shares during the last quarter. Finally, American Trust increased its holdings in shares of Elevance Health by 2.6% in the first quarter. American Trust now owns 775 shares of the company’s stock worth $402,000 after purchasing an additional 20 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

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.