Elevance Health (NYSE:ELV) Price Target Increased to $604.00 by Analysts at Jefferies Financial Group

Elevance Health (NYSE:ELV) had its price objective increased by Jefferies Financial Group from $602.00 to $604.00 in a report issued on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts also recently weighed in on the stock. Cantor Fitzgerald restated an overweight rating and issued a $580.00 target price on shares of Elevance Health in a report on Wednesday, April 10th. Royal Bank of Canada boosted their target price on shares of Elevance Health from $572.00 to $574.00 and gave the stock an outperform rating in a report on Thursday, January 25th. Barclays began coverage on shares of Elevance Health in a report on Wednesday, March 6th. They issued an overweight rating and a $584.00 target price on the stock. Wells Fargo & Company reduced their target price on shares of Elevance Health from $561.00 to $557.00 and set an overweight rating on the stock in a report on Monday, April 8th. Finally, StockNews.com downgraded shares of Elevance Health from a strong-buy rating to a buy rating in a report on Thursday, January 25th. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $583.77.

Elevance Health Stock Up 1.2 %

Shares of ELV stock opened at $531.59 on Friday. The stock has a market cap of $123.70 billion, a P/E ratio of 21.12, a PEG ratio of 1.12 and a beta of 0.78. Elevance Health has a 52 week low of $412.00 and a 52 week high of $539.11. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.59. The company’s fifty day simple moving average is $509.14 and its two-hundred day simple moving average is $483.22.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, April 18th. The company reported $10.64 EPS for the quarter, topping the consensus estimate of $10.54 by $0.10. Elevance Health had a net margin of 3.49% and a return on equity of 20.47%. The business had revenue of $42.27 billion for the quarter, compared to analysts’ expectations of $42.49 billion. During the same quarter in the previous year, the company earned $9.46 EPS. The business’s quarterly revenue was up .9% compared to the same quarter last year. Analysts predict that Elevance Health will post 37.03 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th will be given a $1.63 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.23%. Elevance Health’s payout ratio is presently 25.90%.

Insider Transactions at Elevance Health

In other news, Director Ramiro G. Peru sold 753 shares of the company’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 completion of the sale, the director now owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Elevance Health

Several hedge funds have recently modified their holdings of the business. Sanders Capital LLC lifted its position in shares of Elevance Health by 4.6% in the 4th quarter. Sanders Capital LLC now owns 4,457,986 shares of the company’s stock worth $2,102,208,000 after purchasing an additional 196,010 shares during the period. Capital International Investors lifted its position in Elevance Health by 7.9% during the fourth quarter. Capital International Investors now owns 3,374,709 shares of the company’s stock valued at $1,591,237,000 after acquiring an additional 248,150 shares during the last quarter. Alliancebernstein L.P. lifted its position in Elevance Health by 13.1% during the second quarter. Alliancebernstein L.P. now owns 3,214,663 shares of the company’s stock valued at $1,428,243,000 after acquiring an additional 372,937 shares during the last quarter. Nuveen Asset Management LLC lifted its position in Elevance Health by 1.8% during the second quarter. Nuveen Asset Management LLC now owns 3,143,404 shares of the company’s stock valued at $1,396,583,000 after acquiring an additional 56,204 shares during the last quarter. Finally, Baillie Gifford & Co. lifted its position in Elevance Health by 0.9% during the fourth quarter. Baillie Gifford & Co. now owns 3,087,904 shares of the company’s stock valued at $1,456,132,000 after acquiring an additional 27,986 shares during the last quarter. Hedge funds and other 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.