Elevance Health (NYSE:ELV) PT Set at $500.00 by Truist Financial

Truist Financial set a $500.00 price objective on Elevance Health (NYSE:ELV) in a research note issued to investors on Monday, Marketbeat.com reports. The brokerage currently has a buy rating on the stock.

Several other research analysts also recently commented on the company. Baird R W downgraded Elevance Health from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 15th. Barclays reduced their price objective on Elevance Health from $522.00 to $480.00 and set an “overweight” rating for the company in a report on Monday, June 2nd. Sanford C. Bernstein restated an “outperform” rating on shares of Elevance Health in a report on Friday, March 28th. Royal Bank of Canada reiterated an “outperform” rating and issued a $478.00 price target on shares of Elevance Health in a research note on Wednesday, June 4th. Finally, Mizuho boosted their price target on Elevance Health from $455.00 to $505.00 and gave the company an “outperform” rating in a research note on Wednesday, April 9th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $498.87.

Elevance Health Trading Down 0.9%

Elevance Health stock opened at $380.65 on Monday. The stock has a 50-day simple moving average of $406.37 and a 200 day simple moving average of $400.45. The stock has a market capitalization of $86.00 billion, a P/E ratio of 14.86, a PEG ratio of 1.18 and a beta of 0.60. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. Elevance Health has a 52 week low of $357.45 and a 52 week high of $567.26.

Elevance Health (NYSE:ELV) last issued its earnings results on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, topping the consensus estimate of $10.60 by $1.37. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. The company had revenue of $48.77 billion during the quarter, compared to the consensus estimate of $46.26 billion. Analysts expect that Elevance Health will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th will be issued a $1.71 dividend. The ex-dividend date is Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a yield of 1.80%. Elevance Health’s payout ratio is 26.69%.

Insider Activity at Elevance Health

In related news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the sale, the chief financial officer now directly owns 18,977 shares in the company, valued at $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.29% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Elevance Health

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Elevance Health by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company’s stock worth $9,635,281,000 after purchasing an additional 666,534 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Elevance Health by 4.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,618,062 shares of the company’s stock valued at $3,917,004,000 after acquiring an additional 464,137 shares in the last quarter. Wellington Management Group LLP lifted its position in Elevance Health by 42.5% in the 4th quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company’s stock valued at $2,344,556,000 after acquiring an additional 1,893,947 shares in the last quarter. Geode Capital Management LLC lifted its position in Elevance Health by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 4,963,991 shares of the company’s stock valued at $1,826,447,000 after acquiring an additional 115,971 shares in the last quarter. Finally, Sanders Capital LLC lifted its position in Elevance Health by 1.7% in the 4th quarter. Sanders Capital LLC now owns 4,686,154 shares of the company’s stock valued at $1,728,722,000 after acquiring an additional 76,896 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

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.