Elevance Health (NYSE:ELV) Shares Gap Up – Here’s What Happened

Shares of Elevance Health, Inc. (NYSE:ELV) gapped up prior to trading on Thursday . The stock had previously closed at $396.90, but opened at $407.38. Elevance Health shares last traded at $413.1280, with a volume of 142,694 shares trading hands.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. UBS Group boosted their price objective on shares of Elevance Health from $400.00 to $460.00 and gave the company a “buy” rating in a research note on Friday, May 22nd. Weiss Ratings restated a “hold (c)” rating on shares of Elevance Health in a research report on Thursday, August 13th. Cantor Fitzgerald upped their price target on shares of Elevance Health from $400.00 to $450.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $395.00 price objective on shares of Elevance Health in a research report on Thursday, July 16th. Finally, Truist Financial lifted their price objective on Elevance Health from $450.00 to $475.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Fifteen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $440.90.

Elevance Health Stock Up 3.8%

The company has a market cap of $89.36 billion, a P/E ratio of 18.32, a P/E/G ratio of 2.09 and a beta of 0.69. The stock has a 50-day moving average of $397.05 and a two-hundred day moving average of $365.88. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating analysts’ consensus estimates of $6.21 by $1.24. The business had revenue of $49.83 billion for the quarter, compared to analysts’ expectations of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The business’s quarterly revenue was up .8% on a year-over-year basis. During the same period last year, the business earned $8.84 earnings per share. On average, research analysts anticipate that Elevance Health, Inc. will post 27.18 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be given a dividend of $1.72 per share. This represents a $6.88 annualized dividend and a yield of 1.7%. The ex-dividend date is Thursday, September 10th. Elevance Health’s dividend payout ratio is presently 30.58%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Kilter Group LLC bought a new position in Elevance Health during the 2nd quarter worth approximately $28,000. Kemnay Advisory Services Inc. bought a new stake in shares of Elevance Health in the 4th quarter worth $31,000. J.Safra Asset Management Corp bought a new position in Elevance Health during the 4th quarter valued at about $32,000. WealthCollab LLC boosted its holdings in Elevance Health by 42.2% in the first quarter. WealthCollab LLC now owns 91 shares of the company’s stock worth $27,000 after purchasing an additional 27 shares during the last quarter. Finally, Elevation Wealth Partners LLC grew its holdings in shares of Elevance Health by 600.0% in the second quarter. Elevation Wealth Partners LLC now owns 105 shares of the company’s stock worth $41,000 after acquiring an additional 90 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

About Elevance Health

Elevance Health, Inc is a health benefits and services company that provides health insurance, care management and related healthcare solutions in the United States. The company serves individuals, employers and government-sponsored programs through a portfolio that includes commercial health plans, Medicare Advantage and other Medicare products, Medicaid plans, and specialty coverage.

Elevance Health operates a portfolio of Blue Cross Blue Shield-affiliated health plans and offers products such as medical, pharmacy, dental and vision benefits.