Elevance Health (NYSE:ELV) Shares Gap Up – What’s Next?

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 changing hands.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. UBS Group increased their price target on Elevance Health from $400.00 to $460.00 and gave the company a “buy” rating in a research report on Friday, May 22nd. Barclays dropped their price objective on Elevance Health from $480.00 to $457.00 and set an “overweight” rating on the stock in a research note on Thursday, July 16th. JPMorgan Chase & Co. increased their price objective on Elevance Health from $411.00 to $476.00 and gave the company an “overweight” rating in a report on Monday, June 8th. Robert W. Baird boosted their target price on shares of Elevance Health from $331.00 to $393.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. Finally, Wells Fargo & Company lowered their target price on shares of Elevance Health from $492.00 to $473.00 and set an “overweight” rating on the stock in a report on Thursday, July 16th. Fifteen analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $440.90.

Elevance Health Trading Up 0.5%

The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. The business has a 50-day simple moving average of $397.07 and a two-hundred day simple moving average of $366.77. The stock has a market cap of $90.74 billion, a price-to-earnings ratio of 18.60, a P/E/G ratio of 2.17 and a beta of 0.69.

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

Elevance Health Announces Dividend

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 issued a dividend of $1.72 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 annualized dividend and a yield of 1.6%. Elevance Health’s dividend payout ratio (DPR) is currently 30.58%.

Hedge Funds Weigh In On Elevance Health

Several institutional investors and hedge funds have recently modified their holdings of ELV. Sequoia Financial Advisors LLC lifted its stake in shares of Elevance Health by 148.0% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 16,432 shares of the company’s stock worth $6,355,000 after buying an additional 9,807 shares during the last quarter. Tidal Investments LLC grew its stake in Elevance Health by 3.5% in the 2nd quarter. Tidal Investments LLC now owns 212,877 shares of the company’s stock valued at $82,326,000 after buying an additional 7,266 shares during the last quarter. MCF Advisors LLC grew its stake in Elevance Health by 5.6% in the 2nd quarter. MCF Advisors LLC now owns 1,139 shares of the company’s stock valued at $440,000 after buying an additional 60 shares during the last quarter. WINTON GROUP Ltd bought a new position in Elevance Health in the 2nd quarter valued at about $789,000. Finally, Engineers Gate Manager LP lifted its position in Elevance Health by 133.7% during the second quarter. Engineers Gate Manager LP now owns 34,285 shares of the company’s stock worth $13,259,000 after acquiring an additional 19,612 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Company Profile

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.