Elevance Health (NYSE:ELV) Price Target Raised to $600.00

Elevance Health (NYSE:ELV) had its price target increased by Wells Fargo & Company from $557.00 to $600.00 in a research report sent to investors on Friday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other research firms have also recently issued reports on ELV. Royal Bank of Canada raised their target price on Elevance Health from $572.00 to $574.00 and gave the stock an outperform rating in a research note on Thursday, January 25th. Cantor Fitzgerald restated an overweight rating and issued a $580.00 target price on shares of Elevance Health in a research note on Wednesday, April 10th. StockNews.com lowered shares of Elevance Health from a strong-buy rating to a buy rating in a research note on Thursday, January 25th. Jefferies Financial Group increased their price target on shares of Elevance Health from $602.00 to $604.00 and gave the company a buy rating in a research note on Friday. Finally, Barclays raised their target price on shares of Elevance Health from $584.00 to $621.00 and gave the company an overweight rating in a research report on Friday. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $587.64.

Elevance Health Price Performance

Shares of ELV stock opened at $532.17 on Friday. The stock has a market capitalization of $123.69 billion, a price-to-earnings ratio of 20.11, a P/E/G ratio of 1.16 and a beta of 0.78. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. Elevance Health has a twelve month low of $412.00 and a twelve month high of $539.11. The stock has a fifty day simple moving average of $509.68 and a two-hundred day simple moving average of $484.51.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. The business had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The company’s revenue was up .9% on a year-over-year basis. During the same period in the prior year, the company earned $9.46 earnings per share. On average, analysts predict that Elevance Health will post 37.24 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.23%. The ex-dividend date is Monday, June 10th. Elevance Health’s dividend payout ratio is presently 24.64%.

Insider Buying and Selling at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the transaction, the director now owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Elevance Health

Institutional investors have recently added to or reduced their stakes in the business. Nilsine Partners LLC grew its holdings in shares of Elevance Health by 45.2% in the 1st quarter. Nilsine Partners LLC now owns 2,252 shares of the company’s stock valued at $1,168,000 after buying an additional 701 shares during the period. Bay Rivers Group purchased a new position in Elevance Health during the first quarter valued at approximately $205,000. Greystone Financial Group LLC raised its holdings in Elevance Health by 66.6% in the 1st quarter. Greystone Financial Group LLC now owns 18,606 shares of the company’s stock worth $9,648,000 after purchasing an additional 7,440 shares in the last quarter. HF Advisory Group LLC increased its stake in shares of Elevance Health by 0.7% in the 1st quarter. HF Advisory Group LLC now owns 2,983 shares of the company’s stock worth $1,547,000 after acquiring an additional 21 shares in the last quarter. Finally, PFG Investments LLC purchased a new stake in Elevance Health during the 1st quarter valued at about $399,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

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.