Elevance Health’s (ELV) Buy Rating Reiterated at Truist Financial

Truist Financial reissued their buy rating on shares of Elevance Health (NYSE:ELV) in a report issued on Friday, Benzinga reports. Truist Financial currently has a $600.00 target price on the stock, up from their previous target price of $580.00.

Other analysts also recently issued research reports about the stock. Wells Fargo & Company raised their price target on shares of Elevance Health from $557.00 to $600.00 and gave the stock an overweight rating in a research report on Friday. Cantor Fitzgerald reaffirmed an overweight rating and issued a $580.00 price objective on shares of Elevance Health in a report on Wednesday, April 10th. StockNews.com downgraded shares of Elevance Health from a strong-buy rating to a buy rating in a report on Thursday, January 25th. Royal Bank of Canada lifted their price objective 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. Finally, Barclays lifted their price objective on shares of Elevance Health from $584.00 to $621.00 and gave the stock an overweight rating in a report on Friday. One 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 a consensus rating of Moderate Buy and a consensus target price of $587.64.

Elevance Health Trading Up 0.1 %

NYSE ELV opened at $532.17 on Friday. Elevance Health has a one year low of $412.00 and a one year high of $539.11. The company’s 50 day moving average price is $509.68 and its 200 day moving average price is $484.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37. The firm has a market capitalization of $123.69 billion, a price-to-earnings ratio of 20.11, a PEG ratio of 1.16 and a beta of 0.78.

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

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend is Monday, June 10th. Elevance Health’s dividend payout ratio is currently 24.64%.

Insider Activity at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total transaction of $376,500.00. Following the sale, the director now directly owns 9,109 shares in the company, valued at $4,554,500. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Sanders Capital LLC grew its holdings in Elevance Health by 4.6% during the fourth quarter. Sanders Capital LLC now owns 4,457,986 shares of the company’s stock worth $2,102,208,000 after acquiring an additional 196,010 shares during the period. Capital International Investors grew its holdings in Elevance Health by 7.9% during the fourth quarter. Capital International Investors now owns 3,374,709 shares of the company’s stock worth $1,591,237,000 after acquiring an additional 248,150 shares during the period. Baillie Gifford & Co. grew its holdings in Elevance Health by 0.9% during the fourth quarter. Baillie Gifford & Co. now owns 3,087,904 shares of the company’s stock worth $1,456,132,000 after acquiring an additional 27,986 shares during the period. Norges Bank purchased a new position in Elevance Health in the 4th quarter worth about $1,347,434,000. Finally, Morgan Stanley increased its stake in Elevance Health by 1.7% in the 3rd quarter. Morgan Stanley now owns 2,784,714 shares of the company’s stock worth $1,212,521,000 after purchasing an additional 46,322 shares in the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

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.