Truist Financial Cuts Elevance Health (NYSE:ELV) Price Target to $480.00

Elevance Health (NYSE:ELV) had its price target lowered by Truist Financial from $520.00 to $480.00 in a report released on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other research analysts have also issued reports about the company. Stephens reissued an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. StockNews.com downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Wednesday, December 18th. TD Cowen cut their target price on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research note on Monday, October 21st. Royal Bank of Canada decreased their price target on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. Finally, Raymond James set a $485.00 price objective on shares of Elevance Health in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $536.53.

Elevance Health Stock Performance

NYSE ELV opened at $382.71 on Monday. The firm has a market capitalization of $88.76 billion, a P/E ratio of 13.95, a price-to-earnings-growth ratio of 1.15 and a beta of 0.84. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The firm’s fifty day moving average price is $392.50 and its two-hundred day moving average price is $473.95. Elevance Health has a 1 year low of $362.21 and a 1 year high of $567.26.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.66 by ($1.29). The firm had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the business posted $8.99 earnings per share. As a group, research analysts anticipate that Elevance Health will post 32.96 EPS for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Thursday, December 5th were given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend was Thursday, December 5th. Elevance Health’s payout ratio is currently 23.77%.

Insider Buying and Selling

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the transaction, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.35% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Elevance Health

Several hedge funds and other institutional investors have recently modified their holdings of the business. Cypress Wealth Services LLC grew its position in Elevance Health by 3.5% in the third quarter. Cypress Wealth Services LLC now owns 679 shares of the company’s stock valued at $353,000 after acquiring an additional 23 shares during the last quarter. Atomi Financial Group Inc. boosted its stake in shares of Elevance Health by 4.2% in the 3rd quarter. Atomi Financial Group Inc. now owns 615 shares of the company’s stock valued at $320,000 after purchasing an additional 25 shares in the last quarter. Lifeworks Advisors LLC grew its holdings in shares of Elevance Health by 2.5% during the 3rd quarter. Lifeworks Advisors LLC now owns 1,037 shares of the company’s stock valued at $539,000 after purchasing an additional 25 shares during the last quarter. Bell Investment Advisors Inc increased its position in Elevance Health by 2.6% during the 2nd quarter. Bell Investment Advisors Inc now owns 1,029 shares of the company’s stock worth $557,000 after purchasing an additional 26 shares in the last quarter. Finally, Catalyst Financial Partners LLC lifted its stake in Elevance Health by 2.9% in the 3rd quarter. Catalyst Financial Partners LLC now owns 918 shares of the company’s stock valued at $477,000 after purchasing an additional 26 shares during the last quarter. Institutional investors own 89.24% of the company’s stock.

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.