Elevance Health (NYSE:ELV) Given New $631.00 Price Target at JPMorgan Chase & Co.

Elevance Health (NYSE:ELVFree Report) had its price target increased by JPMorgan Chase & Co. from $628.00 to $631.00 in a research report report published on Thursday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other equities analysts have also recently weighed in on the company. Jefferies Financial Group upped their price target on Elevance Health from $602.00 to $604.00 and gave the stock a buy rating in a report on Friday, April 19th. Cantor Fitzgerald reissued an overweight rating and issued a $580.00 price target on shares of Elevance Health in a research note on Wednesday, April 10th. Royal Bank of Canada upped their price objective on shares of Elevance Health from $574.00 to $575.00 and gave the stock an outperform rating in a research report on Friday, April 19th. Truist Financial reiterated a buy rating and issued a $600.00 target price (up previously from $580.00) on shares of Elevance Health in a research report on Friday, April 19th. Finally, Wells Fargo & Company upped 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, April 19th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Buy and a consensus target price of $598.23.

Get Our Latest Analysis on Elevance Health

Elevance Health Price Performance

Shares of NYSE:ELV opened at $507.55 on Thursday. 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 $550.34. The company’s 50 day moving average is $523.64 and its 200 day moving average is $499.44. The company has a market cap of $117.96 billion, a PE ratio of 19.18, a price-to-earnings-growth ratio of 1.15 and a beta of 0.79.

Elevance Health (NYSE:ELVGet Free Report) last posted its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. The company had revenue of $42.27 billion during the quarter, compared to the consensus estimate of $42.49 billion. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the firm posted $9.46 earnings per share. On average, sell-side analysts forecast that Elevance Health will post 37.26 EPS for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th will be paid a $1.63 dividend. The ex-dividend date is Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.28%. Elevance Health’s payout ratio is presently 24.64%.

Insider Buying and Selling

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total value of $7,531,605.14. Following the completion of the transaction, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.35% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Elevance Health

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sanders Capital LLC raised its holdings in Elevance Health by 4.6% in the fourth quarter. Sanders Capital LLC now owns 4,457,986 shares of the company’s stock valued at $2,102,208,000 after acquiring an additional 196,010 shares in the last quarter. Capital International Investors grew its stake in shares of Elevance Health by 3.7% during the first quarter. Capital International Investors now owns 3,498,511 shares of the company’s stock worth $1,814,118,000 after purchasing an additional 123,802 shares in the last quarter. Baillie Gifford & Co. increased its holdings in Elevance Health by 0.9% in the fourth quarter. Baillie Gifford & Co. now owns 3,087,904 shares of the company’s stock valued at $1,456,132,000 after buying an additional 27,986 shares during the last quarter. Norges Bank acquired a new stake in Elevance Health in the fourth quarter valued at $1,347,434,000. Finally, Morgan Stanley lifted its holdings in Elevance Health by 1.7% during the 3rd quarter. Morgan Stanley now owns 2,784,714 shares of the company’s stock worth $1,212,521,000 after buying an additional 46,322 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

About Elevance Health

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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.

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