Elevance Health (NYSE:ELV) Given New $646.00 Price Target at Bank of America

Elevance Health (NYSE:ELVFree Report) had its price objective raised by Bank of America from $621.00 to $646.00 in a research report report published on Tuesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts also recently commented on the stock. JPMorgan Chase & Co. lifted their price target on shares of Elevance Health from $628.00 to $631.00 and gave the stock an overweight rating in a report on Thursday, May 30th. Wells Fargo & Company boosted their target price on shares of Elevance Health from $557.00 to $600.00 and gave the company an overweight rating in a research note on Friday, April 19th. Barclays boosted their target price on shares of Elevance Health from $584.00 to $621.00 and gave the company an overweight rating in a research note on Friday, April 19th. Truist Financial restated a buy rating and set a $600.00 price target (up previously from $580.00) on shares of Elevance Health in a research report on Friday, April 19th. Finally, 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 report on Friday, April 19th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Buy and an average price target of $601.64.

Read Our Latest Stock Analysis on Elevance Health

Elevance Health Stock Down 0.4 %

ELV stock opened at $540.43 on Tuesday. Elevance Health has a 12 month low of $412.00 and a 12 month high of $550.34. The company has a market cap of $125.61 billion, a price-to-earnings ratio of 20.42, a price-to-earnings-growth ratio of 1.19 and a beta of 0.83. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37. The company has a fifty day moving average price of $525.25 and a 200 day moving average price of $501.65.

Elevance Health (NYSE:ELVGet Free Report) last posted its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share 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 during the quarter, compared to the consensus estimate of $42.49 billion. During the same period last year, the firm posted $9.46 EPS. The firm’s revenue for the quarter was up .9% on a year-over-year basis. Sell-side analysts expect that Elevance Health will post 37.26 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders 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 yield of 1.21%. The ex-dividend date of this dividend is Monday, June 10th. Elevance Health’s dividend payout ratio is presently 24.64%.

Insider Buying and Selling at Elevance Health

In other news, EVP Felicia F. Norwood sold 14,111 shares of the company’s 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 transaction, the executive vice president now owns 31,460 shares in the company, valued at approximately $16,791,460.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Elevance Health

A number of large investors have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale increased its holdings in shares of Elevance Health by 4.6% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 355,969 shares of the company’s stock valued at $183,800,000 after purchasing an additional 15,537 shares during the period. Pathway Financial Advisers LLC bought a new stake in Elevance Health during the first quarter worth approximately $647,000. Cetera Advisor Networks LLC boosted its position in Elevance Health by 4.1% during the first quarter. Cetera Advisor Networks LLC now owns 36,641 shares of the company’s stock worth $19,000,000 after purchasing an additional 1,441 shares during the period. Cetera Advisors LLC boosted its position in Elevance Health by 90.1% during the first quarter. Cetera Advisors LLC now owns 11,335 shares of the company’s stock worth $5,878,000 after purchasing an additional 5,372 shares during the period. Finally, Cetera Investment Advisers boosted its position in shares of Elevance Health by 493.6% in the first quarter. Cetera Investment Advisers now owns 59,988 shares of the company’s stock valued at $31,107,000 after acquiring an additional 49,883 shares during the period. Institutional investors and hedge funds own 89.24% of the company’s stock.

About Elevance Health

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Elevance Health (NYSE:ELV)

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