Elevance Health (NYSE:ELV) Given New $394.00 Price Target at JPMorgan Chase & Co.

Elevance Health (NYSE:ELV) had its price objective increased by JPMorgan Chase & Co. from $384.00 to $394.00 in a research report sent to investors on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other equities research analysts also recently weighed in on ELV. TD Cowen raised their price target on shares of Elevance Health from $330.00 to $380.00 and gave the company a “buy” rating in a research report on Thursday, October 23rd. Robert W. Baird reduced their price target on shares of Elevance Health from $492.00 to $297.00 and set a “neutral” rating for the company in a research report on Friday, July 25th. Leerink Partners reissued a “market perform” rating and set a $310.00 price target (down previously from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Bank of America raised their target price on shares of Elevance Health from $330.00 to $370.00 and gave the stock a “neutral” rating in a report on Friday, October 10th. Finally, Sanford C. Bernstein dropped their target price on shares of Elevance Health from $445.00 to $420.00 and set an “outperform” rating on the stock in a report on Thursday, October 16th. Twelve research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $398.44.

Elevance Health Price Performance

Shares of ELV opened at $339.94 on Tuesday. The company has a market capitalization of $75.55 billion, a P/E ratio of 13.90, a price-to-earnings-growth ratio of 1.25 and a beta of 0.59. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.71. The firm has a 50 day moving average of $328.28 and a 200 day moving average of $350.94. Elevance Health has a twelve month low of $273.71 and a twelve month high of $458.75.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, beating the consensus estimate of $5.03 by $1.00. The company had revenue of $50.09 billion during the quarter, compared to the consensus estimate of $49.26 billion. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. The firm’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same quarter last year, the firm earned $8.37 earnings per share. As a group, equities research analysts anticipate that Elevance Health will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, December 5th. Elevance Health’s dividend payout ratio (DPR) is currently 27.96%.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, Director Susan D. Devore purchased 1,200 shares of the company’s stock in a transaction dated Tuesday, August 19th. The shares were acquired at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the purchase, the director directly owned 3,502 shares of the company’s stock, valued at $1,093,149.30. The trade was a 52.13% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.29% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Private Wealth Management Group LLC lifted its stake in shares of Elevance Health by 152.0% during the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company’s stock valued at $27,000 after buying an additional 38 shares in the last quarter. WPG Advisers LLC purchased a new position in shares of Elevance Health during the 1st quarter valued at $29,000. Vermillion & White Wealth Management Group LLC lifted its stake in shares of Elevance Health by 94.9% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 76 shares of the company’s stock valued at $30,000 after buying an additional 37 shares in the last quarter. BOK Financial Private Wealth Inc. purchased a new position in shares of Elevance Health during the 2nd quarter valued at $32,000. Finally, Motco lifted its stake in shares of Elevance Health by 334.8% during the 3rd quarter. Motco now owns 100 shares of the company’s stock valued at $32,000 after buying an additional 77 shares in the last quarter. Hedge funds and other 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.