Elevance Health (NYSE:ELV) Price Target Cut to $390.00 by Analysts at Truist Financial

Elevance Health (NYSE:ELV) had its price objective cut by Truist Financial from $400.00 to $390.00 in a report issued on Monday morning, Marketbeat reports. They currently have a buy rating on the stock.

A number of other equities analysts have also issued reports on ELV. Sanford C. Bernstein reduced their target price on Elevance Health from $431.00 to $409.00 and set an “outperform” rating for the company in a research note on Friday. Guggenheim cut their price objective on Elevance Health from $414.00 to $396.00 and set a “buy” rating on the stock in a report on Thursday. Zacks Research raised Elevance Health from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. TD Cowen reiterated a “buy” rating on shares of Elevance Health in a research report on Wednesday, November 26th. Finally, Barclays reduced their price target on shares of Elevance Health from $404.00 to $393.00 and set an “overweight” rating for the company in a research report on Friday. Thirteen analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $396.55.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $342.01 on Monday. The company has a 50 day moving average price of $351.94 and a 200 day moving average price of $329.16. The firm has a market capitalization of $76.01 billion, a P/E ratio of 13.62, a PEG ratio of 1.93 and a beta of 0.50. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 0.70. Elevance Health has a 52 week low of $273.71 and a 52 week high of $458.75.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Wednesday, January 28th. The company reported $3.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.10 by $0.23. The business had revenue of $49.31 billion for the quarter, compared to analyst estimates of $49.52 billion. Elevance Health had a net margin of 2.84% and a return on equity of 15.59%. Elevance Health’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.84 EPS. Elevance Health has set its FY 2026 guidance at 25.500- EPS. Sell-side analysts expect that Elevance Health will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 25th. Stockholders of record on Tuesday, March 10th will be paid a dividend of $1.72 per share. This represents a $6.88 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, March 10th. This is a positive change from Elevance Health’s previous quarterly dividend of $1.71. Elevance Health’s dividend payout ratio is 27.23%.

Institutional Trading of Elevance Health

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Evergreen Wealth Management LLC raised its holdings in Elevance Health by 33.5% during the third quarter. Evergreen Wealth Management LLC now owns 17,283 shares of the company’s stock worth $5,584,000 after purchasing an additional 4,336 shares in the last quarter. Canoe Financial LP grew its position in shares of Elevance Health by 18.1% in the 3rd quarter. Canoe Financial LP now owns 389,399 shares of the company’s stock valued at $125,823,000 after buying an additional 59,743 shares during the last quarter. Synergy Asset Management LLC raised its stake in Elevance Health by 100.0% during the 3rd quarter. Synergy Asset Management LLC now owns 104,334 shares of the company’s stock worth $33,712,000 after acquiring an additional 52,167 shares in the last quarter. Delta Investment Management LLC purchased a new stake in Elevance Health in the third quarter valued at $7,629,000. Finally, OLD National Bancorp IN lifted its position in Elevance Health by 44.8% in the second quarter. OLD National Bancorp IN now owns 6,267 shares of the company’s stock valued at $2,438,000 after acquiring an additional 1,939 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.