Brokerages Set Elevance Health, Inc. (NYSE:ELV) PT at $583.89

Shares of Elevance Health, Inc. (NYSE:ELV – Get Rating) have received a consensus recommendation of “Moderate Buy” from the twenty ratings firms that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $583.89.

Several brokerages have recently issued reports on ELV. Royal Bank of Canada boosted their price target on shares of Elevance Health from $505.00 to $523.00 and gave the company a “sector perform” rating in a report on Thursday, January 26th. Wells Fargo & Company increased their target price on shares of Elevance Health from $557.00 to $609.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 4th. Loop Capital increased their price target on shares of Elevance Health from $550.00 to $565.00 in a research report on Monday, January 30th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Elevance Health from $581.00 to $571.00 and set a “buy” rating for the company in a research note on Wednesday, March 8th. Finally, SVB Leerink reaffirmed an “outperform” rating and set a $580.00 price target on shares of Elevance Health in a research note on Thursday, January 26th.

Institutional Trading of Elevance Health

Several institutional investors and hedge funds have recently made changes to their positions in ELV. B. Riley Wealth Advisors Inc. bought a new position in Elevance Health in the fourth quarter worth about $991,000. OLD Mission Capital LLC acquired a new position in shares of Elevance Health during the 4th quarter worth approximately $88,000. Aldebaran Financial Inc. acquired a new position in shares of Elevance Health during the 4th quarter worth approximately $399,000. Reston Wealth Management LLC acquired a new position in Elevance Health in the 4th quarter valued at $349,000. Finally, Smithbridge Asset Management Inc. DE acquired a new position in Elevance Health in the 4th quarter valued at $896,000. 87.66% of the stock is currently owned by institutional investors.

Elevance Health Price Performance

NYSE ELV opened at $463.17 on Thursday. The firm has a market cap of $109.98 billion, a P/E ratio of 18.68, a price-to-earnings-growth ratio of 1.15 and a beta of 0.85. The stock’s 50-day moving average is $478.90 and its two-hundred day moving average is $491.56. Elevance Health has a fifty-two week low of $440.02 and a fifty-two week high of $549.52. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.40 and a quick ratio of 1.40.

Elevance Health (NYSE:ELV – Get Rating) last announced its quarterly earnings results on Wednesday, January 25th. The company reported $5.23 EPS for the quarter, topping analysts’ consensus estimates of $5.20 by $0.03. Elevance Health had a net margin of 3.85% and a return on equity of 19.56%. The firm had revenue of $39.67 billion during the quarter, compared to analysts’ expectations of $39.62 billion. During the same quarter last year, the company earned $5.14 earnings per share. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. On average, analysts anticipate that Elevance Health will post 32.72 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 24th. Shareholders of record on Friday, March 10th will be paid a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a yield of 1.28%. This is a positive change from Elevance Health’s previous quarterly dividend of $1.28. The ex-dividend date is Thursday, March 9th. Elevance Health’s payout ratio is presently 23.88%.

Elevance Health Company Profile

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Elevance Health, Inc operates as a health company, which engages in improving lives and communities, and making healthcare simpler. It operates through the following segments: Commercial and Specialty Business, Government Business, CarelonRx, and Other. The Commercial and Specialty Business segment provides insurance products and services such as stop loss, dental, vision, life, disability and supplemental health insurance.