Truist Financial Analysts Give Elevance Health (NYSE:ELV) a $500.00 Price Target

Truist Financial set a $500.00 target price on Elevance Health (NYSE:ELV) in a research report released on Monday morning, MarketBeat reports. The brokerage currently has a buy rating on the stock.

Other analysts also recently issued research reports about the company. Barclays reduced their price objective on Elevance Health from $522.00 to $480.00 and set an “overweight” rating for the company in a research report on Monday, June 2nd. Royal Bank of Canada reissued an “outperform” rating and issued a $478.00 price target on shares of Elevance Health in a report on Wednesday, June 4th. Baird R W cut Elevance Health from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 15th. Guggenheim reissued a “buy” rating and issued a $518.00 target price on shares of Elevance Health in a report on Wednesday, April 23rd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $485.00 price target on shares of Elevance Health in a report on Wednesday, April 23rd. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $498.87.

Elevance Health Price Performance

ELV opened at $380.65 on Monday. The stock has a market cap of $86.00 billion, a price-to-earnings ratio of 14.86, a PEG ratio of 1.18 and a beta of 0.60. Elevance Health has a 1 year low of $357.45 and a 1 year high of $567.26. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. The stock has a fifty day moving average price of $406.37 and a 200 day moving average price of $400.45.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, topping analysts’ consensus estimates of $10.60 by $1.37. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. The company had revenue of $48.77 billion during the quarter, compared to analysts’ expectations of $46.26 billion. Analysts forecast that Elevance Health will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be given a $1.71 dividend. The ex-dividend date is Tuesday, June 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.80%. Elevance Health’s dividend payout ratio is currently 26.69%.

Insiders Place Their Bets

In other Elevance Health news, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the transaction, the chief financial officer now directly owns 18,977 shares in the company, valued at approximately $8,061,809.14. The trade was a 19.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.29% of the company’s stock.

Institutional Trading of Elevance Health

Several hedge funds and other institutional investors have recently modified their holdings of ELV. Norges Bank acquired a new stake in shares of Elevance Health in the 4th quarter valued at about $1,135,014,000. Wellington Management Group LLP raised its stake in shares of Elevance Health by 42.5% in the 4th quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company’s stock valued at $2,344,556,000 after purchasing an additional 1,893,947 shares during the period. Nuveen LLC acquired a new stake in shares of Elevance Health in the first quarter valued at about $789,943,000. GAMMA Investing LLC increased its position in shares of Elevance Health by 81,726.5% in the first quarter. GAMMA Investing LLC now owns 1,474,514 shares of the company’s stock valued at $641,355,000 after acquiring an additional 1,472,712 shares during the last quarter. Finally, First Eagle Investment Management LLC increased its position in shares of Elevance Health by 47.6% in the fourth quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company’s stock valued at $1,189,828,000 after acquiring an additional 1,039,612 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

About Elevance Health

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.