Elevance Health (NYSE:ELV) PT Raised to $575.00 at Royal Bank of Canada

Elevance Health (NYSE:ELV) had its target price boosted by Royal Bank of Canada from $574.00 to $575.00 in a research note released on Friday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other analysts also recently commented on the stock. Cantor Fitzgerald reiterated an overweight rating and issued a $580.00 price objective on shares of Elevance Health in a report on Wednesday, April 10th. Truist Financial reissued a buy rating and issued a $600.00 price target (up previously from $580.00) on shares of Elevance Health in a research note on Friday. UBS Group increased their price target on shares of Elevance Health from $585.00 to $605.00 and gave the company a buy rating in a research note on Friday. Barclays increased their price target on shares of Elevance Health from $584.00 to $621.00 and gave the company an overweight rating in a research note on Friday. Finally, Wells Fargo & Company increased their price target on shares of Elevance Health from $557.00 to $600.00 and gave the company an overweight rating in a research note on Friday. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $583.77.

Elevance Health Stock Up 1.2 %

ELV opened at $531.59 on Friday. Elevance Health has a twelve month low of $412.00 and a twelve month high of $539.11. The company has a quick ratio of 1.44, a current ratio of 1.37 and a debt-to-equity ratio of 0.54. The company has a 50-day moving average price of $509.14 and a 200 day moving average price of $483.22. The company has a market cap of $123.70 billion, a PE ratio of 20.09, a price-to-earnings-growth ratio of 1.15 and a beta of 0.78.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, topping the consensus estimate of $10.54 by $0.10. The firm had revenue of $42.27 billion during the quarter, compared to the consensus estimate of $42.49 billion. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The company’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $9.46 EPS. Sell-side analysts expect that Elevance Health will post 37.2 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be paid a dividend of $1.63 per share. The ex-dividend date is Monday, June 10th. This represents a $6.52 annualized dividend and a yield of 1.23%. Elevance Health’s dividend payout ratio is currently 24.64%.

Insider Buying and Selling

In related news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total transaction of $376,500.00. Following the sale, the director now directly owns 9,109 shares in the company, valued at approximately $4,554,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.35% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Cerity Partners LLC increased its stake in Elevance Health by 21.3% in the fourth quarter. Cerity Partners LLC now owns 52,300 shares of the company’s stock valued at $24,663,000 after purchasing an additional 9,199 shares during the period. Chicago Capital LLC boosted its holdings in shares of Elevance Health by 244.2% in the fourth quarter. Chicago Capital LLC now owns 7,028 shares of the company’s stock valued at $3,314,000 after acquiring an additional 4,986 shares in the last quarter. Lecap Asset Management Ltd. purchased a new stake in shares of Elevance Health in the fourth quarter valued at about $2,235,000. International Assets Investment Management LLC boosted its holdings in shares of Elevance Health by 45,888.1% in the fourth quarter. International Assets Investment Management LLC now owns 255,694 shares of the company’s stock valued at $1,205,750,000 after acquiring an additional 255,138 shares in the last quarter. Finally, Avitas Wealth Management LLC purchased a new stake in shares of Elevance Health in the fourth quarter valued at about $2,137,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

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.