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

Elevance Health (NYSE:ELV) had its price target lifted by Royal Bank of Canada from $574.00 to $575.00 in a research report sent to investors on Friday, Benzinga reports. They currently have an outperform rating on the stock.

Other equities analysts have also issued reports about the stock. Truist Financial reiterated a buy rating and issued a $600.00 price target (up from $580.00) on shares of Elevance Health in a research report on Friday. UBS Group upped their price target on shares of Elevance Health from $585.00 to $605.00 and gave the stock a buy rating in a research report on Friday. Barclays upped their price target on shares of Elevance Health from $584.00 to $621.00 and gave the stock an overweight rating in a research report on Friday. Jefferies Financial Group upped their price target on shares of Elevance Health from $602.00 to $604.00 and gave the stock a buy rating in a research report on Friday. Finally, Cantor Fitzgerald reiterated an overweight rating and issued a $580.00 price target on shares of Elevance Health in a research report on Wednesday, April 10th. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $583.77.

Elevance Health Stock Performance

Shares of NYSE ELV opened at $531.59 on Friday. The firm has a 50 day moving average of $509.14 and a 200 day moving average of $483.22. The company has a current ratio of 1.37, a quick ratio of 1.44 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $123.70 billion, a price-to-earnings ratio of 20.09, a price-to-earnings-growth ratio of 1.15 and a beta of 0.78. Elevance Health has a 12-month low of $412.00 and a 12-month high of $539.11.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.54 by $0.10. The company had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the business posted $9.46 earnings per share. On average, research analysts anticipate that Elevance Health will post 37.2 earnings per share for the current year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.23%. The ex-dividend date of this dividend is Monday, June 10th. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Insider Transactions at Elevance Health

In other news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total value of $376,500.00. Following the transaction, the director now owns 9,109 shares of the company’s stock, valued at $4,554,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Elevance Health

Hedge funds have recently bought and sold shares of the business. Cerity Partners LLC raised its stake in Elevance Health by 21.3% during 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 in the last quarter. Chicago Capital LLC raised its stake in Elevance Health by 244.2% during the fourth quarter. Chicago Capital LLC now owns 7,028 shares of the company’s stock valued at $3,314,000 after purchasing an additional 4,986 shares in the last quarter. Lecap Asset Management Ltd. purchased a new stake in Elevance Health during the fourth quarter valued at $2,235,000. International Assets Investment Management LLC raised its stake in Elevance Health by 45,888.1% during 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 purchasing 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 $2,137,000. Hedge funds and other institutional investors 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.