Elevance Health’s (ELV) Buy Rating Reiterated at Truist Financial

Truist Financial reissued their buy rating on shares of Elevance Health (NYSE:ELV) in a report issued on Friday morning, Benzinga reports. Truist Financial currently has a $600.00 price objective on the stock, up from their prior price objective of $580.00.

Several other analysts have also recently commented on the stock. Barclays lifted their price objective on shares of Elevance Health from $584.00 to $621.00 and gave the company an overweight rating in a research note on Friday. Cantor Fitzgerald reaffirmed an overweight rating and set a $580.00 target price on shares of Elevance Health in a report on Wednesday, April 10th. Jefferies Financial Group upped their target price on shares of Elevance Health from $602.00 to $604.00 and gave the stock a buy rating in a report on Friday. StockNews.com lowered shares of Elevance Health from a strong-buy rating to a buy rating in a report on Thursday, January 25th. Finally, Wells Fargo & Company boosted their price target on shares of Elevance Health from $557.00 to $600.00 and gave the company an overweight rating in a research report on Friday. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $587.64.

Elevance Health Stock Up 0.1 %

ELV stock opened at $532.17 on Friday. The firm has a 50 day moving average of $509.68 and a 200 day moving average of $484.51. The stock has a market capitalization of $123.69 billion, a PE ratio of 20.11, a price-to-earnings-growth ratio of 1.16 and a beta of 0.78. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54. Elevance Health has a 52 week low of $412.00 and a 52 week high of $539.11.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, April 18th. The company reported $10.64 EPS for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. The company had revenue of $42.27 billion during the quarter, compared to analysts’ expectations of $42.49 billion. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. Elevance Health’s revenue for the quarter was up .9% on a year-over-year basis. During the same period last year, the business earned $9.46 EPS. Sell-side analysts forecast that Elevance Health will post 37.24 earnings per share for the current year.

Elevance Health Dividend Announcement

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

Insider Activity at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was 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 of the company’s stock, valued at approximately $4,554,500. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Elevance Health

Several institutional investors and hedge funds have recently made changes to their positions in ELV. Nilsine Partners LLC increased its position in Elevance Health by 45.2% in the first quarter. Nilsine Partners LLC now owns 2,252 shares of the company’s stock worth $1,168,000 after buying an additional 701 shares during the period. Bay Rivers Group bought a new position in shares of Elevance Health in the first quarter worth $205,000. Greystone Financial Group LLC grew its stake in shares of Elevance Health by 66.6% in the first quarter. Greystone Financial Group LLC now owns 18,606 shares of the company’s stock worth $9,648,000 after purchasing an additional 7,440 shares in the last quarter. HF Advisory Group LLC boosted its stake in Elevance Health by 0.7% during the first quarter. HF Advisory Group LLC now owns 2,983 shares of the company’s stock valued at $1,547,000 after buying an additional 21 shares in the last quarter. Finally, PFG Investments LLC acquired a new position in shares of Elevance Health in the 1st quarter valued at $399,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Company Profile

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.