Elevance Health (NYSE:ELV) Price Target Raised to $605.00 at UBS Group

Elevance Health (NYSE:ELV) had its price objective hoisted by UBS Group from $585.00 to $605.00 in a research report report published on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also issued reports on ELV. Barclays boosted their price target on shares of Elevance Health from $584.00 to $621.00 and gave the company an overweight rating in a report on Friday. Truist Financial restated a buy rating and set a $600.00 price target (up previously from $580.00) on shares of Elevance Health in a report on Friday. Jefferies Financial Group boosted their price target on shares of Elevance Health from $602.00 to $604.00 and gave the company 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 research note on Thursday, January 25th. Finally, Wells Fargo & Company upped their price objective 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 equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $583.77.

Elevance Health Stock Up 1.2 %

NYSE ELV opened at $531.59 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.44. The company’s 50 day simple moving average is $509.14 and its 200 day simple moving average is $483.22. Elevance Health has a 12 month low of $412.00 and a 12 month high of $539.11. The company has a market capitalization of $123.70 billion, a P/E ratio of 20.09, a PEG ratio of 1.15 and a beta of 0.78.

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. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The business had revenue of $42.27 billion for the quarter, compared to the consensus estimate of $42.49 billion. During the same period in the previous year, the firm earned $9.46 EPS. The business’s revenue for the quarter was up .9% on a year-over-year basis. Equities research analysts expect that Elevance Health will post 37.2 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

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

Insiders Place Their Bets

In related news, Director Ramiro G. Peru sold 753 shares of the company’s 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 completion of 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 legal filing with the SEC, which is available through this link. Insiders own 0.35% of the company’s stock.

Institutional Trading of Elevance Health

Several large investors have recently modified their holdings of ELV. Norges Bank bought a new stake in shares of Elevance Health during the 4th quarter worth $1,347,434,000. Legal & General Group Plc bought a new stake in Elevance Health in the 4th quarter valued at $944,528,000. Moneta Group Investment Advisors LLC bought a new stake in Elevance Health in the 4th quarter valued at $664,077,000. Massachusetts Financial Services Co. MA bought a new stake in Elevance Health in the 4th quarter valued at $467,141,000. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in Elevance Health by 825.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 758,754 shares of the company’s stock valued at $372,715,000 after purchasing an additional 676,769 shares during the period. 89.24% of the stock is owned by institutional investors.

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.