Barclays Lowers Elevance Health (NYSE:ELV) Price Target to $501.00

Elevance Health (NYSE:ELV) had its price objective decreased by Barclays from $622.00 to $501.00 in a research report report published on Tuesday, Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other equities analysts have also recently weighed in on the company. Wells Fargo & Company reissued a “buy” rating on shares of Elevance Health in a report on Friday, October 18th. Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Raymond James set a $485.00 price objective on shares of Elevance Health in a research note on Friday, October 18th. Morgan Stanley started coverage on shares of Elevance Health in a research report on Monday, June 24th. They issued an “overweight” rating and a $643.00 target price on the stock. Finally, Bank of America restated a “neutral” rating and set a $530.00 price target (down from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $551.07.

Elevance Health Price Performance

ELV stock opened at $418.75 on Tuesday. The firm has a 50 day simple moving average of $519.97 and a two-hundred day simple moving average of $525.88. The stock has a market cap of $97.33 billion, a PE ratio of 15.83, a P/E/G ratio of 1.08 and a beta of 0.82. Elevance Health has a one year low of $397.98 and a one year high of $567.26. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The company had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. During the same quarter last year, the firm posted $8.99 earnings per share. The firm’s revenue was up 5.3% on a year-over-year basis. On average, analysts predict that Elevance Health will post 37.26 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.56%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio (DPR) is currently 24.64%.

Insiders Place Their Bets

In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the sale, the director now owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the transaction, the executive vice president now directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the sale, the director now owns 8,744 shares in the company, valued at $4,647,610.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Elevance Health

Several hedge funds have recently added to or reduced their stakes in ELV. Ameriprise Financial Inc. grew its position in Elevance Health by 5.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock valued at $2,054,641,000 after purchasing an additional 190,118 shares during the last quarter. Capital International Investors grew its holdings in shares of Elevance Health by 3.7% during the first quarter. Capital International Investors now owns 3,498,511 shares of the company’s stock valued at $1,814,118,000 after buying an additional 123,802 shares during the last quarter. Legal & General Group Plc increased its position in shares of Elevance Health by 2.9% during the second quarter. Legal & General Group Plc now owns 2,247,091 shares of the company’s stock valued at $1,217,607,000 after acquiring an additional 64,376 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Elevance Health by 34.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after acquiring an additional 523,910 shares during the last quarter. Finally, First Eagle Investment Management LLC lifted its position in Elevance Health by 15.5% in the 2nd quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock valued at $1,115,301,000 after acquiring an additional 275,708 shares in the last quarter. 89.24% of the stock is owned by institutional investors.

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.