Shares of Elevance Health, Inc. (NYSE:ELV – Get Free Report) have earned a consensus recommendation of “Moderate Buy” from the sixteen brokerages that are covering the company, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $498.87.
ELV has been the subject of several recent research reports. Barclays lowered their price objective on shares of Elevance Health from $522.00 to $480.00 and set an “overweight” rating for the company in a research note on Monday, June 2nd. Sanford C. Bernstein reissued an “outperform” rating on shares of Elevance Health in a research note on Friday, March 28th. Argus set a $465.00 price objective on shares of Elevance Health in a research note on Friday, April 25th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $485.00 price target on shares of Elevance Health in a research note on Wednesday, April 23rd. Finally, Guggenheim reiterated a “buy” rating and issued a $518.00 price target on shares of Elevance Health in a research note on Wednesday, April 23rd.
Read Our Latest Research Report on Elevance Health
Elevance Health Trading Down 0.4%
Elevance Health (NYSE:ELV – Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, beating the consensus estimate of $10.60 by $1.37. Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. The business had revenue of $48.77 billion during the quarter, compared to analyst estimates of $46.26 billion. Equities research analysts anticipate that Elevance Health will post 33.96 EPS for the current fiscal year.
Elevance Health Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be issued a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a yield of 1.82%. Elevance Health’s payout ratio is currently 26.69%.
Insiders Place Their Bets
In other Elevance Health news, CFO Mark Kaye sold 4,588 shares of the firm’s stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the sale, the chief financial officer now owns 18,977 shares of the company’s stock, valued at approximately $8,061,809.14. This trade represents a 19.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is owned by corporate insiders.
Institutional Trading of Elevance Health
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Elevance Health in the 4th quarter valued at $1,135,014,000. Wellington Management Group LLP increased its holdings in shares of Elevance Health by 42.5% in the 4th quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company’s stock valued at $2,344,556,000 after acquiring an additional 1,893,947 shares during the period. Nuveen LLC acquired a new position in shares of Elevance Health in the 1st quarter valued at $789,943,000. GAMMA Investing LLC increased its holdings in shares of Elevance Health by 81,726.5% in the 1st quarter. GAMMA Investing LLC now owns 1,474,514 shares of the company’s stock valued at $641,355,000 after acquiring an additional 1,472,712 shares during the period. Finally, First Eagle Investment Management LLC increased its holdings in shares of Elevance Health by 47.6% in the 4th quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company’s stock valued at $1,189,828,000 after acquiring an additional 1,039,612 shares during the period. Institutional investors and hedge funds 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.
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