Elevance Health (NYSE:ELV) Price Target Raised to $585.00 at Royal Bank of Canada

Elevance Health (NYSE:ELV) had its target price hoisted by Royal Bank of Canada from $575.00 to $585.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other analysts have also commented on ELV. Bank of America restated a neutral rating and issued a $530.00 price target (down from $646.00) on shares of Elevance Health in a report on Thursday. Morgan Stanley started coverage on Elevance Health in a report on Monday, June 24th. They issued an overweight rating and a $643.00 price target on the stock. Stephens restated an overweight rating and issued a $615.00 price target on shares of Elevance Health in a report on Tuesday, June 11th. Truist Financial boosted their price target on Elevance Health from $600.00 to $620.00 and gave the company a buy rating in a report on Monday, July 15th. Finally, Wells Fargo & Company boosted their price target on Elevance Health from $557.00 to $600.00 and gave the company an overweight rating in a report on Friday, April 19th. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Elevance Health currently has a consensus rating of Buy and an average target price of $604.79.

Elevance Health Stock Performance

ELV stock opened at $500.12 on Thursday. The business’s 50-day moving average price is $533.12 and its two-hundred day moving average price is $515.24. The company has a current ratio of 1.49, a quick ratio of 1.37 and a debt-to-equity ratio of 0.58. The firm has a market cap of $115.97 billion, a PE ratio of 18.90, a P/E/G ratio of 1.10 and a beta of 0.84. Elevance Health has a 1-year low of $431.38 and a 1-year high of $555.35.

Elevance Health (NYSE:ELV) last posted its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping the consensus estimate of $9.99 by $0.13. The firm had revenue of $43.22 billion for the quarter, compared to analyst estimates of $42.99 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The company’s revenue for the quarter was down .4% on a year-over-year basis. During the same period in the previous year, the company posted $9.04 earnings per share. As a group, research analysts forecast that Elevance Health will post 37.25 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date of this dividend is Tuesday, September 10th. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Insiders Place Their Bets

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the transaction, the executive vice president now owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Elevance Health

A number of institutional investors have recently bought and sold shares of ELV. Norges Bank acquired a new position in Elevance Health during the fourth quarter worth approximately $1,347,434,000. Massachusetts Financial Services Co. MA acquired a new position in Elevance Health during the fourth quarter worth approximately $467,141,000. Canoe Financial LP grew its position in shares of Elevance Health by 158.1% in the fourth quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock valued at $398,054,000 after purchasing an additional 517,116 shares during the last quarter. Morningstar Investment Services LLC acquired a new position in shares of Elevance Health in the fourth quarter valued at approximately $239,244,000. Finally, Focused Investors Fund L P acquired a new position in shares of Elevance Health in the first quarter valued at approximately $249,884,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

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.