Elevance Health’s (ELV) “Hold” Rating Reiterated at Argus

Argus reaffirmed their hold rating on shares of Elevance Health (NYSE:ELV) in a research note released on Wednesday,Benzinga reports. They currently have a $405.40 price target on the stock.

A number of other research analysts have also issued reports on ELV. StockNews.com lowered Elevance Health from a “buy” rating to a “hold” rating in a research report on Monday, January 27th. Morgan Stanley dropped their target price on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Cantor Fitzgerald restated an “overweight” rating and set a $485.00 price target on shares of Elevance Health in a research report on Friday, January 24th. Mizuho lowered their price objective on Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Finally, Royal Bank of Canada reduced their target price on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Four analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Elevance Health presently has a consensus rating of “Moderate Buy” and a consensus target price of $517.03.

Elevance Health Stock Down 0.9 %

Shares of ELV opened at $395.82 on Wednesday. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $91.80 billion, a price-to-earnings ratio of 15.46, a PEG ratio of 1.20 and a beta of 0.84. The stock’s 50-day moving average price is $386.63 and its 200-day moving average price is $458.75. Elevance Health has a 52 week low of $362.21 and a 52 week high of $567.26.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, topping analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. On average, sell-side analysts predict that Elevance Health will post 34.09 EPS for the current year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be paid a dividend of $1.71 per share. The ex-dividend date of this dividend is Monday, March 10th. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a yield of 1.73%. Elevance Health’s payout ratio is 25.46%.

Institutional Trading of Elevance Health

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Timber Creek Capital Management LLC grew its position in Elevance Health by 17.7% in the fourth quarter. Timber Creek Capital Management LLC now owns 7,350 shares of the company’s stock worth $2,711,000 after acquiring an additional 1,107 shares during the period. Bank of Jackson Hole Trust acquired a new position in Elevance Health in the fourth quarter valued at about $89,000. Valley Wealth Managers Inc. boosted its stake in Elevance Health by 7.6% during the fourth quarter. Valley Wealth Managers Inc. now owns 40,349 shares of the company’s stock worth $14,885,000 after buying an additional 2,846 shares during the period. CIBC Asset Management Inc increased its position in shares of Elevance Health by 20.4% during the fourth quarter. CIBC Asset Management Inc now owns 40,935 shares of the company’s stock valued at $15,101,000 after acquiring an additional 6,923 shares during the last quarter. Finally, Evergreen Wealth Management LLC raised its stake in shares of Elevance Health by 82.0% in the 4th quarter. Evergreen Wealth Management LLC now owns 9,741 shares of the company’s stock valued at $3,593,000 after acquiring an additional 4,388 shares during the period. 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.