Elevance Health (NYSE:ELV) Downgraded to Hold Rating by Baird R W

Baird R W cut shares of Elevance Health (NYSE:ELV - Free Report) from a strong-buy rating to a hold rating in a research report released on Tuesday morning,Zacks.com reports.

A number of other analysts have also recently issued reports on ELV. Truist Financial boosted their target price on Elevance Health from $480.00 to $510.00 and gave the stock a "buy" rating in a report on Friday, April 11th. Wells Fargo & Company decreased their price target on shares of Elevance Health from $483.00 to $478.00 and set an "overweight" rating for the company in a research report on Tuesday, January 28th. Guggenheim started coverage on Elevance Health in a research report on Wednesday, April 9th. They issued a "buy" rating and a $518.00 price objective on the stock. Cantor Fitzgerald reiterated an "overweight" rating and issued a $485.00 target price on shares of Elevance Health in a research note on Friday, January 24th. Finally, Stephens lowered shares of Elevance Health from an "overweight" rating to an "equal weight" rating and dropped their price objective for the company from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Four equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $514.41.

Elevance Health Trading Down 2.4 %

NYSE ELV traded down $10.60 during trading hours on Tuesday, hitting $424.44. 3,569,359 shares of the company's stock were exchanged, compared to its average volume of 1,445,521. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. The firm has a market capitalization of $96.09 billion, a P/E ratio of 16.57, a price-to-earnings-growth ratio of 1.18 and a beta of 0.77. The business's 50 day moving average is $416.77 and its 200-day moving average is $411.07. Elevance Health has a 12-month low of $362.21 and a 12-month high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. As a group, analysts anticipate that Elevance Health will post 33.96 EPS for the current fiscal year.

Elevance Health Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th were paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend was Monday, March 10th. This is an increase from Elevance Health's previous quarterly dividend of $1.63. Elevance Health's dividend payout ratio is 26.71%.

Insider Buying and Selling

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of Elevance Health stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the sale, the executive vice president now owns 10,116 shares in the company, valued at $4,008,970.80. The trade was a 25.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Ronald W. Penczek sold 443 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $415.13, for a total transaction of $183,902.59. Following the completion of the transaction, the chief accounting officer now directly owns 1,847 shares of the company's stock, valued at $766,745.11. This trade represents a 19.34 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.29% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Virtu Financial LLC bought a new stake in Elevance Health during the third quarter worth about $2,828,000. Te Ahumairangi Investment Management Ltd boosted its holdings in shares of Elevance Health by 39.6% in the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 10,508 shares of the company's stock worth $5,433,000 after acquiring an additional 2,983 shares in the last quarter. Tudor Financial Inc. bought a new stake in Elevance Health during the 3rd quarter worth approximately $235,000. Anchor Investment Management LLC increased its holdings in Elevance Health by 22.9% during the 3rd quarter. Anchor Investment Management LLC now owns 6,098 shares of the company's stock valued at $3,171,000 after purchasing an additional 1,135 shares in the last quarter. Finally, World Investment Advisors LLC bought a new position in Elevance Health in the 3rd quarter valued at $8,855,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

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.