Elevance Health (NYSE:ELV) Raised to "Buy" at StockNews.com

StockNews.com upgraded shares of Elevance Health (NYSE:ELV - Free Report) from a hold rating to a buy rating in a report released on Thursday.

A number of other research firms have also recently commented on ELV. Truist Financial reduced their price objective on shares of Elevance Health from $520.00 to $480.00 and set a "buy" rating for the company in a research report on Monday, January 6th. Argus raised shares of Elevance Health from a "hold" rating to a "buy" rating and set a $450.00 target price for the company in a report on Monday, March 17th. Barclays increased their price target on shares of Elevance Health from $501.00 to $512.00 and gave the company an "overweight" rating in a report on Friday, January 24th. Cantor Fitzgerald restated an "overweight" rating and set a $485.00 price objective on shares of Elevance Health in a report on Friday, January 24th. Finally, Wells Fargo & Company lowered their target price on Elevance Health from $483.00 to $478.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 28th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $519.81.

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Elevance Health Stock Performance

ELV stock traded down $7.01 during trading hours on Thursday, reaching $427.27. The stock had a trading volume of 3,034,683 shares, compared to its average volume of 1,320,784. The stock has a 50-day simple moving average of $400.52 and a 200 day simple moving average of $425.32. Elevance Health has a fifty-two week low of $362.21 and a fifty-two week high of $567.26. The stock has a market capitalization of $97.14 billion, a PE ratio of 16.68, a price-to-earnings-growth ratio of 1.18 and a beta of 0.86. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50.

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

Elevance Health Increases Dividend

The company also recently disclosed 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. This represents a $6.84 dividend on an annualized basis and a yield of 1.60%. This is an increase from Elevance Health's previous quarterly dividend of $1.63. The ex-dividend date is Monday, March 10th. Elevance Health's dividend payout ratio is presently 26.71%.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of Elevance Health stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total value of $1,388,635.20. Following the transaction, the executive vice president now owns 10,116 shares in the company, valued at approximately $4,008,970.80. This trade represents a 25.73 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Ronald W. Penczek sold 443 shares of the company's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the sale, the chief accounting officer now owns 1,847 shares of the company's stock, valued at approximately $766,745.11. This represents a 19.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company's stock.

Institutional Investors Weigh In On Elevance Health

Hedge funds and other institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. grew its stake in shares of Elevance Health by 1.0% during the third quarter. PNC Financial Services Group Inc. now owns 83,994 shares of the company's stock worth $43,677,000 after buying an additional 832 shares during the last quarter. Prospera Private Wealth LLC bought a new position in Elevance Health in the third quarter valued at about $52,000. Connor Clark & Lunn Investment Management Ltd. raised its position in Elevance Health by 460.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,923 shares of the company's stock valued at $2,560,000 after purchasing an additional 4,044 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Elevance Health by 57.4% during the third quarter. Advisors Asset Management Inc. now owns 8,377 shares of the company's stock valued at $4,356,000 after purchasing an additional 3,054 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in shares of Elevance Health by 6.5% during the third quarter. First Horizon Advisors Inc. now owns 854 shares of the company's stock worth $444,000 after purchasing an additional 52 shares during 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.