Wells Fargo & Company Has Lowered Expectations for Elevance Health (NYSE:ELV) Stock Price

Elevance Health (NYSE:ELV) had its target price decreased by Wells Fargo & Company from $593.00 to $495.00 in a research note issued to investors on Monday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other research analysts also recently weighed in on the stock. Royal Bank of Canada cut their target price on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. TD Cowen cut their price objective on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research report on Monday, October 21st. UBS Group decreased their target price on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. Finally, Barclays reduced their price target on Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Elevance Health has an average rating of “Moderate Buy” and an average price target of $539.20.

Elevance Health Stock Up 0.1 %

ELV stock opened at $429.22 on Monday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. The company’s 50 day simple moving average is $494.37 and its 200-day simple moving average is $519.32. Elevance Health has a 12 month low of $397.98 and a 12 month high of $567.26. The firm has a market capitalization of $99.54 billion, a PE ratio of 15.65, a P/E/G ratio of 1.24 and a beta of 0.85.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The company had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. During the same quarter last year, the company posted $8.99 EPS. Elevance Health’s quarterly revenue was up 5.3% compared to the same quarter last year. Equities analysts expect that Elevance Health will post 32.93 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.52%. Elevance Health’s dividend payout ratio is currently 23.77%.

Insider Activity at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the transaction, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.29% of the stock is owned by insiders.

Institutional Trading of Elevance Health

A number of hedge funds have recently made changes to their positions in the company. Bank & Trust Co acquired a new stake in Elevance Health during the 2nd quarter valued at $27,000. Opal Wealth Advisors LLC acquired a new stake in shares of Elevance Health during the second quarter valued at about $28,000. PSI Advisors LLC purchased a new stake in shares of Elevance Health during the third quarter worth about $27,000. Eastern Bank acquired a new position in shares of Elevance Health in the third quarter worth about $31,000. Finally, Crewe Advisors LLC acquired a new position in shares of Elevance Health in the first quarter worth about $40,000. Hedge funds and other institutional investors 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.