Elevance Health, Inc. to Issue Quarterly Dividend of $1.63 (NYSE:ELV)

Elevance Health, Inc. (NYSE:ELV) announced a quarterly dividend on Tuesday, July 16th, Wall Street Journal reports. Investors of record on Tuesday, September 10th will be given a dividend of 1.63 per share on Wednesday, September 25th. This represents a $6.52 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend is Tuesday, September 10th.

Elevance Health has increased its dividend by an average of 15.9% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. Elevance Health has a dividend payout ratio of 15.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Elevance Health to earn $41.65 per share next year, which means the company should continue to be able to cover its $6.52 annual dividend with an expected future payout ratio of 15.7%.

Elevance Health Stock Performance

Shares of NYSE ELV opened at $541.91 on Monday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49. Elevance Health has a 1 year low of $431.38 and a 1 year high of $567.26. The firm has a fifty day moving average price of $533.79 and a 200-day moving average price of $526.73. The stock has a market cap of $125.66 billion, a PE ratio of 20.48, a price-to-earnings-growth ratio of 1.19 and a beta of 0.82.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, beating the consensus estimate of $9.99 by $0.13. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The business had revenue of $43.22 billion for the quarter, compared to the consensus estimate of $42.99 billion. During the same period in the previous year, the business earned $9.04 earnings per share. The business’s revenue was down .4% on a year-over-year basis. Equities analysts anticipate that Elevance Health will post 37.25 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ELV has been the topic of several research analyst reports. StockNews.com downgraded shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. Truist Financial raised their price objective on Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Bank of America reiterated a “neutral” rating and issued a $530.00 target price (down from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Cantor Fitzgerald restated an “overweight” rating and set a $600.00 price target on shares of Elevance Health in a report on Monday, August 19th. Finally, Stephens reiterated an “overweight” rating and set a $615.00 target price on shares of Elevance Health in a research report on Thursday. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $604.29.

Insider Buying and Selling

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the sale, the director now owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the sale, the director now owns 8,744 shares in the company, valued at $4,647,610.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total value of $17,033,320.00. Following the sale, the chief executive officer now owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,058 shares of company stock valued at $17,588,116. Company insiders own 0.35% 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.