Elevance Health (NYSE:ELV) Upgraded at Argus

Argus upgraded shares of Elevance Health (NYSE:ELV) from a hold rating to a buy rating in a research report sent to investors on Monday morning, MarketBeat Ratings reports. They currently have $450.00 price objective on the stock.

A number of other equities analysts have also issued reports on the company. Wells Fargo & Company lowered their price target on Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Stephens downgraded Elevance Health from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Barclays upped their price target on Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. StockNews.com cut shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Wednesday, March 12th. Finally, Truist Financial cut their price target on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a report on Monday, January 6th. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $519.81.

Elevance Health Trading Down 1.2 %

ELV opened at $430.87 on Monday. The firm has a market cap of $97.96 billion, a price-to-earnings ratio of 16.82, a price-to-earnings-growth ratio of 1.18 and a beta of 0.86. Elevance Health has a 52 week low of $362.21 and a 52 week high of $567.26. The business’s 50 day moving average is $398.56 and its two-hundred day moving average is $427.12. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, beating 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, research analysts predict that Elevance Health will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 1.59%. This is a boost 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 Buying and Selling at Elevance Health

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

Hedge Funds Weigh In On Elevance Health

Several institutional investors and hedge funds have recently modified their holdings of ELV. Accredited Wealth Management LLC acquired a new stake in Elevance Health in the 4th quarter worth about $25,000. Raelipskie Partnership acquired a new stake in shares of Elevance Health in the third quarter worth approximately $26,000. Flagship Wealth Advisors LLC acquired a new stake in shares of Elevance Health in the fourth quarter worth approximately $26,000. OFI Invest Asset Management purchased a new stake in Elevance Health in the fourth quarter valued at approximately $29,000. Finally, WealthTrak Capital Management LLC acquired a new position in Elevance Health during the fourth quarter worth approximately $29,000. 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.