Elevance Health (NYSE:ELV) Price Target Cut to $505.00 by Analysts at Mizuho

Elevance Health (NYSE:ELV) had its price target decreased by Mizuho from $585.00 to $505.00 in a research report report published on Tuesday morning, Benzinga reports. Mizuho currently has an outperform rating on the stock.

ELV has been the topic of a number of other research reports. UBS Group dropped their target price on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a report on Friday, October 18th. Cantor Fitzgerald dropped their price objective on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. Truist Financial reissued a “buy” rating and set a $520.00 target price (down previously from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Argus cut shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Finally, Stephens reiterated an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $539.20.

Elevance Health Stock Down 0.0 %

ELV stock opened at $417.77 on Tuesday. The company’s 50 day simple moving average is $496.81 and its 200-day simple moving average is $519.96. Elevance Health has a 52-week low of $397.98 and a 52-week high of $567.26. 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 firm has a market capitalization of $96.89 billion, a P/E ratio of 15.23, a P/E/G ratio of 1.23 and a beta of 0.85.

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

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a yield of 1.56%. Elevance Health’s payout ratio is currently 23.77%.

Insider Activity

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Elevance Health

A number of institutional investors have recently made changes to their positions in ELV. Bank & Trust Co bought a new position in Elevance Health in the 2nd quarter worth approximately $27,000. PSI Advisors LLC bought a new position in Elevance Health during the third quarter worth $27,000. Opal Wealth Advisors LLC bought a new stake in Elevance Health in the 2nd quarter valued at $28,000. Strategic Financial Concepts LLC acquired a new stake in Elevance Health in the 2nd quarter worth $30,000. Finally, Eastern Bank bought a new position in shares of Elevance Health during the 3rd quarter worth about $31,000. 89.24% of the stock is currently 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.