Elevance Health (NYSE:ELV) Reaches New 52-Week High at $521.18

Elevance Health, Inc. (NYSE:ELV) hit a new 52-week high on Thursday . The company traded as high as $521.18 and last traded at $520.46, with a volume of 229449 shares trading hands. The stock had previously closed at $519.96.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ELV shares. Royal Bank of Canada increased their target price on Elevance Health from $572.00 to $574.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. Cantor Fitzgerald raised their price target on Elevance Health from $547.00 to $580.00 and gave the company an “overweight” rating in a research note on Wednesday, February 14th. Finally, Barclays began coverage on shares of Elevance Health in a research report on Wednesday, March 6th. They issued an “overweight” rating and a $584.00 price target for the company. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $569.36.

Elevance Health Price Performance

The stock has a market cap of $120.66 billion, a price-to-earnings ratio of 20.65, a PEG ratio of 1.16 and a beta of 0.78. The company’s 50 day moving average is $501.14 and its 200 day moving average is $475.76. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.44 and a quick ratio of 1.44.

Elevance Health (NYSE:ELV) last posted its earnings results on Wednesday, January 24th. The company reported $5.62 earnings per share for the quarter, beating the consensus estimate of $5.60 by $0.02. Elevance Health had a net margin of 3.49% and a return on equity of 20.47%. The firm had revenue of $42.45 billion during the quarter, compared to the consensus estimate of $42.19 billion. During the same period last year, the firm posted $5.23 EPS. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. Research analysts forecast that Elevance Health, Inc. will post 37.15 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were paid a dividend of $1.63 per share. The ex-dividend date was Thursday, March 7th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.26%. This is a positive change from Elevance Health’s previous quarterly dividend of $1.48. Elevance Health’s dividend payout ratio (DPR) is presently 25.90%.

Insider Activity at Elevance Health

In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the sale, the director now owns 9,109 shares of the company’s stock, valued at $4,554,500. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.35% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Elevance Health

Institutional investors have recently bought and sold shares of the stock. OFI Invest Asset Management acquired a new position in Elevance Health in the third quarter valued at $25,000. Pin Oak Investment Advisors Inc. purchased a new stake in shares of Elevance Health during the 4th quarter worth about $28,000. Fortis Capital Advisors LLC purchased a new position in Elevance Health in the fourth quarter valued at approximately $29,000. Householder Group Estate & Retirement Specialist LLC acquired a new position in Elevance Health during the third quarter valued at approximately $30,000. Finally, TD Capital Management LLC purchased a new stake in Elevance Health during the fourth quarter worth approximately $30,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

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.