Elevance Health (NYSE:ELV) Hits New 52-Week High at $533.56

Elevance Health, Inc. (NYSE:ELV) reached a new 52-week high on Thursday . The stock traded as high as $533.56 and last traded at $530.40, with a volume of 361720 shares. The stock had previously closed at $508.97.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Barclays assumed coverage on Elevance Health in a research note on Wednesday, March 6th. They set an “overweight” rating and a $584.00 target price for the company. StockNews.com downgraded shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. Royal Bank of Canada upped their price target on shares of Elevance Health from $572.00 to $574.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Wells Fargo & Company lowered their price target on shares of Elevance Health from $561.00 to $557.00 and set an “overweight” rating for the company in a report on Monday, April 8th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $580.00 price target on shares of Elevance Health in a report on Wednesday, April 10th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $569.00.

Elevance Health Stock Up 5.8 %

The firm has a market capitalization of $125.27 billion, a price-to-earnings ratio of 21.27, a P/E/G ratio of 1.11 and a beta of 0.78. The stock has a fifty day moving average of $508.17 and a two-hundred day moving average of $482.29. 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 quarterly earnings data on Wednesday, January 24th. The company reported $5.62 earnings per share for the quarter, beating analysts’ consensus estimates of $5.60 by $0.02. The business had revenue of $42.45 billion during the quarter, compared to the consensus estimate of $42.19 billion. Elevance Health had a return on equity of 20.47% and a net margin of 3.49%. Elevance Health’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the prior year, the business posted $5.23 earnings per share. Sell-side analysts anticipate that Elevance Health, Inc. will post 37.03 earnings per share for the current year.

Elevance Health Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Friday, March 8th were issued a dividend of $1.63 per share. This is an increase from Elevance Health’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date was Thursday, March 7th. Elevance Health’s dividend payout ratio (DPR) is presently 25.90%.

Insiders Place Their Bets

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the completion of the sale, the director now directly owns 9,109 shares in the company, valued at approximately $4,554,500. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.35% of the company’s stock.

Institutional Trading of Elevance Health

Large investors have recently bought and sold shares of the business. Richwood Investment Advisors LLC boosted its position in shares of Elevance Health by 0.8% during the 4th quarter. Richwood Investment Advisors LLC now owns 2,546 shares of the company’s stock worth $1,201,000 after purchasing an additional 20 shares in the last quarter. Bell Investment Advisors Inc boosted its position in shares of Elevance Health by 2.1% during the 4th quarter. Bell Investment Advisors Inc now owns 989 shares of the company’s stock worth $466,000 after purchasing an additional 20 shares in the last quarter. Alliance Wealth Advisors LLC boosted its position in shares of Elevance Health by 2.9% during the 4th quarter. Alliance Wealth Advisors LLC now owns 745 shares of the company’s stock worth $351,000 after purchasing an additional 21 shares in the last quarter. Fiduciary Alliance LLC boosted its position in shares of Elevance Health by 3.6% during the 1st quarter. Fiduciary Alliance LLC now owns 611 shares of the company’s stock worth $315,000 after purchasing an additional 21 shares in the last quarter. Finally, Venture Visionary Partners LLC boosted its position in shares of Elevance Health by 3.0% during the 4th quarter. Venture Visionary Partners LLC now owns 725 shares of the company’s stock worth $342,000 after purchasing an additional 21 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

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.