Elevance Health, Inc. (NYSE: ELV) has garnered an average rating of “Moderate Buy” from analysts, with a consensus price target of $399.63. This rating comes from a survey of twenty-two analysts, according to Marketbeat.com. Among these experts, nine have assigned a hold rating, while thirteen have recommended buying the stock.
Recent commentary from various brokerages has influenced perceptions of Elevance Health’s stock. Barclays reduced its price objective from $404.00 to $393.00, maintaining an “overweight” rating. Meanwhile, Zacks Research upgraded its position on the stock from “strong sell” to “hold” on November 6, 2023. Jefferies Financial Group also lowered its target from $401.00 to $395.00, continuing to endorse a “buy” rating. Deutsche Bank reaffirmed its “hold” rating with a price target of $332.00, while Wolfe Research set a more optimistic target of $425.00 and rated the stock as “outperform.”
Recent Performance and Dividend Increase
Elevance Health released its latest earnings report on January 28, 2024. The company reported earnings per share (EPS) of $3.33, surpassing analysts’ expectations of $3.10 by $0.23. Total revenue for the quarter reached $49.31 billion, slightly below the anticipated $49.52 billion. The company noted a net margin of 2.84% and a return on equity of 15.59%. This marks a 9.6% increase in revenue compared to the same quarter last year.
In a move to reward shareholders, Elevance Health announced a quarterly dividend of $1.72, set to be paid on March 25, 2024. This dividend represents an increase from the previous quarterly dividend of $1.71. Shareholders of record on March 10, 2024, will be eligible for this payout, which translates to an annualized dividend of $6.88 and a yield of 2.0%. The company’s dividend payout ratio stands at 27.23%.
Institutional Holdings and Market Position
Elevance Health has seen notable movements in institutional trading recently. Physician Wealth Advisors Inc. increased its stake in the company by 331.6% during the third quarter, now owning 82 shares valued at $26,000 after acquiring an additional 63 shares. Activest Wealth Management raised its holdings by 66.7%, resulting in ownership of 85 shares worth $27,000. Rossby Financial LLC also increased its stake by 110.0%, holding 84 shares valued at $28,000.
Overall, institutional investors and hedge funds control 89.24% of Elevance Health’s stock, underscoring strong confidence in the company’s market position.
Elevance Health, Inc., headquartered in Indianapolis, is a leading provider of health insurance products and services, having rebranded from Anthem, Inc. in 2022. The company focuses on integrated health care and benefit delivery, providing medical and specialty health plans for individuals, employers, and government programs, including Medicare and Medicaid managed care.
As the company continues to navigate the evolving landscape of health benefits, the insights from analysts and market performance will be critical in shaping its future trajectory.
