Elevance Health (NYSE:ELV) Shares Gap Down – Time to Sell?

Shares of Elevance Health, Inc. (NYSE:ELV) gapped down before the market opened on Friday . The stock had previously closed at $390.50, but opened at $379.00. Elevance Health shares last traded at $384.07, with a volume of 309,896 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have commented on ELV shares. Barclays lifted 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. Stephens lowered shares of Elevance Health from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Truist Financial cut their price target on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Argus reaffirmed a “hold” rating and set a $405.40 price target on shares of Elevance Health in a research report on Wednesday, January 29th. Finally, StockNews.com upgraded Elevance Health from a “hold” rating to a “buy” rating in a research report on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $517.03.

Elevance Health Stock Performance

The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. The business has a 50 day moving average price of $385.18 and a 200 day moving average price of $445.29. The stock has a market capitalization of $89.75 billion, a PE ratio of 15.11, a PEG ratio of 1.18 and a beta of 0.83.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. As a group, equities research analysts expect that Elevance Health, Inc. will post 34 earnings per share for the current year.

Elevance Health Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be paid a $1.71 dividend. The ex-dividend date is Monday, March 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.77%. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s payout ratio is currently 25.46%.

Institutional Trading of Elevance Health

A number of institutional investors have recently made changes to their positions in the stock. Forum Financial Management LP boosted its stake in shares of Elevance Health by 1.2% in the 4th quarter. Forum Financial Management LP now owns 2,860 shares of the company’s stock worth $1,055,000 after buying an additional 34 shares during the last quarter. Retirement Planning Group LLC NY purchased a new stake in shares of Elevance Health during the 4th quarter valued at about $1,311,000. Public Employees Retirement System of Ohio bought a new position in shares of Elevance Health in the 4th quarter worth approximately $38,837,000. Neo Ivy Capital Management bought a new position in shares of Elevance Health in the 4th quarter worth approximately $359,000. Finally, Vega Investment Solutions purchased a new position in shares of Elevance Health in the fourth quarter worth approximately $652,000. 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.