Elevance Health (NYSE:ELV) Earns Overweight Rating from Cantor Fitzgerald

by · The Cerbat Gem

Cantor Fitzgerald reaffirmed their overweight rating on shares of Elevance Health (NYSE:ELV – Free Report) in a report issued on Tuesday, Benzinga reports. Cantor Fitzgerald currently has a $600.00 price objective on the stock.

Other research analysts have also issued research reports about the stock. Royal Bank of Canada boosted their target price on shares of Elevance Health from $575.00 to $585.00 and gave the stock an outperform rating in a research report on Thursday, July 18th. Stephens restated an overweight rating and set a $615.00 target price on shares of Elevance Health in a research note on Thursday, September 5th. Bank of America reaffirmed a neutral rating and issued a $530.00 target price (down previously from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Truist Financial upped their price target on Elevance Health from $600.00 to $620.00 and gave the stock a buy rating in a report on Monday, July 15th. Finally, Wells Fargo & Company lowered their price objective on shares of Elevance Health from $600.00 to $593.00 and set an overweight rating on the stock in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Elevance Health currently has a consensus rating of Buy and a consensus price target of $604.29.

Read Our Latest Report on Elevance Health

Elevance Health Stock Performance

Shares of ELV stock opened at $498.16 on Tuesday. Elevance Health has a fifty-two week low of $432.99 and a fifty-two week high of $567.26. The stock’s 50-day moving average is $536.58 and its two-hundred day moving average is $529.83. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49. The firm has a market cap of $115.78 billion, a P/E ratio of 18.83, a PEG ratio of 1.17 and a beta of 0.82.

Elevance Health (NYSE:ELV – Get Free Report) last released its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.99 by $0.13. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The business had revenue of $43.22 billion during the quarter, compared to analyst estimates of $42.99 billion. During the same quarter in the previous year, the business earned $9.04 EPS. Elevance Health’s quarterly revenue was down .4% compared to the same quarter last year. Analysts predict that Elevance Health will post 37.25 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th were issued a $1.63 dividend. The ex-dividend date was Tuesday, September 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.31%. Elevance Health’s dividend payout ratio is currently 24.64%.

Insider Buying and Selling at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the sale, the director now directly owns 8,744 shares in the company, valued at approximately $4,647,610.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction on Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gail Boudreaux sold 34,000 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the transaction, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The disclosure for this sale can be found here. Insiders have sold a total of 35,058 shares of company stock valued at $17,588,116 in the last three months. 0.35% of the stock is currently owned by company insiders.

Institutional Trading of Elevance Health

A number of hedge funds have recently added to or reduced their stakes in the stock. Evoke Wealth LLC bought a new position in Elevance Health in the 4th quarter valued at approximately $237,000. CWA Asset Management Group LLC acquired a new position in shares of Elevance Health during the fourth quarter worth $298,000. First Trust Advisors LP grew its stake in shares of Elevance Health by 1.2% in the fourth quarter. First Trust Advisors LP now owns 457,231 shares of the company’s stock worth $215,612,000 after purchasing an additional 5,436 shares during the last quarter. Lake Street Advisors Group LLC acquired a new stake in Elevance Health in the fourth quarter valued at $948,000. Finally, Capital International Investors raised its position in Elevance Health by 7.9% during the 4th quarter. Capital International Investors now owns 3,374,709 shares of the company’s stock worth $1,591,237,000 after purchasing an additional 248,150 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Company Profile

(Get Free Report)

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.

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