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

by · The Markets Daily

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

Several other equities research analysts have also issued reports on ELV. Barclays reduced their price target on Elevance Health from $621.00 to $611.00 and set an overweight rating for the company in a report on Thursday, July 18th. Wells Fargo & Company reduced their price target on Elevance Health from $600.00 to $593.00 and set an overweight rating for the company in a report on Monday, July 22nd. TD Cowen reduced their target price on Elevance Health from $624.00 to $589.00 and set a buy rating for the company in a report on Friday, July 19th. StockNews.com lowered Elevance Health from a strong-buy rating to a buy rating in a report on Thursday, June 6th. Finally, Bank of America restated a neutral rating and issued a $530.00 target price (down from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Elevance Health presently has a consensus rating of Buy and a consensus price target of $604.29.

Get Our Latest Analysis on ELV

Elevance Health Trading Down 1.2 %

NYSE:ELV opened at $492.07 on Tuesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49. Elevance Health has a fifty-two week low of $435.31 and a fifty-two week high of $567.26. The stock’s 50-day moving average is $535.87 and its two-hundred day moving average is $529.70. The stock has a market cap of $114.37 billion, a PE ratio of 18.60, a price-to-earnings-growth ratio of 1.17 and a beta of 0.82.

Elevance Health (NYSE:ELV – Get Free Report) last released its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, beating the consensus estimate of $9.99 by $0.13. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The company had revenue of $43.22 billion for the quarter, compared to analysts’ expectations of $42.99 billion. During the same quarter in the previous year, the business posted $9.04 EPS. The business’s revenue for the quarter was down .4% on a year-over-year basis. As a group, equities research analysts forecast 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 paid a dividend of $1.63 per share. The ex-dividend date of this dividend was Tuesday, September 10th. This represents a $6.52 annualized dividend and a yield of 1.33%. Elevance Health’s dividend payout ratio is currently 24.64%.

Insiders Place Their Bets

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the transaction, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the sale, the director now directly owns 9,721 shares in the company, valued at approximately $4,926,213.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer now owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,058 shares of company stock worth $17,588,116 over the last three months. 0.35% of the stock is currently owned by corporate insiders.

Institutional Trading of Elevance Health

A number of hedge funds and other institutional investors have recently made changes to their positions in ELV. Bank & Trust Co bought a new position in Elevance Health in the second quarter valued at about $27,000. Pin Oak Investment Advisors Inc. bought a new position in Elevance Health in the fourth quarter valued at about $28,000. Palisade Asset Management LLC bought a new position in Elevance Health in the first quarter valued at about $28,000. Opal Wealth Advisors LLC bought a new position in Elevance Health during the second quarter worth about $28,000. Finally, Strategic Financial Concepts LLC bought a new position in Elevance Health during the second quarter worth about $30,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

About Elevance Health

(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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