Elevance Health (NYSE:ELV) Stock Rating Reaffirmed by Cantor Fitzgerald

Elevance Health (NYSE:ELV)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Cantor Fitzgerald in a note issued to investors on Wednesday, Benzinga reports. They currently have a $600.00 price objective on the stock. Cantor Fitzgerald’s price objective points to a potential upside of 12.40% from the stock’s current price.

A number of other analysts also recently issued reports on the company. Robert W. Baird initiated coverage on Elevance Health in a research note on Thursday, May 30th. They issued an “outperform” rating and a $649.00 target price for the company. Royal Bank of Canada lifted their target price on shares of Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a research note on Friday, April 19th. Bank of America increased their price target on shares of Elevance Health from $621.00 to $646.00 and gave the company a “buy” rating in a research note on Tuesday, June 4th. JPMorgan Chase & Co. increased their price objective on Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Finally, Mizuho lifted their target price on Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. One equities research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Elevance Health presently has an average rating of “Buy” and an average target price of $611.36.

Elevance Health Trading Down 0.1 %

Shares of ELV stock opened at $533.82 on Wednesday. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54. Elevance Health has a fifty-two week low of $412.00 and a fifty-two week high of $550.34. The firm’s 50 day moving average price is $534.30 and its two-hundred day moving average price is $512.43. The stock has a market cap of $124.07 billion, a price-to-earnings ratio of 20.17, a price-to-earnings-growth ratio of 1.16 and a beta of 0.84.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, beating the consensus estimate of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The business had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. During the same quarter in the previous year, the business posted $9.46 EPS. The business’s quarterly revenue was up .9% on a year-over-year basis. On average, analysts anticipate that Elevance Health will post 37.25 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Felicia F. Norwood sold 14,111 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total value of $7,531,605.14. Following the completion of the sale, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Bank & Trust Co purchased a new stake in Elevance Health during the 2nd quarter valued at approximately $27,000. Pin Oak Investment Advisors Inc. acquired a new stake in shares of Elevance Health during the fourth quarter worth $28,000. Palisade Asset Management LLC acquired a new stake in shares of Elevance Health during the first quarter worth $28,000. Alaska Permanent Fund Corp purchased a new position in Elevance Health in the 4th quarter valued at $31,000. Finally, Beaird Harris Wealth Management LLC acquired a new position in Elevance Health in the 4th quarter valued at $32,000. 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.