Cantor Fitzgerald Reaffirms “Overweight” Rating for Elevance Health (NYSE:ELV)

Cantor Fitzgerald reissued their overweight rating on shares of Elevance Health (NYSE:ELV) in a report published on Friday morning, Benzinga reports. They currently have a $600.00 price objective on the stock.

ELV has been the subject of several other research reports. Truist Financial upped their price target on shares of Elevance Health from $600.00 to $620.00 and gave the stock a buy rating in a research report on Monday, July 15th. Bank of America reaffirmed a neutral rating and set a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Royal Bank of Canada boosted their price objective on Elevance Health from $575.00 to $585.00 and gave the stock an outperform rating in a research report on Thursday, July 18th. Barclays lowered their target price on Elevance Health from $621.00 to $611.00 and set an overweight rating on the stock in a research report on Thursday, July 18th. Finally, Stephens reiterated an overweight rating and set a $615.00 price target on shares of Elevance Health in a research report on Thursday, September 5th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Buy and an average target price of $604.29.

Elevance Health Stock Performance

Shares of NYSE ELV opened at $539.79 on Friday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. The firm’s 50-day moving average price is $536.19 and its two-hundred day moving average price is $529.08. Elevance Health has a 52-week low of $431.38 and a 52-week high of $567.26. The stock has a market capitalization of $125.46 billion, a P/E ratio of 20.40, a P/E/G ratio of 1.19 and a beta of 0.82.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.99 by $0.13. The business had revenue of $43.22 billion for the quarter, compared to the consensus estimate of $42.99 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The business’s revenue was down .4% on a year-over-year basis. During the same quarter last year, the business posted $9.04 EPS. As a group, sell-side analysts forecast that Elevance Health will post 37.25 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Tuesday, September 10th. Elevance Health’s payout ratio is currently 24.64%.

Insider Buying and Selling at Elevance Health

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

Institutional Investors Weigh In On Elevance Health

Several hedge funds have recently modified their holdings of ELV. Accretive Wealth Partners LLC purchased a new stake in shares of Elevance Health in the fourth quarter valued at $209,000. D.A. Davidson & CO. increased its stake in Elevance Health by 1.2% in the 4th quarter. D.A. Davidson & CO. now owns 5,657 shares of the company’s stock valued at $2,668,000 after buying an additional 69 shares during the period. CreativeOne Wealth LLC lifted its position in Elevance Health by 56.9% in the 4th quarter. CreativeOne Wealth LLC now owns 786 shares of the company’s stock worth $371,000 after buying an additional 285 shares in the last quarter. King Luther Capital Management Corp acquired a new stake in shares of Elevance Health during the 4th quarter valued at $316,000. Finally, US Bancorp DE grew its holdings in shares of Elevance Health by 4.1% during the 4th quarter. US Bancorp DE now owns 60,461 shares of the company’s stock valued at $28,512,000 after acquiring an additional 2,396 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

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.