Elevance Health (NYSE:ELV) Rating Reiterated by Cantor Fitzgerald

Cantor Fitzgerald restated their overweight rating on shares of Elevance Health (NYSE:ELV) in a research report released on Friday morning, Benzinga reports. The brokerage currently has a $600.00 target price on the stock.

Several other equities analysts have also issued reports on the company. Morgan Stanley began coverage on Elevance Health in a research note on Monday, June 24th. They set an overweight rating and a $643.00 price target on the stock. Wells Fargo & Company lowered their target price on Elevance Health from $600.00 to $593.00 and set an overweight rating for the company in a research note on Monday, July 22nd. Barclays decreased their price target on Elevance Health from $621.00 to $611.00 and set an overweight rating on the stock in a report on Thursday, July 18th. Bank of America reaffirmed a neutral rating and set a $530.00 price objective (down from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. Finally, JPMorgan Chase & Co. lifted their target price on Elevance Health from $628.00 to $631.00 and gave the stock an overweight rating in a report on Thursday, May 30th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Elevance Health presently has a consensus rating of Buy and an average target price of $604.29.

Elevance Health Stock Performance

Shares of ELV stock opened at $533.73 on Friday. 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 $124.05 billion, a P/E ratio of 20.17, a PEG ratio of 1.19 and a beta of 0.82. The stock’s 50-day moving average is $536.25 and its two-hundred day moving average is $529.70. Elevance Health has a fifty-two week low of $431.38 and a fifty-two week high of $567.26.

Elevance Health (NYSE:ELV) last announced its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.99 by $0.13. The firm had revenue of $43.22 billion during the quarter, compared to analysts’ expectations of $42.99 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The company’s revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the business earned $9.04 earnings per share. Analysts predict that Elevance Health will post 37.25 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be paid a dividend of $1.63 per share. The ex-dividend date is Tuesday, September 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.22%. Elevance Health’s dividend payout ratio is presently 24.64%.

Insider Activity at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the company’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 transaction, the director now directly owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were 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 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 SEC, which is available through the SEC website. Also, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the transaction, the director now owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,058 shares of company stock worth $17,588,116. Company insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Elevance Health

A number of hedge funds have recently modified their holdings of ELV. Centaurus Financial Inc. increased its position in shares of Elevance Health by 66.9% during the second quarter. Centaurus Financial Inc. now owns 918 shares of the company’s stock worth $498,000 after buying an additional 368 shares during the period. Anchor Investment Management LLC boosted its position in shares of Elevance Health by 4.3% during the second quarter. Anchor Investment Management LLC now owns 4,963 shares of the company’s stock valued at $2,689,000 after buying an additional 204 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Elevance Health by 41.6% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 50,000 shares of the company’s stock valued at $27,093,000 after buying an additional 14,700 shares during the last quarter. Heritage Wealth Management Inc. bought a new position in Elevance Health in the 2nd quarter valued at $1,133,000. Finally, Sanctuary Advisors LLC bought a new position in shares of Elevance Health during the 2nd quarter valued at approximately $12,805,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Company Profile

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.