Elevance Health’s (ELV) “Overweight” Rating Reiterated at Cantor Fitzgerald

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

Several other research firms also recently commented on ELV. TD Cowen decreased their target price on shares of Elevance Health from $624.00 to $589.00 and set a buy rating for the company in a research 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. Morgan Stanley began coverage on Elevance Health in a report on Monday, June 24th. They issued an overweight rating and a $643.00 target price on the stock. Barclays cut 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, Bank of America reissued a neutral rating and issued a $530.00 price target (down from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Elevance Health presently has a consensus rating of Buy and an average price target of $604.29.

Elevance Health Stock Down 1.4 %

Shares of Elevance Health stock opened at $498.16 on Tuesday. The stock’s 50-day moving average is $536.58 and its 200 day moving average is $529.83. Elevance Health has a one year low of $432.99 and a one year high of $567.26. The firm has a market cap of $115.78 billion, a price-to-earnings ratio of 18.83, a PEG ratio of 1.17 and a beta of 0.82. 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 (NYSE:ELV) last posted its quarterly 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. The firm had revenue of $43.22 billion during the quarter, compared to the consensus estimate of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The business’s revenue was down .4% compared to the same quarter last year. During the same period in the previous year, the firm posted $9.04 earnings per share. Equities research analysts anticipate that Elevance Health will post 37.25 EPS for the current year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend was Tuesday, September 10th. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction dated 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 directly owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 sale, the director now owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Gail Boudreaux sold 34,000 shares of the company’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 transaction, the chief executive officer now directly owns 126,709 shares in the company, valued at $63,478,674.82. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,058 shares of company stock valued at $17,588,116. Insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Elevance Health

Several institutional investors and hedge funds have recently added to or reduced their stakes in ELV. Tower Research Capital LLC TRC lifted its holdings in shares of Elevance Health by 114.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock valued at $14,765,000 after buying an additional 16,737 shares during the period. Brave Warrior Advisors LLC lifted its holdings in Elevance Health by 7.9% in the fourth quarter. Brave Warrior Advisors LLC now owns 1,756,653 shares of the company’s stock valued at $828,367,000 after acquiring an additional 129,055 shares during the period. New Mexico Educational Retirement Board boosted its position in Elevance Health by 14.6% in the first quarter. New Mexico Educational Retirement Board now owns 14,146 shares of the company’s stock worth $6,949,000 after purchasing an additional 1,800 shares during the last quarter. Blair William & Co. IL lifted its stake in shares of Elevance Health by 119.7% in the 1st quarter. Blair William & Co. IL now owns 12,134 shares of the company’s stock worth $6,292,000 after purchasing an additional 6,610 shares during the period. Finally, Artemis Investment Management LLP boosted its holdings in shares of Elevance Health by 16.1% in the first quarter. Artemis Investment Management LLP now owns 83,757 shares of the company’s stock worth $43,422,000 after buying an additional 11,627 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

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.