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

Elevance Health (NYSE:ELV)‘s stock had its “overweight” rating reaffirmed by Cantor Fitzgerald in a note issued to investors on Friday,Benzinga reports. They currently have a $485.00 target price on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 21.56% from the company’s previous close.

ELV has been the topic of a number of other research reports. Mizuho reduced their price target on Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Royal Bank of Canada reduced their price objective on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. StockNews.com raised shares of Elevance Health from a “hold” rating to a “buy” rating in a research note on Friday, January 17th. Raymond James set a $485.00 price target on shares of Elevance Health in a research note on Friday, October 18th. Finally, Argus cut Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and a consensus price target of $525.60.

Elevance Health Trading Down 0.6 %

ELV stock traded down $2.38 during trading on Friday, hitting $398.98. 342,642 shares of the company traded hands, compared to its average volume of 1,799,672. The company has a 50-day moving average of $386.32 and a 200-day moving average of $463.64. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50. Elevance Health has a 1 year low of $362.21 and a 1 year high of $567.26. The firm has a market capitalization of $92.53 billion, a PE ratio of 14.55, a P/E/G ratio of 1.11 and a beta of 0.84.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. Analysts predict that Elevance Health will post 32.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Elevance Health

Institutional investors have recently made changes to their positions in the company. Public Sector Pension Investment Board boosted its stake in Elevance Health by 71.1% during the 2nd quarter. Public Sector Pension Investment Board now owns 8,932 shares of the company’s stock valued at $4,840,000 after purchasing an additional 3,711 shares during the last quarter. Fred Alger Management LLC bought a new position in shares of Elevance Health during the second quarter valued at $6,833,000. Daymark Wealth Partners LLC boosted its position in shares of Elevance Health by 3.1% during the second quarter. Daymark Wealth Partners LLC now owns 2,120 shares of the company’s stock valued at $1,149,000 after buying an additional 64 shares during the last quarter. MBB Public Markets I LLC bought a new stake in Elevance Health in the 2nd quarter worth about $8,987,000. Finally, Mackenzie Financial Corp raised its position in Elevance Health by 1.1% in the 2nd quarter. Mackenzie Financial Corp now owns 73,964 shares of the company’s stock worth $40,078,000 after buying an additional 773 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.