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

Cantor Fitzgerald reissued their overweight rating on shares of Elevance Health (NYSE:ELV) in a research note issued to investors on Monday, Benzinga reports. Cantor Fitzgerald currently has a $600.00 price objective on the stock.

A number of other analysts also recently weighed in on the stock. Barclays reduced their price target on shares of Elevance Health from $621.00 to $611.00 and set an overweight rating for the company in a report on Thursday, July 18th. TD Cowen reduced their price target on shares of Elevance Health from $624.00 to $589.00 and set a buy rating for the company in a report on Friday, July 19th. Stephens reissued an overweight rating and issued a $615.00 price target on shares of Elevance Health in a report on Tuesday, June 11th. Morgan Stanley initiated coverage on shares of Elevance Health in a report on Monday, June 24th. They issued an overweight rating and a $643.00 price target for the company. Finally, 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 report on Thursday, July 18th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Elevance Health has a consensus rating of Buy and an average target price of $604.29.

Elevance Health Stock Performance

NYSE:ELV opened at $542.22 on Monday. Elevance Health has a 1 year low of $431.38 and a 1 year high of $555.35. The firm’s fifty day simple moving average is $530.28 and its 200 day simple moving average is $522.79. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $126.02 billion, a PE ratio of 20.49, a PEG ratio of 1.18 and a beta of 0.84.

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

Elevance Health Announces Dividend

The company also recently declared 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 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend is Tuesday, September 10th. Elevance Health’s dividend payout ratio is currently 24.64%.

Insider Activity at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of 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 Securities & Exchange Commission, which is available at the SEC website. In related news, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of 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 Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction dated 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 owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The disclosure for this sale can be found here. Insiders sold 35,058 shares of company stock valued at $17,588,116 in the last ninety days. Insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Elevance Health

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Heartland Bank & Trust Co acquired a new stake in Elevance Health in the 2nd quarter valued at about $411,000. Advisory Alpha LLC increased its position in Elevance Health by 6.6% in the 2nd quarter. Advisory Alpha LLC now owns 1,018 shares of the company’s stock valued at $552,000 after acquiring an additional 63 shares in the last quarter. Truist Financial Corp increased its position in Elevance Health by 0.9% in the 2nd quarter. Truist Financial Corp now owns 550,074 shares of the company’s stock valued at $298,063,000 after acquiring an additional 5,026 shares in the last quarter. EP Wealth Advisors LLC increased its position in Elevance Health by 18.1% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,882 shares of the company’s stock valued at $1,020,000 after acquiring an additional 289 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. increased its position in Elevance Health by 39.5% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 3,982 shares of the company’s stock valued at $2,158,000 after acquiring an additional 1,127 shares in the last quarter. Institutional investors and hedge funds 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.