Cantor Fitzgerald Reiterates Overweight Rating for Elevance Health (NYSE:ELV)

Elevance Health (NYSE:ELV)‘s stock had its “overweight” rating reiterated by stock analysts at Cantor Fitzgerald in a report released on Tuesday, Benzinga reports. They presently have a $600.00 target price on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 18.81% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Royal Bank of Canada boosted their price target on Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. Truist Financial increased their target price 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. Wells Fargo & Company reduced their price target on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. Barclays dropped their price objective on shares of Elevance Health from $621.00 to $611.00 and set an “overweight” rating for the company in a research report on Thursday, July 18th. Finally, TD Cowen cut their target price on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a research note on Friday, July 19th. One investment 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 company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $604.29.

Elevance Health Trading Down 1.2 %

NYSE ELV opened at $505.00 on Tuesday. The company has a market cap of $117.37 billion, a P/E ratio of 19.09, a P/E/G ratio of 1.17 and a beta of 0.82. Elevance Health has a 12 month low of $431.55 and a 12 month high of $567.26. 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 company has a 50-day moving average of $536.89 and a 200-day moving average of $530.05.

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

Insider Transactions at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction dated Friday, July 19th. The stock was 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction 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 sale, the director now owns 8,744 shares in the company, valued at $4,647,610.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction on Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the transaction, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,058 shares of company stock valued at $17,588,116. 0.35% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Elevance Health

Hedge funds and other institutional investors have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA grew its stake in Elevance Health by 34.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after purchasing an additional 523,910 shares in the last quarter. Morningstar Investment Services LLC acquired a new position in shares of Elevance Health in the 4th quarter worth approximately $239,244,000. M&G Plc acquired a new position in shares of Elevance Health in the 1st quarter worth approximately $203,389,000. Maj Invest Holding A S bought a new stake in shares of Elevance Health in the 2nd quarter valued at approximately $173,753,000. Finally, First Eagle Investment Management LLC raised its position in shares of Elevance Health by 15.5% during the 2nd quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock valued at $1,115,301,000 after acquiring an additional 275,708 shares in the last quarter. Institutional investors 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.