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

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

Several other research firms have also issued reports on ELV. Baird R W raised Elevance Health to a strong-buy rating in a research report on Thursday, May 30th. Stephens reaffirmed an overweight rating and issued a $615.00 price target on shares of Elevance Health in a research report on Thursday, September 5th. Robert W. Baird assumed coverage on Elevance Health in a report on Thursday, May 30th. They issued an outperform rating and a $649.00 price objective for the company. StockNews.com downgraded Elevance Health from a strong-buy rating to a buy rating in a report on Thursday, June 6th. Finally, Royal Bank of Canada lifted their price objective on Elevance Health from $575.00 to $585.00 and gave the stock an outperform rating in a report on Thursday, July 18th. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Buy and a consensus price target of $604.29.

Elevance Health Price Performance

ELV opened at $539.86 on Friday. The stock has a 50-day moving average price of $536.19 and a 200-day moving average price of $529.47. 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 $125.47 billion, a PE ratio of 20.40, a P/E/G ratio of 1.19 and a beta of 0.82. Elevance Health has a 1 year low of $431.38 and a 1 year high of $567.26.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share (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 return on equity of 20.64% and a net margin of 3.89%. Elevance Health’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $9.04 EPS. Sell-side 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 declared a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders 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 dividend on an annualized basis and a dividend yield of 1.21%. Elevance Health’s dividend payout ratio is currently 24.64%.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the business’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the sale, the director now directly owns 9,721 shares in the company, valued at approximately $4,926,213.96. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 sale, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the sale, the director now directly owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The disclosure for this sale can be found here. Insiders sold a total of 35,058 shares of company stock worth $17,588,116 in the last three months. 0.35% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Elevance Health

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bell Investment Advisors Inc increased its holdings in Elevance Health by 2.1% in the 4th quarter. Bell Investment Advisors Inc now owns 989 shares of the company’s stock worth $466,000 after acquiring an additional 20 shares in the last quarter. Capital Advisors Ltd. LLC increased its holdings in Elevance Health by 8.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 248 shares of the company’s stock worth $129,000 after acquiring an additional 20 shares in the last quarter. Bedel Financial Consulting Inc. increased its holdings in Elevance Health by 1.6% in the 1st quarter. Bedel Financial Consulting Inc. now owns 1,247 shares of the company’s stock worth $647,000 after acquiring an additional 20 shares in the last quarter. American Trust grew its holdings in Elevance Health by 2.6% during the 1st quarter. American Trust now owns 775 shares of the company’s stock valued at $402,000 after buying an additional 20 shares in the last quarter. Finally, Sage Rhino Capital LLC grew its holdings in Elevance Health by 4.6% during the 1st quarter. Sage Rhino Capital LLC now owns 474 shares of the company’s stock valued at $246,000 after buying an additional 21 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

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.