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

Elevance Health (NYSE:ELV)‘s stock had its “overweight” rating reiterated by stock analysts at Cantor Fitzgerald in a research report issued on Tuesday, Benzinga reports. They presently have a $600.00 price target on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 16.11% from the company’s previous close.

A number of other equities analysts have also weighed in on the stock. Wells Fargo & Company dropped their price target on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Stephens reissued an “overweight” rating and set a $615.00 price target on shares of Elevance Health in a report on Thursday, September 5th. Barclays cut their target price on Elevance Health from $621.00 to $611.00 and set an “overweight” rating for the company in a research report on Thursday, July 18th. StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. Finally, Truist Financial increased their price objective on shares of Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a report on Monday, July 15th. 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $604.29.

Elevance Health Stock Performance

Shares of Elevance Health stock traded down $3.26 on Tuesday, hitting $516.74. 154,297 shares of the company’s stock were exchanged, compared to its average volume of 1,003,719. Elevance Health has a 1 year low of $431.38 and a 1 year high of $567.26. The company has a 50-day simple moving average of $536.87 and a 200-day simple moving average of $530.24. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The stock has a market capitalization of $120.10 billion, a PE ratio of 19.53, a PEG ratio of 1.17 and a beta of 0.82.

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

Insider Activity

In other news, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction that occurred on 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 sale, the director now directly owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the business’s 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction on 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 directly owns 126,709 shares in the company, valued at approximately $63,478,674.82. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,058 shares of company stock worth $17,588,116. 0.35% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Bank & Trust Co bought a new stake in shares of Elevance Health during the 2nd quarter worth approximately $27,000. Pin Oak Investment Advisors Inc. bought a new stake in shares of Elevance Health during the fourth quarter worth $28,000. Palisade Asset Management LLC purchased a new stake in shares of Elevance Health during the first quarter valued at $28,000. Opal Wealth Advisors LLC bought a new position in shares of Elevance Health in the second quarter worth about $28,000. Finally, Strategic Financial Concepts LLC purchased a new position in Elevance Health in the 2nd quarter worth about $30,000. 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.