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

Elevance Health (NYSE:ELV)‘s stock had its “overweight” rating reiterated by Cantor Fitzgerald in a research report issued on Friday, Benzinga reports. They currently have a $600.00 target price on the stock. Cantor Fitzgerald’s target price indicates a potential upside of 11.79% from the stock’s current price.

A number of other research analysts also recently weighed in on ELV. Royal Bank of Canada raised their price objective on Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Robert W. Baird began coverage on shares of Elevance Health in a report on Thursday, May 30th. They set an “outperform” rating and a $649.00 price objective for the company. TD Cowen dropped their target price on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a report on Friday, July 19th. Baird R W upgraded shares of Elevance Health to a “strong-buy” rating in a report on Thursday, May 30th. Finally, StockNews.com lowered Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 6th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $604.29.

Elevance Health Stock Down 0.2 %

Shares of ELV traded down $1.29 during midday trading on Friday, reaching $536.71. 255,882 shares of the stock were exchanged, compared to its average volume of 1,000,697. The company has a market cap of $124.74 billion, a price-to-earnings ratio of 20.28, a P/E/G ratio of 1.19 and a beta of 0.82. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. Elevance Health has a 12-month low of $431.38 and a 12-month high of $567.26. The firm has a 50 day simple moving average of $536.11 and a 200-day simple moving average of $528.84.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, beating analysts’ consensus estimates of $9.99 by $0.13. The business had revenue of $43.22 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the firm earned $9.04 EPS. Research analysts forecast that Elevance Health will post 37.25 EPS for the current year.

Insider Activity

In related news, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction dated Friday, July 19th. The shares were 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction 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 transaction, the director now directly 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 SEC, which can be accessed through this hyperlink. Also, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the sale, the director now directly owns 8,744 shares in the company, valued at approximately $4,647,610.88. 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. Corporate insiders own 0.35% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Bank & Trust Co acquired a new position in Elevance Health in the second quarter worth $27,000. Opal Wealth Advisors LLC bought a new stake in Elevance Health during the 2nd quarter worth about $28,000. Palisade Asset Management LLC acquired a new stake in Elevance Health in the 1st quarter valued at about $28,000. Pin Oak Investment Advisors Inc. bought a new position in shares of Elevance Health in the fourth quarter worth about $28,000. Finally, Register Financial Advisors LLC acquired a new position in shares of Elevance Health during the first quarter worth approximately $32,000. 89.24% of the stock is owned by institutional investors and hedge funds.

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.