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 report released on Friday morning, Benzinga reports. The brokerage currently has a $600.00 price objective on the stock.

Other equities research analysts also recently issued reports about the stock. StockNews.com downgraded shares of Elevance Health from a strong-buy rating to a buy rating in a report on Thursday, June 6th. Wells Fargo & Company lowered their target price on shares of Elevance Health from $600.00 to $593.00 and set an overweight rating on the stock in a research note on Monday, July 22nd. Morgan Stanley began coverage on shares of Elevance Health in a research note on Monday, June 24th. They issued an overweight rating and a $643.00 target price on the stock. Baird R W raised shares of Elevance Health to a strong-buy rating in a research note on Thursday, May 30th. Finally, Royal Bank of Canada raised their target price on shares of Elevance Health from $575.00 to $585.00 and gave the company an outperform rating in a research note on Thursday, July 18th. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Elevance Health currently has an average rating of Buy and an average target price of $604.29.

Elevance Health Trading Up 0.3 %

Shares of Elevance Health stock opened at $539.86 on Friday. Elevance Health has a 12-month low of $431.38 and a 12-month high of $567.26. The company has a market cap of $125.47 billion, a price-to-earnings ratio of 20.40, a PEG ratio of 1.19 and a beta of 0.82. 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 company’s 50-day moving average price is $536.19 and its 200-day moving average price is $529.47.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $43.22 billion for the quarter, compared to the consensus estimate of $42.99 billion. During the same period in the prior year, the firm posted $9.04 earnings per share. The company’s revenue for the quarter was down .4% on a year-over-year basis. On average, equities analysts expect that Elevance Health will post 37.25 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Tuesday, September 10th. Elevance Health’s payout ratio is currently 24.64%.

Insider Buying and Selling at Elevance Health

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 shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the transaction, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the transaction, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now owns 8,744 shares in the company, valued at approximately $4,647,610.88. The disclosure for this sale can be found here. Insiders have sold 35,058 shares of company stock worth $17,588,116 over the last ninety days. Insiders own 0.35% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ELV. Bank & Trust Co bought a new stake in Elevance Health in the second quarter valued at $27,000. Opal Wealth Advisors LLC bought a new stake in Elevance Health in the second quarter valued at $28,000. Palisade Asset Management LLC bought a new stake in Elevance Health in the first quarter valued at $28,000. Pin Oak Investment Advisors Inc. bought a new stake in Elevance Health in the fourth quarter valued at $28,000. Finally, Register Financial Advisors LLC bought a new stake in Elevance Health in the first quarter valued at $32,000. 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.