Elevance Health’s (ELV) Overweight Rating Reaffirmed at Cantor Fitzgerald

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

Several other equities analysts have also issued reports on ELV. Royal Bank of Canada lifted their price objective on shares of Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Stephens reiterated an “overweight” rating and issued a $615.00 price target on shares of Elevance Health in a report on Thursday, September 5th. Barclays decreased their price objective on Elevance Health from $621.00 to $611.00 and set an “overweight” rating for the company in a research note on Thursday, July 18th. StockNews.com lowered Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 6th. Finally, Morgan Stanley started coverage on shares of Elevance Health in a report on Monday, June 24th. They issued an “overweight” rating and a $643.00 target price for the company. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $604.29.

Elevance Health Stock Down 0.6 %

Shares of ELV stock traded down $3.26 during mid-day trading on Tuesday, hitting $516.74. The stock had a trading volume of 154,297 shares, compared to its average volume of 1,003,719. Elevance Health has a 12-month low of $431.38 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 firm’s 50-day moving average is $536.87 and its two-hundred day moving average is $530.24. The firm has a market capitalization of $120.10 billion, a P/E ratio of 19.53, a price-to-earnings-growth ratio of 1.17 and a beta of 0.82.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping analysts’ consensus estimates of $9.99 by $0.13. The company 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%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period in the prior year, the firm earned $9.04 earnings per share. On average, analysts predict that Elevance Health will post 37.25 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction 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 transaction, the director now owns 9,721 shares in the company, valued at approximately $4,926,213.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Robert L. Dixon, Jr. sold 305 shares of the company’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 sale, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the transaction, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The disclosure for this sale can be found here. Insiders have sold 35,058 shares of company stock valued at $17,588,116 over the last ninety days. 0.35% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ELV. Centaurus Financial Inc. raised its stake in shares of Elevance Health by 66.9% during the 2nd quarter. Centaurus Financial Inc. now owns 918 shares of the company’s stock valued at $498,000 after buying an additional 368 shares during the last quarter. Anchor Investment Management LLC grew its holdings in Elevance Health by 4.3% during the second quarter. Anchor Investment Management LLC now owns 4,963 shares of the company’s stock worth $2,689,000 after acquiring an additional 204 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its position in Elevance Health by 41.6% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 50,000 shares of the company’s stock valued at $27,093,000 after acquiring an additional 14,700 shares in the last quarter. Heritage Wealth Management Inc. acquired a new position in Elevance Health in the second quarter valued at approximately $1,133,000. Finally, Sanctuary Advisors LLC purchased a new stake in Elevance Health in the 2nd quarter worth approximately $12,805,000. 89.24% of the stock is currently 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.