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

Cantor Fitzgerald reiterated their overweight rating on shares of Elevance Health (NYSE:ELV) in a research report sent to investors on Tuesday morning, Benzinga reports. Cantor Fitzgerald currently has a $600.00 target price on the stock.

ELV has been the subject of several other research reports. Bank of America reissued a neutral rating and issued a $530.00 price objective (down previously from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Stephens reissued an overweight rating and issued a $615.00 price objective on shares of Elevance Health in a report on Tuesday, June 11th. TD Cowen decreased their price objective on Elevance Health from $624.00 to $589.00 and set a buy rating for the company in a report on Friday, July 19th. Morgan Stanley initiated coverage on Elevance Health in a report on Monday, June 24th. They issued an overweight rating and a $643.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their price objective on Elevance Health from $628.00 to $631.00 and gave the stock an overweight rating in a report on Thursday, May 30th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Elevance Health currently has a consensus rating of Buy and a consensus price target of $604.29.

Elevance Health Trading Up 2.6 %

Shares of Elevance Health stock opened at $527.54 on Tuesday. Elevance Health has a 1 year low of $431.38 and a 1 year high of $555.35. The firm has a market cap of $122.33 billion, a PE ratio of 19.94, a P/E/G ratio of 1.14 and a beta of 0.84. The stock has a fifty day moving average price of $530.22 and a 200-day moving average price of $515.83. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49.

Elevance Health (NYSE:ELV) last announced its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.99 by $0.13. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The firm had revenue of $43.22 billion during the quarter, compared to analyst estimates of $42.99 billion. During the same period last year, the firm posted $9.04 EPS. The business’s revenue was down .4% compared to the same quarter last year. Equities research analysts anticipate that Elevance Health will post 37.25 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.24%. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Insider Activity

In other news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 126,709 shares in the company, valued at approximately $63,478,674.82. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Robert L. Dixon, Jr. sold 305 shares of the business’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 owns 9,721 shares in the company, valued at approximately $4,926,213.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gail Boudreaux sold 34,000 shares of the business’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 value of $17,033,320.00. Following the completion of the sale, the chief executive officer now owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.

Institutional Trading of Elevance Health

A number of hedge funds have recently bought and sold shares of ELV. Bank & Trust Co purchased a new position in Elevance Health in the 2nd quarter worth approximately $27,000. Opal Wealth Advisors LLC purchased a new position in Elevance Health in the 2nd quarter worth approximately $28,000. Palisade Asset Management LLC purchased a new position in Elevance Health in the 1st quarter worth approximately $28,000. Pin Oak Investment Advisors Inc. purchased a new position in Elevance Health in the 4th quarter worth approximately $28,000. Finally, Register Financial Advisors LLC purchased a new position in Elevance Health in the 1st quarter worth approximately $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.