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

Cantor Fitzgerald restated their overweight rating on shares of Elevance Health (NYSE:ELV) in a research note published on Wednesday, Benzinga reports. The brokerage currently has a $600.00 price objective on the stock.

Other analysts also recently issued reports about the stock. Wells Fargo & Company increased their price target on shares of Elevance Health from $557.00 to $600.00 and gave the company an overweight rating in a report on Friday, April 19th. 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. Stephens reaffirmed an overweight rating and set a $615.00 price objective on shares of Elevance Health in a report on Tuesday, June 11th. Bank of America raised their price objective on shares of Elevance Health from $621.00 to $646.00 and gave the stock a buy rating in a report on Tuesday, June 4th. Finally, UBS Group raised their price objective on shares of Elevance Health from $585.00 to $605.00 and gave the stock a buy rating in a report on Friday, April 19th. Fifteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and an average price target of $611.36.

Elevance Health Price Performance

NYSE ELV opened at $535.98 on Wednesday. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. Elevance Health has a 1 year low of $414.79 and a 1 year high of $550.34. The company has a fifty day simple moving average of $534.48 and a 200 day simple moving average of $512.91. The company has a market cap of $124.57 billion, a P/E ratio of 20.26, a P/E/G ratio of 1.18 and a beta of 0.84.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The firm had revenue of $42.27 billion during the quarter, compared to the consensus estimate of $42.49 billion. During the same period in the prior year, the firm earned $9.46 EPS. The business’s revenue was up .9% on a year-over-year basis. On average, sell-side analysts predict that Elevance Health will post 37.25 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 25th. Investors of record on Monday, June 10th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date was Monday, June 10th. Elevance Health’s dividend payout ratio (DPR) is currently 24.64%.

Insider Buying and Selling

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the firm’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total value of $7,531,605.14. Following the completion of the sale, the executive vice president now owns 31,460 shares in the company, valued at approximately $16,791,460.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.35% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Elevance Health

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank & Trust Co acquired a new stake in Elevance Health in the 2nd quarter valued at about $27,000. Pin Oak Investment Advisors Inc. acquired a new stake in shares of Elevance Health during the 4th quarter worth approximately $28,000. Palisade Asset Management LLC acquired a new stake in shares of Elevance Health during the 1st quarter worth approximately $28,000. Opal Wealth Advisors LLC acquired a new stake in shares of Elevance Health during the 2nd quarter worth approximately $28,000. Finally, Alaska Permanent Fund Corp acquired a new stake in shares of Elevance Health during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds 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.