Elevance Health (NYSE:ELV) Receives Overweight Rating from Cantor Fitzgerald

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

Several other research firms have also weighed in on ELV. Robert W. Baird initiated coverage on shares of Elevance Health in a research note on Thursday, May 30th. They issued an outperform rating and a $649.00 price objective for the company. Wells Fargo & Company lowered their price objective on shares of Elevance Health from $600.00 to $593.00 and set an overweight rating for the company in a research note on Monday, July 22nd. Stephens reiterated an overweight rating and issued a $615.00 price objective on shares of Elevance Health in a research note on Tuesday, June 11th. Bank of America reissued a neutral rating and issued a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Finally, TD Cowen reduced their price target on shares of Elevance Health from $624.00 to $589.00 and set a buy rating for the company in a research report on Friday, July 19th. 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. Based on data from MarketBeat, Elevance Health currently has a consensus rating of Buy and an average target price of $604.29.

Elevance Health Stock Down 0.2 %

Elevance Health stock opened at $542.22 on Monday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. Elevance Health has a 52-week low of $431.38 and a 52-week high of $555.35. The firm has a 50 day moving average price of $530.28 and a two-hundred day moving average price of $522.79. The firm has a market cap of $126.02 billion, a price-to-earnings ratio of 20.49, a PEG ratio of 1.18 and a beta of 0.84.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $42.99 billion. During the same quarter last year, the business earned $9.04 EPS. The company’s revenue was down .4% compared to the same quarter last year. Equities analysts predict that Elevance Health will post 37.25 EPS for the current year.

Elevance Health Announces Dividend

The business 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. This represents a $6.52 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend is Tuesday, September 10th. Elevance Health’s dividend payout ratio is presently 24.64%.

Insider Activity

In related news, CEO Gail Boudreaux sold 34,000 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the transaction, the chief executive officer now directly owns 126,709 shares in the company, valued at $63,478,674.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the transaction, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Gail Boudreaux sold 34,000 shares of the company’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 completion of the transaction, the chief executive officer now owns 126,709 shares in the company, valued at $63,478,674.82. The disclosure for this sale can be found here. Insiders have sold a total of 35,058 shares of company stock worth $17,588,116 over the last ninety days. Company insiders own 0.35% of the company’s stock.

Institutional Trading of Elevance Health

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Sanders Capital LLC boosted its stake in Elevance Health by 4.6% in the fourth quarter. Sanders Capital LLC now owns 4,457,986 shares of the company’s stock worth $2,102,208,000 after buying an additional 196,010 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Elevance Health by 5.3% during the second quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock valued at $2,054,641,000 after purchasing an additional 190,118 shares during the period. Capital International Investors boosted its stake in shares of Elevance Health by 3.7% during the first quarter. Capital International Investors now owns 3,498,511 shares of the company’s stock valued at $1,814,118,000 after purchasing an additional 123,802 shares during the period. Norges Bank purchased a new stake in shares of Elevance Health during the fourth quarter valued at approximately $1,347,434,000. Finally, Legal & General Group Plc boosted its stake in shares of Elevance Health by 2.9% during the second quarter. Legal & General Group Plc now owns 2,247,091 shares of the company’s stock valued at $1,217,607,000 after purchasing an additional 64,376 shares during the period. Hedge funds and other 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.