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

Cantor Fitzgerald reiterated their overweight rating on shares of Elevance Health (NYSE:ELV) in a report published on Friday,Benzinga reports. The firm currently has a $485.00 price objective on the stock.

A number of other analysts also recently weighed in on ELV. Argus downgraded Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Morgan Stanley lowered their price objective on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Barclays boosted their price target on Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a research note on Friday. Stephens lowered shares of Elevance Health from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $520.00 to $440.00 in a research note on Wednesday. Finally, StockNews.com raised Elevance Health from a “hold” rating to a “buy” rating in a research note on Friday, January 17th. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $525.60.

Elevance Health Stock Up 0.0 %

NYSE ELV opened at $401.43 on Friday. The company has a market cap of $93.10 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.11 and a beta of 0.84. Elevance Health has a 1-year low of $362.21 and a 1-year high of $567.26. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The company has a 50 day moving average of $386.20 and a 200-day moving average of $463.21.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. On average, equities research analysts expect that Elevance Health will post 32.95 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be given a dividend of $1.71 per share. The ex-dividend date is Monday, March 10th. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 1.70%. Elevance Health’s payout ratio is currently 23.77%.

Institutional Investors Weigh In On Elevance Health

Several hedge funds have recently added to or reduced their stakes in the stock. Czech National Bank lifted its position in Elevance Health by 6.5% during the fourth quarter. Czech National Bank now owns 50,286 shares of the company’s stock valued at $18,551,000 after purchasing an additional 3,049 shares during the period. Iridian Asset Management LLC CT raised its stake in Elevance Health by 10.7% during the 3rd quarter. Iridian Asset Management LLC CT now owns 39,154 shares of the company’s stock valued at $20,360,000 after purchasing an additional 3,786 shares during the period. International Assets Investment Management LLC boosted its position in shares of Elevance Health by 85,533.1% during the third quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock worth $276,972,000 after acquiring an additional 532,016 shares during the last quarter. Benjamin Edwards Inc. boosted its holdings in shares of Elevance Health by 1,711.9% during the 3rd quarter. Benjamin Edwards Inc. now owns 53,559 shares of the company’s stock valued at $27,858,000 after purchasing an additional 50,603 shares during the last quarter. Finally, Diversified Trust Co raised its holdings in shares of Elevance Health by 13.7% during the 4th quarter. Diversified Trust Co now owns 22,576 shares of the company’s stock worth $8,328,000 after acquiring an additional 2,725 shares in the last quarter. 89.24% of the stock is owned by institutional investors.

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.