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

Elevance Health (NYSE:ELV)‘s stock had its “overweight” rating restated by investment analysts at Cantor Fitzgerald in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $600.00 price target on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 11.14% from the company’s current price.

Several other analysts have also issued reports on ELV. Robert W. Baird started coverage on shares of Elevance Health in a research report on Thursday, May 30th. They set an “outperform” rating and a $649.00 price target for the company. Baird R W raised Elevance Health to a “strong-buy” rating in a research note on Thursday, May 30th. Truist Financial lifted their target price on shares of Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Stephens reissued an “overweight” rating and set a $615.00 price target on shares of Elevance Health in a research report on Thursday, September 5th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Elevance Health from $628.00 to $631.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $604.29.

Elevance Health Price Performance

ELV opened at $539.86 on Friday. The stock has a market capitalization of $125.47 billion, a P/E ratio of 20.40, a PEG ratio of 1.19 and a beta of 0.82. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. Elevance Health has a 12-month low of $431.38 and a 12-month high of $567.26. The stock has a 50-day moving average price of $536.19 and a 200-day moving average price of $529.30.

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

Insider Activity at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the 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 $4,926,213.96. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Robert L. Dixon, Jr. sold 305 shares of the business’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 sale, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. The disclosure for this sale can be found here. Insiders have sold 35,058 shares of company stock worth $17,588,116 over the last ninety days. 0.35% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Elevance Health

Several large investors have recently modified their holdings of ELV. Bell Investment Advisors Inc increased its position in Elevance Health by 2.1% in the fourth quarter. Bell Investment Advisors Inc now owns 989 shares of the company’s stock worth $466,000 after purchasing an additional 20 shares during the last quarter. Capital Advisors Ltd. LLC increased its holdings in shares of Elevance Health by 8.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 248 shares of the company’s stock worth $129,000 after buying an additional 20 shares during the last quarter. Bedel Financial Consulting Inc. increased its holdings in shares of Elevance Health by 1.6% in the 1st quarter. Bedel Financial Consulting Inc. now owns 1,247 shares of the company’s stock worth $647,000 after buying an additional 20 shares during the last quarter. American Trust raised its position in shares of Elevance Health by 2.6% during the 1st quarter. American Trust now owns 775 shares of the company’s stock valued at $402,000 after buying an additional 20 shares in the last quarter. Finally, Fiduciary Alliance LLC lifted its holdings in shares of Elevance Health by 3.6% in the 1st quarter. Fiduciary Alliance LLC now owns 611 shares of the company’s stock valued at $315,000 after acquiring an additional 21 shares during the last quarter. 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.