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

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

A number of other research firms have also weighed in on ELV. TD Cowen reduced their target price on Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a research note on Friday, July 19th. Stephens reaffirmed an “overweight” rating and issued a $615.00 price target on shares of Elevance Health in a research note on Thursday, September 5th. StockNews.com cut shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. JPMorgan Chase & Co. raised their target price on shares of Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Finally, Morgan Stanley assumed coverage on Elevance Health in a report on Monday, June 24th. They issued an “overweight” rating and a $643.00 price target for the company. 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $604.29.

Elevance Health Price Performance

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

Elevance Health (NYSE:ELV) last announced its quarterly earnings data 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. The business had revenue of $43.22 billion during the quarter, compared to the consensus estimate of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter last year, the firm earned $9.04 earnings per share. As a group, equities research analysts forecast that Elevance Health will post 37.25 EPS for the current year.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the sale, the director now directly owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction 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 transaction, the director now directly owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Robert L. Dixon, Jr. sold 305 shares of the firm’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 of the company’s stock, valued at approximately $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 quarter. Insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Elevance Health

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank & Trust Co acquired a new position in Elevance Health during the 2nd quarter valued at approximately $27,000. Opal Wealth Advisors LLC purchased a new stake in shares of Elevance Health during the second quarter valued at $28,000. Palisade Asset Management LLC acquired a new position in shares of Elevance Health in the 1st quarter valued at $28,000. Pin Oak Investment Advisors Inc. purchased a new position in Elevance Health in the 4th quarter worth $28,000. Finally, Register Financial Advisors LLC purchased a new stake in Elevance Health during the 1st quarter valued at about $32,000. 89.24% of the stock is owned by hedge funds and other 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.