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

Elevance Health (NYSE:ELV)‘s stock had its “overweight” rating reaffirmed by equities researchers at Cantor Fitzgerald in a research note issued on Tuesday, Benzinga reports. They presently have a $600.00 target price on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 18.81% from the stock’s previous close.

Several other equities analysts have also commented on ELV. Royal Bank of Canada upped their price target on shares of Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. Truist Financial upped their target price on shares of Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. TD Cowen cut their price target on Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a report on Friday, July 19th. Bank of America reissued a “neutral” rating and issued a $530.00 price objective (down from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Finally, Morgan Stanley began coverage on Elevance Health in a research note on Monday, June 24th. They set an “overweight” rating and a $643.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Elevance Health presently has a consensus rating of “Buy” and a consensus price target of $604.29.

Elevance Health Stock Performance

Shares of NYSE ELV opened at $505.00 on Tuesday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. The firm’s 50-day moving average price is $536.89 and its two-hundred day moving average price is $530.05. Elevance Health has a 52-week low of $431.55 and a 52-week high of $567.26. The stock has a market capitalization of $117.37 billion, a P/E ratio of 19.09, a P/E/G ratio of 1.17 and a beta of 0.82.

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

Insider Buying and Selling at Elevance Health

In other news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health 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 owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the sale, the director now directly owns 8,744 shares in the company, valued at $4,647,610.88. The disclosure for this sale can be found here. In the last three months, insiders sold 35,058 shares of company stock valued at $17,588,116. 0.35% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank & Trust Co purchased a new stake in shares of Elevance Health in the 2nd quarter valued at approximately $27,000. Opal Wealth Advisors LLC acquired a new stake in shares of Elevance Health in the second quarter worth $28,000. Palisade Asset Management LLC purchased a new position in shares of Elevance Health during the first quarter valued at $28,000. Pin Oak Investment Advisors Inc. acquired a new position in Elevance Health during the fourth quarter valued at $28,000. Finally, Register Financial Advisors LLC acquired a new position in Elevance Health during the first quarter valued at $32,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

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.