Elevance Health (NYSE:ELV) Stock Rating Reaffirmed by Cantor Fitzgerald

Elevance Health (NYSE:ELV)‘s stock had its “overweight” rating restated by analysts at Cantor Fitzgerald in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $580.00 price objective on the stock. Cantor Fitzgerald’s target price points to a potential upside of 15.55% from the company’s current price.

ELV has been the subject of a number of other reports. Barclays started coverage on Elevance Health in a research report on Wednesday, March 6th. They issued an “overweight” rating and a $584.00 price objective for the company. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 25th. Wells Fargo & Company cut their target price on shares of Elevance Health from $561.00 to $557.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Royal Bank of Canada raised their price objective on shares of Elevance Health from $572.00 to $574.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $569.00.

Elevance Health Trading Down 1.1 %

Shares of Elevance Health stock opened at $501.96 on Wednesday. The stock has a market cap of $116.81 billion, a P/E ratio of 19.94, a P/E/G ratio of 1.12 and a beta of 0.78. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.59. Elevance Health has a 12-month low of $412.00 and a 12-month high of $521.18. The business’s 50 day moving average is $507.43 and its 200-day moving average is $480.44.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Wednesday, January 24th. The company reported $5.62 EPS for the quarter, beating analysts’ consensus estimates of $5.60 by $0.02. The company had revenue of $42.45 billion during the quarter, compared to the consensus estimate of $42.19 billion. Elevance Health had a net margin of 3.49% and a return on equity of 20.47%. The company’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the firm posted $5.23 EPS. Equities research analysts predict that Elevance Health will post 37.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the completion of the sale, the director now directly owns 9,109 shares in the company, valued at $4,554,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Elevance Health

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Fortis Capital Advisors LLC acquired a new position in shares of Elevance Health during the fourth quarter worth $29,000. TD Capital Management LLC acquired a new stake in shares of Elevance Health during the fourth quarter valued at about $30,000. Pin Oak Investment Advisors Inc. acquired a new position in shares of Elevance Health in the fourth quarter valued at approximately $28,000. OFI Invest Asset Management acquired a new stake in Elevance Health during the 3rd quarter worth approximately $25,000. Finally, Quarry LP bought a new stake in Elevance Health during the 4th quarter worth approximately $30,000. 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.