Elevance Health (NYSE:ELV) Given New $485.00 Price Target at Cantor Fitzgerald

Elevance Health (NYSE:ELV) had its price target reduced by Cantor Fitzgerald from $600.00 to $485.00 in a research note published on Friday, Marketbeat.com reports. Cantor Fitzgerald currently has an overweight rating on the stock.

A number of other research firms have also issued reports on ELV. Barclays boosted their price objective on Elevance Health from $611.00 to $622.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Wells Fargo & Company decreased their price target on Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. Truist Financial raised their price objective on shares of Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Morgan Stanley assumed coverage on shares of Elevance Health in a report on Monday, June 24th. They set an “overweight” rating and a $643.00 target price on the stock. Finally, Bank of America reissued a “neutral” rating and issued a $530.00 price target (down from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $565.27.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $422.39 on Friday. The firm has a market capitalization of $98.17 billion, a PE ratio of 15.96, a P/E/G ratio of 1.08 and a beta of 0.82. 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 company has a 50-day moving average price of $524.68 and a two-hundred day moving average price of $527.27. Elevance Health has a twelve month low of $397.98 and a twelve month high of $567.26.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The business had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. During the same period last year, the business posted $8.99 earnings per share. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. Equities analysts forecast that Elevance Health will post 37.26 EPS for the current year.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s dividend payout ratio (DPR) is currently 24.64%.

Insider Transactions at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the sale, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the transaction, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the company’s 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 sale, the director now owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.35% of the company’s stock.

Institutional Trading of Elevance Health

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA increased its stake in shares of Elevance Health by 34.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after buying an additional 523,910 shares during the period. M&G Plc purchased a new position in shares of Elevance Health in the first quarter valued at about $203,389,000. Maj Invest Holding A S bought a new position in shares of Elevance Health during the second quarter valued at about $173,753,000. First Eagle Investment Management LLC boosted its holdings in shares of Elevance Health by 15.5% during the second quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock worth $1,115,301,000 after purchasing an additional 275,708 shares during the period. Finally, Global Assets Advisory LLC bought a new stake in shares of Elevance Health in the first quarter worth about $109,435,000. Institutional investors own 89.24% of the company’s stock.

About Elevance Health

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.