Equities researchers at Cantor Fitzgerald began coverage on shares of Elevance Health (NYSE:ELV – Get Rating) in a note issued to investors on Thursday, The Fly reports. The brokerage sets an “overweight” rating and a $547.00 price target on the stock. Cantor Fitzgerald’s target price indicates a potential upside of 21.36% from the stock’s previous close.
A number of other research firms have also recently commented on ELV. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Elevance Health from $571.00 to $575.00 in a research note on Thursday. Truist Financial cut their price target on shares of Elevance Health from $610.00 to $580.00 and set a “buy” rating for the company in a research note on Friday, March 24th. Loop Capital boosted their price target on shares of Elevance Health from $550.00 to $565.00 in a research note on Monday, January 30th. TD Cowen cut their price target on shares of Elevance Health from $577.00 to $564.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, StockNews.com started coverage on shares of Elevance Health in a research note on Thursday, March 16th. They issued a “strong-buy” rating for the company. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $573.24.
Elevance Health Stock Performance
Elevance Health stock opened at $450.74 on Thursday. The firm’s 50 day simple moving average is $473.66 and its 200 day simple moving average is $491.23. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $106.95 billion, a PE ratio of 18.18, a price-to-earnings-growth ratio of 1.22 and a beta of 0.84. Elevance Health has a 1-year low of $440.02 and a 1-year high of $549.52.
Elevance Health (NYSE:ELV – Get Rating) last posted its earnings results on Wednesday, April 19th. The company reported $9.46 earnings per share for the quarter, topping analysts’ consensus estimates of $9.26 by $0.20. The business had revenue of $41.90 billion for the quarter, compared to analyst estimates of $40.93 billion. Elevance Health had a net margin of 3.85% and a return on equity of 19.56%. Elevance Health’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $8.25 EPS. As a group, analysts expect that Elevance Health will post 32.7 earnings per share for the current fiscal year.
Insider Activity at Elevance Health
In related news, EVP Gloria M. McCarthy sold 15,098 shares of the company’s stock in a transaction on Friday, March 24th. The shares were sold at an average price of $444.76, for a total transaction of $6,714,986.48. Following the completion of the sale, the executive vice president now directly owns 51,435 shares in the company, valued at approximately $22,876,230.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.35% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in ELV. Roundview Capital LLC raised its holdings in Elevance Health by 2.9% in the 1st quarter. Roundview Capital LLC now owns 1,858 shares of the company’s stock worth $912,000 after purchasing an additional 52 shares in the last quarter. Moors & Cabot Inc. bought a new position in Elevance Health in the 1st quarter worth $251,000. Baird Financial Group Inc. raised its holdings in Elevance Health by 0.4% in the 1st quarter. Baird Financial Group Inc. now owns 14,870 shares of the company’s stock worth $7,305,000 after purchasing an additional 57 shares in the last quarter. Zions Bancorporation NA raised its holdings in Elevance Health by 52.1% in the 1st quarter. Zions Bancorporation NA now owns 893 shares of the company’s stock worth $439,000 after purchasing an additional 306 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its stake in shares of Elevance Health by 102.9% in the 1st quarter. Brown Brothers Harriman & Co. now owns 846 shares of the company’s stock worth $416,000 after acquiring an additional 429 shares in the last quarter. 87.66% of the stock is currently owned by institutional investors.
About Elevance Health
Elevance Health, Inc operates as a health company, which engages in improving lives and communities, and making healthcare simpler. It operates through the following segments: Commercial and Specialty Business, Government Business, CarelonRx, and Other. The Commercial and Specialty Business segment provides insurance products and services such as stop loss, dental, vision, life, disability and supplemental health insurance.
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