Elevance Health (NYSE:ELV) Earns “Overweight” Rating from Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Elevance Health (NYSE:ELVFree Report) in a research report report published on Friday morning, Benzinga reports. They currently have a $547.00 target price on the stock.

A number of other equities research analysts have also recently issued reports on ELV. JPMorgan Chase & Co. dropped their price objective on Elevance Health from $569.00 to $552.00 and set an overweight rating on the stock in a research note on Friday, November 17th. Royal Bank of Canada increased their price target on Elevance Health from $572.00 to $574.00 and gave the company an outperform rating in a research note on Thursday, January 25th. StockNews.com cut Elevance Health from a strong-buy rating to a buy rating in a research note on Thursday, January 25th. Finally, Morgan Stanley increased their price target on Elevance Health from $585.00 to $587.00 and gave the company an overweight rating in a research note on Thursday, October 19th. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $564.60.

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Elevance Health Trading Down 0.1 %

NYSE ELV opened at $495.12 on Friday. The stock has a market capitalization of $116.35 billion, a price-to-earnings ratio of 19.67, a PEG ratio of 1.11 and a beta of 0.78. The stock’s 50 day moving average price is $476.77 and its two-hundred day moving average price is $463.78. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.41 and a current ratio of 1.44. Elevance Health has a 52 week low of $412.00 and a 52 week high of $501.78.

Elevance Health (NYSE:ELVGet Free Report) last announced its quarterly earnings data on Wednesday, January 24th. The company reported $5.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.60 by $0.02. Elevance Health had a return on equity of 20.47% and a net margin of 3.49%. The company had revenue of $42.45 billion for the quarter, compared to analysts’ expectations of $42.19 billion. During the same quarter in the prior year, the business posted $5.23 EPS. The business’s revenue was up 7.0% compared to the same quarter last year. As a group, analysts anticipate that Elevance Health will post 37.14 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 22nd. Shareholders of record on Friday, March 8th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.32%. This is a positive change from Elevance Health’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend is Thursday, March 7th. Elevance Health’s dividend payout ratio is currently 23.52%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ELV. Geode Capital Management LLC grew its holdings in shares of Elevance Health by 1.5% during the 2nd quarter. Geode Capital Management LLC now owns 4,341,458 shares of the company’s stock worth $1,923,163,000 after purchasing an additional 63,121 shares in the last quarter. Sanders Capital LLC grew its holdings in shares of Elevance Health by 1.4% during the 3rd quarter. Sanders Capital LLC now owns 4,261,976 shares of the company’s stock worth $1,855,750,000 after purchasing an additional 58,013 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Elevance Health by 13.1% during the 2nd quarter. Alliancebernstein L.P. now owns 3,214,663 shares of the company’s stock worth $1,428,243,000 after purchasing an additional 372,937 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in shares of Elevance Health by 1.8% during the 2nd quarter. Nuveen Asset Management LLC now owns 3,143,404 shares of the company’s stock worth $1,396,583,000 after purchasing an additional 56,204 shares in the last quarter. Finally, Baillie Gifford & Co. grew its holdings in shares of Elevance Health by 0.9% during the 4th quarter. Baillie Gifford & Co. now owns 3,087,904 shares of the company’s stock worth $1,456,132,000 after purchasing an additional 27,986 shares in the last quarter. 87.80% of the stock is owned by institutional investors and hedge funds.

About Elevance Health

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Elevance Health, Inc operates as a health benefits company. The company operates through four segments: Commercial & Specialty Business, Government Business, CarelonRx, and Other. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives.

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