Elevance Health (NYSE:ELV) Sets New 52-Week High Following Better-Than-Expected Earnings

Shares of Elevance Health, Inc. (NYSE:ELV) reached a new 52-week high on Thursday following a stronger than expected earnings report. The stock traded as high as $533.56 and last traded at $530.40, with a volume of 361720 shares trading hands. The stock had previously closed at $508.97.

The company reported $10.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. The business had revenue of $42.27 billion for the quarter, compared to the consensus estimate of $42.49 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 .9% compared to the same quarter last year. During the same period in the previous year, the firm earned $9.46 EPS.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend is Monday, June 10th. Elevance Health’s payout ratio is currently 25.90%.

Analyst Ratings Changes

A number of brokerages have issued reports on ELV. Truist Financial reissued a “buy” rating and set a $600.00 price objective (up from $580.00) on shares of Elevance Health in a research report on Friday. UBS Group upped their target price on shares of Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a research report on Friday. Royal Bank of Canada upped their target price on shares of Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a research report on Friday. StockNews.com downgraded shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 25th. Finally, Wells Fargo & Company upped their target price on shares of Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $583.77.

Insiders Place Their Bets

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total transaction of $376,500.00. Following the sale, the director now owns 9,109 shares in the company, valued at approximately $4,554,500. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.35% of the stock is owned by company insiders.

Institutional Investors Weigh In On Elevance Health

A number of institutional investors have recently added to or reduced their stakes in the stock. Maryland State Retirement & Pension System grew its holdings in Elevance Health by 0.9% during the 1st quarter. Maryland State Retirement & Pension System now owns 18,614 shares of the company’s stock valued at $9,482,000 after buying an additional 158 shares in the last quarter. American National Bank & Trust Co. VA purchased a new position in shares of Elevance Health in the first quarter valued at $4,637,000. Insight Folios Inc grew its holdings in shares of Elevance Health by 13.6% in the first quarter. Insight Folios Inc now owns 708 shares of the company’s stock valued at $367,000 after purchasing an additional 85 shares in the last quarter. Retirement Guys Formula LLC grew its holdings in shares of Elevance Health by 13.5% in the first quarter. Retirement Guys Formula LLC now owns 2,401 shares of the company’s stock valued at $1,245,000 after purchasing an additional 286 shares in the last quarter. Finally, Uncommon Cents Investing LLC grew its holdings in shares of Elevance Health by 1.4% in the first quarter. Uncommon Cents Investing LLC now owns 3,598 shares of the company’s stock valued at $1,866,000 after purchasing an additional 48 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Stock Performance

The business’s fifty day moving average is $509.14 and its two-hundred day moving average is $483.22. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $123.70 billion, a PE ratio of 21.12, a price-to-earnings-growth ratio of 1.12 and a beta of 0.78.

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.