Elevance Health (NYSE:ELV) Issues Earnings Results

Elevance Health (NYSE:ELV) released its quarterly earnings results on Thursday. The company reported $10.64 EPS for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10, Briefing.com reports. The company had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. Elevance Health’s revenue was up .9% compared to the same quarter last year. During the same quarter last year, the firm posted $9.46 earnings per share.

Elevance Health Price Performance

Shares of ELV stock opened at $531.42 on Friday. The company has a quick ratio of 1.44, a current ratio of 1.37 and a debt-to-equity ratio of 0.54. Elevance Health has a twelve month low of $412.00 and a twelve month high of $539.11. The company has a market cap of $123.66 billion, a P/E ratio of 20.08, a P/E/G ratio of 1.16 and a beta of 0.78. The business has a fifty day simple moving average of $509.14 and a 200 day simple moving average of $483.57.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be given a dividend of $1.63 per share. The ex-dividend date is Monday, June 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.23%. Elevance Health’s dividend payout ratio is currently 24.64%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ELV shares. Truist Financial reaffirmed a “buy” rating and set a $600.00 price target (up previously from $580.00) on shares of Elevance Health in a research report on Friday. Royal Bank of Canada raised their price target on Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a research note on Friday. Barclays raised their price target on Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a research note on Friday. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. Finally, Wells Fargo & Company boosted their price target on Elevance Health from $557.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $584.50.

Insider Buying and Selling

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the transaction, 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 is available through the SEC website. 0.35% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Elevance Health

Several large investors have recently bought and sold shares of the company. Fortis Capital Advisors LLC acquired a new stake in shares of Elevance Health in the fourth quarter valued at about $29,000. Quarry LP acquired a new stake in Elevance Health in the fourth quarter valued at approximately $30,000. TD Capital Management LLC acquired a new stake in Elevance Health in the fourth quarter valued at approximately $30,000. O Dell Group LLC acquired a new stake in Elevance Health in the fourth quarter valued at approximately $32,000. Finally, West Tower Group LLC acquired a new stake in Elevance Health in the fourth quarter valued at approximately $35,000. 89.24% of the stock is currently 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.