Elevance Health, Inc. (NYSE:ELV) to Post FY2024 Earnings of $37.21 Per Share, Cantor Fitzgerald Forecasts

Elevance Health, Inc. (NYSE:ELV) – Cantor Fitzgerald increased their FY2024 earnings per share estimates for Elevance Health in a research report issued to clients and investors on Friday, April 19th. Cantor Fitzgerald analyst S. James now anticipates that the company will post earnings of $37.21 per share for the year, up from their previous estimate of $37.13. Cantor Fitzgerald has a “Overweight” rating and a $580.00 price objective on the stock. The consensus estimate for Elevance Health’s current full-year earnings is $37.24 per share.

Several other analysts have also issued reports on the company. Jefferies Financial Group boosted their target price on Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research note on Friday. Barclays upped their price objective on shares of Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a report on Friday. Truist Financial reiterated a “buy” rating and issued a $600.00 target price (up previously from $580.00) on shares of Elevance Health in a research note on Friday. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 25th. Finally, UBS Group raised their price objective on shares of Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a report on Friday. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $587.64.

Elevance Health Trading Up 0.1 %

NYSE:ELV opened at $532.17 on Monday. Elevance Health has a 12 month low of $412.00 and a 12 month high of $539.11. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. The firm’s 50 day moving average is $509.68 and its 200 day moving average is $484.51. The stock has a market capitalization of $123.69 billion, a PE ratio of 20.11, a price-to-earnings-growth ratio of 1.16 and a beta of 0.78.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, beating the consensus estimate of $10.54 by $0.10. The company had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the prior year, the business earned $9.46 earnings per share.

Elevance Health Dividend Announcement

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

Insider Transactions at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the transaction, the director now directly owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Elevance Health

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Elevance Health during the fourth quarter worth about $1,347,434,000. Massachusetts Financial Services Co. MA bought a new stake in Elevance Health in the fourth quarter valued at $467,141,000. Canoe Financial LP raised its holdings in Elevance Health by 158.1% in the 4th quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock worth $398,054,000 after purchasing an additional 517,116 shares in the last quarter. Morningstar Investment Services LLC purchased a new stake in shares of Elevance Health in the 4th quarter worth about $239,244,000. Finally, International Assets Investment Management LLC boosted its stake in shares of Elevance Health by 45,888.1% during the 4th quarter. International Assets Investment Management LLC now owns 255,694 shares of the company’s stock valued at $1,205,750,000 after purchasing an additional 255,138 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.

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.