Elevance Health (NYSE:ELV) Announces Quarterly Earnings Results, Beats Estimates By $0.10 EPS

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

Elevance Health Stock Up 1.2 %

ELV stock traded up $6.23 during midday trading on Friday, reaching $531.42. 1,791,509 shares of the company were exchanged, compared to its average volume of 1,015,899. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.44 and a current ratio of 1.37. Elevance Health has a 1-year low of $412.00 and a 1-year high of $539.11. The stock’s 50-day simple moving average is $509.14 and its 200 day simple moving average is $483.22. The company has a market cap of $123.66 billion, a price-to-earnings ratio of 20.09, a price-to-earnings-growth ratio of 1.15 and a beta of 0.78.

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 issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.23%. Elevance Health’s payout ratio is currently 24.64%.

Wall Street Analysts Forecast Growth

ELV has been the subject of several research analyst reports. Royal Bank of Canada raised their target price on shares of Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a research note on Friday. Truist Financial reissued a “buy” rating and issued a $600.00 price objective (up from $580.00) on shares of Elevance Health in a research note on Friday. StockNews.com cut shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. Wells Fargo & Company lifted their price objective on shares of Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Jefferies Financial Group lifted their price objective on shares of Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Elevance Health presently has a consensus rating of “Moderate Buy” and an average target price of $583.77.

Insiders Place Their Bets

In other 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 transaction, the director now directly owns 9,109 shares in the company, valued at $4,554,500. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.35% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Elevance Health

A number of hedge funds have recently modified their holdings of the business. Venture Visionary Partners LLC grew its position in shares of Elevance Health by 3.0% during the fourth quarter. Venture Visionary Partners LLC now owns 725 shares of the company’s stock worth $342,000 after acquiring an additional 21 shares during the last quarter. Childress Capital Advisors LLC grew its position in Elevance Health by 4.4% in the 4th quarter. Childress Capital Advisors LLC now owns 634 shares of the company’s stock valued at $299,000 after buying an additional 27 shares during the last quarter. Harbour Investments Inc. grew its position in Elevance Health by 2.5% in the 4th quarter. Harbour Investments Inc. now owns 1,235 shares of the company’s stock valued at $582,000 after buying an additional 30 shares during the last quarter. Guardian Wealth Advisors LLC NC grew its position in Elevance Health by 5.1% in the 4th quarter. Guardian Wealth Advisors LLC NC now owns 640 shares of the company’s stock valued at $302,000 after buying an additional 31 shares during the last quarter. Finally, Continuum Advisory LLC grew its position in Elevance Health by 2.4% in the 1st quarter. Continuum Advisory LLC now owns 1,328 shares of the company’s stock valued at $611,000 after buying an additional 31 shares during the last quarter. 89.24% of the stock is currently owned by hedge funds and other 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.