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

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

Elevance Health Price Performance

ELV stock opened at $531.59 on Friday. The stock’s 50 day moving average price is $509.14 and its 200 day moving average price is $483.22. The firm has a market cap of $123.70 billion, a P/E ratio of 20.09, a PEG ratio of 1.15 and a beta of 0.78. 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.

Elevance Health Announces Dividend

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

Insider Activity at Elevance Health

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated 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 directly owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Elevance Health

Several institutional investors and hedge funds have recently modified their holdings of ELV. Fortis Capital Advisors LLC purchased a new stake in Elevance Health in the 4th quarter worth approximately $29,000. TD Capital Management LLC purchased a new stake in shares of Elevance Health in the fourth quarter valued at $30,000. Quarry LP acquired a new position in Elevance Health in the fourth quarter valued at $30,000. O Dell Group LLC purchased a new position in Elevance Health during the fourth quarter worth about $32,000. Finally, West Tower Group LLC acquired a new stake in Elevance Health in the 4th quarter worth about $35,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Truist Financial reissued a “buy” rating and set a $600.00 target price (up from $580.00) on shares of Elevance Health in a research note on Friday. UBS Group increased their price objective on Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a research report on Friday. Cantor Fitzgerald restated an “overweight” rating and set a $580.00 target price on shares of Elevance Health in a research report on Wednesday, April 10th. Royal Bank of Canada upped their price target on shares of Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Barclays boosted their price objective on shares of Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a report on Friday. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $583.77.

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.