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

Elevance Health (NYSE:ELV) issued its earnings results on Thursday. The company reported $10.64 earnings per share 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 for the quarter was up .9% on a year-over-year basis. During the same period in the prior year, the firm earned $9.46 earnings per share.

Elevance Health Stock Up 1.2 %

ELV stock opened at $531.42 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.44 and a current ratio of 1.37. The company has a market capitalization of $123.66 billion, a price-to-earnings ratio of 20.09, a PEG ratio of 1.15 and a beta of 0.78. Elevance Health has a fifty-two week low of $412.00 and a fifty-two week high of $539.11. The stock has a fifty day moving average of $509.14 and a 200-day moving average of $483.22.

Elevance Health Announces Dividend

The company also recently declared 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 of this dividend is Monday, June 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.23%. Elevance Health’s payout ratio is 24.64%.

Wall Street Analyst Weigh In

A number of research firms recently commented on ELV. Barclays increased their price target on Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a research report on Friday. Wells Fargo & Company increased their price target on Elevance Health from $557.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday. Royal Bank of Canada increased their price target on Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a research report on Friday. Jefferies Financial Group increased their price target on Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research report on Friday. Finally, Truist Financial reaffirmed a “buy” rating and set a $600.00 target price (up from $580.00) on shares of Elevance Health in a research report on Friday. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $583.77.

Insider Transactions at Elevance Health

In other news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the completion of the transaction, the director now owns 9,109 shares in the company, valued at approximately $4,554,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.35% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ELV. Fortis Capital Advisors LLC bought a new position in shares of Elevance Health during the 4th quarter worth $29,000. Quarry LP bought a new position in Elevance Health in the 4th quarter worth about $30,000. TD Capital Management LLC bought a new position in Elevance Health in the 4th quarter worth about $30,000. O Dell Group LLC bought a new position in Elevance Health in the 4th quarter worth about $32,000. Finally, West Tower Group LLC bought a new position in Elevance Health in the 4th quarter worth about $35,000. Institutional investors own 89.24% of the company’s stock.

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.