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

Elevance Health Stock Performance

Shares of NYSE ELV opened at $531.42 on Friday. The firm has a fifty day moving average price of $509.14 and a 200-day moving average price of $483.57. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.44. The stock has a market cap of $123.66 billion, a PE ratio of 20.08, a price-to-earnings-growth ratio of 1.15 and a beta of 0.78. Elevance Health has a 1 year low of $412.00 and a 1 year high of $539.11.

Elevance Health Announces Dividend

The company 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 $1.63 dividend. The ex-dividend date of this dividend 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 presently 24.64%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on ELV shares. Barclays increased their price objective on shares of 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 objective on shares of Elevance Health from $557.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday. StockNews.com downgraded shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 25th. Jefferies Financial Group increased their price target on shares of Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Royal Bank of Canada increased their price target on shares of Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a research report on Friday. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $584.50.

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 shares were sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the sale, the director now directly owns 9,109 shares of the company’s stock, valued at $4,554,500. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Elevance Health

Several institutional investors have recently bought and sold shares of the stock. Venture Visionary Partners LLC grew its stake in Elevance Health by 3.0% during the fourth quarter. Venture Visionary Partners LLC now owns 725 shares of the company’s stock valued at $342,000 after acquiring an additional 21 shares in the last quarter. Childress Capital Advisors LLC grew its stake in Elevance Health by 4.4% during the fourth quarter. Childress Capital Advisors LLC now owns 634 shares of the company’s stock valued at $299,000 after acquiring an additional 27 shares in the last quarter. Harbour Investments Inc. grew its stake in Elevance Health by 2.5% during the fourth quarter. Harbour Investments Inc. now owns 1,235 shares of the company’s stock valued at $582,000 after acquiring an additional 30 shares in the last quarter. Guardian Wealth Advisors LLC NC grew its stake in Elevance Health by 5.1% during the fourth quarter. Guardian Wealth Advisors LLC NC now owns 640 shares of the company’s stock valued at $302,000 after acquiring an additional 31 shares in the last quarter. Finally, Continuum Advisory LLC grew its stake in Elevance Health by 2.4% during the first quarter. Continuum Advisory LLC now owns 1,328 shares of the company’s stock valued at $611,000 after acquiring an additional 31 shares in the last quarter. 89.24% of the stock is 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.