Elevance Health (NYSE:ELV) Issues Quarterly Earnings Results

Elevance Health (NYSE:ELV) announced its quarterly earnings data 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 return on equity of 20.47% and a net margin of 3.49%. The firm had revenue of $42.27 billion during the quarter, compared to the consensus estimate of $42.49 billion. During the same period in the prior year, the business earned $9.46 EPS. The business’s revenue for the quarter was up .9% on a year-over-year basis.

Elevance Health Price Performance

ELV opened at $525.19 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.44 and a quick ratio of 1.44. Elevance Health has a 1 year low of $412.00 and a 1 year high of $539.11. The firm has a market capitalization of $122.21 billion, a PE ratio of 20.87, a price-to-earnings-growth ratio of 1.12 and a beta of 0.78. The business’s 50-day moving average is $508.63 and its two-hundred day moving average is $482.59.

Elevance Health Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Friday, March 8th were paid a dividend of $1.63 per share. The ex-dividend date was Thursday, March 7th. This represents a $6.52 annualized dividend and a yield of 1.24%. This is a boost from Elevance Health’s previous quarterly dividend of $1.48. Elevance Health’s dividend payout ratio is currently 25.90%.

Insiders Place Their Bets

In other news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated Wednesday, February 7th. The stock was 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 owns 9,109 shares in the company, valued at $4,554,500. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.35% of the company’s stock.

Institutional Trading of Elevance Health

Large investors have recently made changes to their positions in the company. Alliancebernstein L.P. boosted its holdings in shares of Elevance Health by 13.1% during the 2nd quarter. Alliancebernstein L.P. now owns 3,214,663 shares of the company’s stock worth $1,428,243,000 after buying an additional 372,937 shares in the last quarter. Nuveen Asset Management LLC lifted its stake in shares of Elevance Health by 1.8% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,143,404 shares of the company’s stock valued at $1,396,583,000 after purchasing an additional 56,204 shares during the last quarter. Norges Bank acquired a new stake in shares of Elevance Health in the 4th quarter worth $1,253,211,000. Legal & General Group Plc raised its holdings in shares of Elevance Health by 22.8% during the fourth quarter. Legal & General Group Plc now owns 2,197,840 shares of the company’s stock valued at $1,036,415,000 after acquiring an additional 407,713 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Elevance Health by 9.3% during the second quarter. Goldman Sachs Group Inc. now owns 2,013,408 shares of the company’s stock worth $894,537,000 after buying an additional 170,785 shares during the period. Institutional investors own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

ELV has been the subject of a number of recent research reports. Cantor Fitzgerald reissued an “overweight” rating and set a $580.00 price objective on shares of Elevance Health in a report on Wednesday, April 10th. Wells Fargo & Company cut their price objective on shares of Elevance Health from $561.00 to $557.00 and set an “overweight” rating on the stock in a research note on Monday, April 8th. Barclays started coverage on shares of Elevance Health in a research note on Wednesday, March 6th. They set an “overweight” rating and a $584.00 target price on the stock. StockNews.com downgraded shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. Finally, Royal Bank of Canada lifted their price target on shares of Elevance Health from $572.00 to $574.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $569.00.

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.