Elevance Health (NYSE:ELV) Announces Quarterly Earnings Results

Elevance Health (NYSE:ELV) released its quarterly earnings results on Thursday. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.74 by ($1.37), RTT News reports. The company had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The business’s revenue was up 5.3% compared to the same quarter last year. During the same period last year, the firm earned $8.99 earnings per share. Elevance Health updated its FY 2024 guidance to 33.000-33.000 EPS and its FY24 guidance to ~$33.00 EPS.

Elevance Health Stock Up 2.7 %

ELV opened at $496.99 on Thursday. Elevance Health has a 1 year low of $437.42 and a 1 year high of $567.26. The firm has a 50 day moving average price of $530.38 and a 200 day moving average price of $528.62. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The company has a market cap of $115.51 billion, a PE ratio of 18.78, a price-to-earnings-growth ratio of 1.08 and a beta of 0.82.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ELV shares. Bank of America restated a “neutral” rating and issued a $530.00 target price (down from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Stephens restated an “overweight” rating and set a $615.00 target price on shares of Elevance Health in a research report on Thursday, September 5th. Truist Financial boosted their price target on Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a report on Monday, July 15th. Morgan Stanley assumed coverage on Elevance Health in a report on Monday, June 24th. They set an “overweight” rating and a $643.00 price objective on the stock. Finally, Wells Fargo & Company dropped their target price on Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $605.07.

Insider Buying and Selling at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction on Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the sale, the director now owns 9,721 shares of the company’s stock, valued at $4,926,213.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the sale, the director now directly owns 8,744 shares in the company, valued at approximately $4,647,610.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the transaction, the director now owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,058 shares of company stock valued at $17,588,116 over the last ninety days. Corporate insiders own 0.35% of the company’s stock.

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.