Elevance Health (NYSE:ELV) Shares Gap Up Following Strong Earnings

Elevance Health, Inc. (NYSE:ELV)’s stock price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $390.73, but opened at $404.72. Elevance Health shares last traded at $394.93, with a volume of 539,696 shares trading hands.

The company reported $3.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%.

Elevance Health Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 1.72%. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio (DPR) is currently 23.77%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Stephens downgraded shares of Elevance Health from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $520.00 to $440.00 in a research note on Wednesday. TD Cowen reduced their price objective on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research note on Monday, October 21st. UBS Group dropped their target price on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Raymond James set a $485.00 price target on shares of Elevance Health in a research report on Friday, October 18th. Finally, Cantor Fitzgerald dropped their price objective on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $524.87.

Institutional Investors Weigh In On Elevance Health

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Raelipskie Partnership purchased a new position in Elevance Health in the third quarter worth approximately $26,000. PSI Advisors LLC purchased a new position in Elevance Health during the 3rd quarter valued at about $27,000. Eastern Bank purchased a new position in shares of Elevance Health in the third quarter valued at approximately $31,000. Dunhill Financial LLC raised its stake in shares of Elevance Health by 57.8% in the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after acquiring an additional 26 shares in the last quarter. Finally, Peterson Financial Group Inc. purchased a new stake in Elevance Health during the 3rd quarter worth about $44,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Up 2.0 %

The firm has a 50 day moving average price of $386.32 and a 200-day moving average price of $463.64. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The firm has a market cap of $92.42 billion, a PE ratio of 14.54, a PEG ratio of 1.10 and a beta of 0.84.

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.