Elevance Health (NYSE:ELV) Announces Quarterly Earnings Results

Elevance Health (NYSE:ELV) announced its earnings results on Thursday. The company reported $10.64 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 quarterly revenue was up .9% on a year-over-year basis. During the same period last year, the company posted $9.46 EPS.

Elevance Health Price Performance

NYSE:ELV opened at $531.42 on Friday. Elevance Health has a 1-year low of $412.00 and a 1-year high of $539.11. The company has a current ratio of 1.37, a quick ratio of 1.44 and a debt-to-equity ratio of 0.54. The firm has a fifty day simple moving average of $509.14 and a 200 day simple moving average of $483.22. The stock has a market capitalization of $123.66 billion, a PE ratio of 20.09, a P/E/G ratio of 1.15 and a beta of 0.78.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be paid a $1.63 dividend. The ex-dividend date is Monday, June 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.23%. Elevance Health’s dividend payout ratio is presently 24.64%.

Analyst Ratings Changes

Several brokerages have commented on ELV. StockNews.com downgraded shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. UBS Group raised their target price on shares of Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a report on Friday. Wells Fargo & Company raised their target price on shares of Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday. Barclays lifted their price objective on shares of Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a report on Friday. Finally, Royal Bank of Canada lifted their price objective on shares of Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a report on Friday. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Elevance Health presently has an average rating of “Moderate Buy” and a consensus target price of $583.77.

Insider Activity at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of the firm’s 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 transaction, the director now directly owns 9,109 shares of the company’s stock, valued at $4,554,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.35% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elevance Health

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. boosted its position in Elevance Health by 13.1% during the second quarter. Alliancebernstein L.P. now owns 3,214,663 shares of the company’s stock worth $1,428,243,000 after purchasing an additional 372,937 shares during the period. Nuveen Asset Management LLC boosted its position in shares of Elevance Health by 1.8% in the second quarter. Nuveen Asset Management LLC now owns 3,143,404 shares of the company’s stock valued at $1,396,583,000 after acquiring an additional 56,204 shares during the period. Norges Bank bought a new stake in shares of Elevance Health in the fourth quarter valued at about $1,253,211,000. Legal & General Group Plc boosted its position in shares of Elevance Health by 22.8% in 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 period. Finally, Goldman Sachs Group Inc. boosted its position in shares of Elevance Health by 9.3% in the second quarter. Goldman Sachs Group Inc. now owns 2,013,408 shares of the company’s stock valued at $894,537,000 after acquiring an additional 170,785 shares during the period. 89.24% of the stock is owned by 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.