Elevance Health (NYSE:ELV) Issues Earnings Results

Elevance Health (NYSE:ELV) issued its quarterly earnings data on Thursday. The company reported $10.64 earnings per share for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10, Briefing.com reports. The business had revenue of $42.27 billion during the quarter, compared to analysts’ expectations of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The company’s revenue was up .9% on a year-over-year basis. During the same period in the previous year, the firm posted $9.46 earnings per share.

Elevance Health Stock Up 1.2 %

ELV stock traded up $6.23 during midday trading on Friday, reaching $531.42. 1,791,509 shares of the company were exchanged, compared to its average volume of 1,015,899. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.44 and a current ratio of 1.37. Elevance Health has a 1-year low of $412.00 and a 1-year high of $539.11. The stock’s 50-day simple moving average is $509.14 and its 200 day simple moving average is $483.22. The company has a market cap of $123.66 billion, a price-to-earnings ratio of 20.09, a price-to-earnings-growth ratio of 1.15 and a beta of 0.78.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.23%. Elevance Health’s payout ratio is currently 24.64%.

Insiders Place Their Bets

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total transaction of $376,500.00. Following the sale, the director now owns 9,109 shares of the company’s stock, valued at $4,554,500. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.35% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Elevance Health

A number of institutional investors have recently modified their holdings of ELV. Roundview Capital LLC increased its holdings in shares of Elevance Health by 2.9% in the 1st quarter. Roundview Capital LLC now owns 1,858 shares of the company’s stock valued at $912,000 after acquiring an additional 52 shares during the period. Moors & Cabot Inc. acquired a new position in Elevance Health in the 1st quarter valued at $251,000. Baird Financial Group Inc. increased its stake in Elevance Health by 0.4% in the 1st quarter. Baird Financial Group Inc. now owns 14,870 shares of the company’s stock valued at $7,305,000 after buying an additional 57 shares during the period. Zions Bancorporation N.A. increased its stake in Elevance Health by 52.1% in the 1st quarter. Zions Bancorporation N.A. now owns 893 shares of the company’s stock valued at $439,000 after buying an additional 306 shares during the period. Finally, Brown Brothers Harriman & Co. increased its stake in Elevance Health by 102.9% in the 1st quarter. Brown Brothers Harriman & Co. now owns 846 shares of the company’s stock valued at $416,000 after buying an additional 429 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ELV shares. Jefferies Financial Group boosted their price objective on Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a report on Friday. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. UBS Group boosted their price objective on Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a report on Friday. Royal Bank of Canada boosted their price objective on Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a report on Friday. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $580.00 target price on shares of Elevance Health in a research note on Wednesday, April 10th. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $583.77.

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.