Elevance Health (NYSE:ELV) Issues Earnings Results

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

Elevance Health Stock Up 1.2 %

ELV 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. The company’s fifty day moving average price is $509.14 and its 200 day moving average price 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 has a one year low of $412.00 and a one year high of $539.11.

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. This represents a $6.52 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend is Monday, June 10th. Elevance Health’s dividend payout ratio is currently 24.64%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ELV shares. Truist Financial reaffirmed a “buy” rating and issued a $600.00 target price (up previously from $580.00) on shares of Elevance Health in a report on Friday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $580.00 target price on shares of Elevance Health in a report on Wednesday, April 10th. Barclays raised their target price on Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a report on Friday. Wells Fargo & Company raised their target price on Elevance Health from $557.00 to $600.00 and gave the company an “overweight” rating in a report on Friday. Finally, Jefferies Financial Group raised their target price on Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a report on Friday. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $583.77.

Insiders Place Their Bets

In other news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the transaction, the director now owns 9,109 shares in the company, valued at approximately $4,554,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Elevance Health

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank purchased a new position in Elevance Health in the fourth quarter valued at approximately $1,253,211,000. Legal & General Group Plc purchased a new position in Elevance Health in the fourth quarter valued at approximately $944,528,000. Moneta Group Investment Advisors LLC purchased a new position in Elevance Health in the fourth quarter valued at approximately $664,077,000. Arrowstreet Capital Limited Partnership lifted its stake in Elevance Health by 825.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 758,754 shares of the company’s stock valued at $372,715,000 after purchasing an additional 676,769 shares during the last quarter. Finally, Barclays PLC lifted its stake in Elevance Health by 52.9% in the second quarter. Barclays PLC now owns 1,263,401 shares of the company’s stock valued at $561,318,000 after purchasing an additional 437,225 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

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.