Elevance Health (NYSE:ELV) Issues Quarterly Earnings Results

Elevance Health (NYSE:ELV) announced its quarterly earnings data on Thursday. The company reported $10.64 EPS for the quarter, beating the consensus estimate of $10.54 by $0.10, Briefing.com reports. The business had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. Elevance Health had a return on equity of 20.47% and a net margin of 3.49%. The company’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter last year, the firm posted $9.46 earnings per share.

Elevance Health Price Performance

NYSE ELV opened at $531.59 on Friday. Elevance Health has a one year low of $412.00 and a one year high of $539.11. The stock has a 50-day moving average of $509.14 and a 200 day moving average of $483.22. The company has a market capitalization of $123.70 billion, a price-to-earnings ratio of 21.12, a PEG ratio of 1.12 and a beta of 0.78. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.44 and a current ratio of 1.44.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $6.52 annualized dividend and a yield of 1.23%. Elevance Health’s payout ratio is 25.90%.

Analyst Upgrades and Downgrades

ELV has been the subject of several recent research reports. StockNews.com lowered Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 25th. Barclays raised their price objective on Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a research report on Friday. Jefferies Financial Group raised their price objective on Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research report on Friday. Truist Financial reaffirmed a “buy” rating and issued a $600.00 price target (up previously from $580.00) on shares of Elevance Health in a research report on Friday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $580.00 price target on shares of Elevance Health in a research report on Wednesday, April 10th. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $583.77.

Insider Buying and Selling

In related news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the sale, the director now directly owns 9,109 shares in the company, valued at approximately $4,554,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.35% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Elevance Health

Several large investors have recently bought and sold shares of the business. Roundview Capital LLC grew its stake in shares of Elevance Health by 2.9% during the 1st quarter. Roundview Capital LLC now owns 1,858 shares of the company’s stock valued at $912,000 after purchasing an additional 52 shares during the period. Moors & Cabot Inc. bought a new stake in shares of Elevance Health during the 1st quarter valued at about $251,000. Baird Financial Group Inc. grew its stake in shares of Elevance Health by 0.4% during the 1st quarter. Baird Financial Group Inc. now owns 14,870 shares of the company’s stock valued at $7,305,000 after purchasing an additional 57 shares during the period. Zions Bancorporation N.A. grew its stake in shares of Elevance Health by 52.1% during the 1st quarter. Zions Bancorporation N.A. now owns 893 shares of the company’s stock valued at $439,000 after purchasing an additional 306 shares during the period. Finally, Brown Brothers Harriman & Co. grew its stake in shares of Elevance Health by 102.9% during the 1st quarter. Brown Brothers Harriman & Co. now owns 846 shares of the company’s stock valued at $416,000 after purchasing an additional 429 shares during the period. 89.24% of the stock is currently 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.