Elevance Health (NYSE:ELV) Posts Earnings Results, Beats Expectations By $0.10 EPS

Elevance Health (NYSE:ELV) announced its quarterly earnings results on Thursday. The company reported $10.64 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. During the same period in the previous year, the company earned $9.46 EPS. The firm’s revenue was up .9% on a year-over-year basis.

Elevance Health Stock Up 1.2 %

ELV opened at $531.59 on Friday. Elevance Health has a 1-year low of $412.00 and a 1-year high of $539.11. The business has a 50 day moving average of $509.14 and a 200-day moving average of $483.22. The stock has a market capitalization of $123.70 billion, a price-to-earnings ratio of 20.09, a P/E/G ratio of 1.15 and a beta of 0.78. The company has a current ratio of 1.37, a quick ratio of 1.44 and a debt-to-equity ratio of 0.54.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th will be issued a dividend of $1.63 per share. The ex-dividend date is Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.23%. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Analyst Ratings Changes

A number of analysts have issued reports on ELV shares. Truist Financial reiterated a “buy” rating and issued a $600.00 target price (up from $580.00) on shares of Elevance Health in a research note on Friday. StockNews.com cut shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. UBS Group increased their target price on shares of Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a research report on Friday. Barclays boosted their price target on Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Jefferies Financial Group increased their price objective 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 assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $583.77.

Insider Buying and Selling

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the 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 sale, the director now directly owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.35% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Elevance Health

Several hedge funds have recently made changes to their positions in ELV. Roundview Capital LLC lifted its position 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 worth $912,000 after acquiring an additional 52 shares during the period. Moors & Cabot Inc. acquired a new position in shares of Elevance Health in the first quarter valued at $251,000. Baird Financial Group Inc. boosted its stake in Elevance Health by 0.4% during the first quarter. Baird Financial Group Inc. now owns 14,870 shares of the company’s stock worth $7,305,000 after buying an additional 57 shares in the last quarter. Zions Bancorporation N.A. increased its holdings 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 holdings 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. 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.