Elevance Health (NYSE:ELV) Issues Quarterly Earnings Results, Beats Estimates By $0.13 EPS

Elevance Health (NYSE:ELV) posted its quarterly earnings results on Wednesday. The company reported $10.12 EPS for the quarter, topping the consensus estimate of $9.99 by $0.13, RTT News reports. The company had revenue of $43.22 billion for the quarter, compared to the consensus estimate of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm’s revenue was down .4% compared to the same quarter last year. During the same quarter last year, the firm posted $9.04 EPS. Elevance Health updated its FY24 guidance to at least $37.20 EPS.

Elevance Health Stock Down 3.1 %

ELV stock opened at $504.72 on Friday. The firm’s fifty day simple moving average is $533.90 and its 200-day simple moving average is $514.55. The company has a market capitalization of $117.31 billion, a P/E ratio of 19.07, a price-to-earnings-growth ratio of 1.15 and a beta of 0.84. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.37. Elevance Health has a 12 month low of $431.38 and a 12 month high of $555.35.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.29%. The ex-dividend date is Tuesday, September 10th. Elevance Health’s dividend payout ratio (DPR) is currently 24.64%.

Insider Activity

In other news, EVP Felicia F. Norwood sold 14,111 shares of the company’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total value of $7,531,605.14. Following the sale, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Robert W. Baird started coverage on shares of Elevance Health in a research note on Thursday, May 30th. They issued an “outperform” rating and a $649.00 price target on the stock. Barclays cut their target price on shares of Elevance Health from $621.00 to $611.00 and set an “overweight” rating on the stock in a research report on Thursday. Baird R W raised shares of Elevance Health to a “strong-buy” rating in a research report on Thursday, May 30th. Truist Financial raised their target price on shares of Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a research report on Monday. Finally, Mizuho raised their price target on shares of Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $604.50.

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.