Elevance Health (NYSE:ELV) Releases Quarterly Earnings Results, Beats Expectations By $2.28 EPS

Elevance Health (NYSE:ELV) announced its quarterly earnings data on Wednesday. The company reported $6.99 earnings per share for the quarter, topping the consensus estimate of $4.71 by $2.28, FiscalAI reports. The company had revenue of $50.44 billion for the quarter, compared to analyst estimates of $49.22 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.

Elevance Health Stock Up 2.2%

Shares of ELV opened at $439.57 on Wednesday. The stock has a market cap of $95.33 billion, a price-to-earnings ratio of 19.54, a P/E/G ratio of 2.24 and a beta of 0.70. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. Elevance Health has a 12 month low of $274.84 and a 12 month high of $440.67. The company has a 50-day moving average price of $405.84 and a two-hundred day moving average price of $388.57.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Royal Bank Of Canada cut their target price on Elevance Health from $439.00 to $424.00 and set a “sector perform” rating for the company in a research note on Thursday, July 16th. Cantor Fitzgerald raised their target price on Elevance Health from $400.00 to $450.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Leerink Partners lifted their price target on shares of Elevance Health from $364.00 to $395.00 and gave the stock a “market perform” rating in a research note on Friday, July 17th. Wall Street Zen lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Truist Financial boosted their price target on shares of Elevance Health from $450.00 to $475.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Fifteen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Elevance Health presently has a consensus rating of “Moderate Buy” and a consensus price target of $441.71.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a diversified health benefits company that provides health insurance and related services in the United States. Its offerings serve employers, individuals and families, as well as members of government-sponsored programs, including Medicare and Medicaid. The company provides medical, pharmacy, behavioral health and other benefits through a range of health plans and specialty products.

Elevance Health operates its health benefits businesses through a portfolio that includes Blue Cross and Blue Shield-affiliated plans and other insurance offerings.