Q3 2024 Earnings Forecast for Elevance Health, Inc. Issued By Zacks Research (NYSE:ELV)

Elevance Health, Inc. (NYSE:ELV) – Equities research analysts at Zacks Research boosted their Q3 2024 earnings per share estimates for Elevance Health in a research report issued on Wednesday, April 24th. Zacks Research analyst K. Dey now anticipates that the company will post earnings of $9.79 per share for the quarter, up from their prior forecast of $9.66. The consensus estimate for Elevance Health’s current full-year earnings is $37.24 per share. Zacks Research also issued estimates for Elevance Health’s Q4 2024 earnings at $6.53 EPS, FY2024 earnings at $37.21 EPS, Q1 2025 earnings at $11.80 EPS, Q2 2025 earnings at $11.49 EPS, Q3 2025 earnings at $10.83 EPS, Q4 2025 earnings at $7.31 EPS, FY2025 earnings at $41.44 EPS and FY2026 earnings at $46.69 EPS.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, April 18th. The company reported $10.64 EPS for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The company had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. During the same period in the previous year, the firm earned $9.46 earnings per share. The firm’s quarterly revenue was up .9% on a year-over-year basis.

ELV has been the topic of several other reports. Mizuho boosted their price target on Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research note on Wednesday. UBS Group boosted their price objective on Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a report on Friday, April 19th. Royal Bank of Canada boosted their price objective on Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a report on Friday, April 19th. Truist Financial restated a “buy” rating and set a $600.00 price objective (up previously from $580.00) on shares of Elevance Health in a report on Friday, April 19th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $580.00 price target on shares of Elevance Health in a report on Wednesday, April 10th. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $587.42.

Elevance Health Price Performance

Shares of ELV opened at $533.79 on Thursday. Elevance Health has a 52-week low of $412.00 and a 52-week high of $539.11. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37. The business’s 50 day moving average price is $510.78 and its two-hundred day moving average price is $485.44. The firm has a market cap of $124.06 billion, a PE ratio of 20.17, a price-to-earnings-growth ratio of 1.17 and a beta of 0.78.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Sanders Capital LLC lifted its position in shares of Elevance Health by 4.6% during the 4th quarter. Sanders Capital LLC now owns 4,457,986 shares of the company’s stock valued at $2,102,208,000 after buying an additional 196,010 shares during the last quarter. Capital International Investors lifted its position in shares of Elevance Health by 7.9% during the 4th quarter. Capital International Investors now owns 3,374,709 shares of the company’s stock valued at $1,591,237,000 after buying an additional 248,150 shares during the last quarter. Baillie Gifford & Co. lifted its position in shares of Elevance Health by 0.9% during the 4th quarter. Baillie Gifford & Co. now owns 3,087,904 shares of the company’s stock valued at $1,456,132,000 after buying an additional 27,986 shares during the last quarter. Norges Bank bought a new position in Elevance Health in the 4th quarter worth about $1,347,434,000. Finally, Morgan Stanley boosted its stake in Elevance Health by 1.7% in the 3rd quarter. Morgan Stanley now owns 2,784,714 shares of the company’s stock worth $1,212,521,000 after purchasing an additional 46,322 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insiders Place Their Bets

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction 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 of the company’s stock, valued at $4,554,500. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.29% of the company’s stock.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th will be given a $1.63 dividend. The ex-dividend date is Monday, June 10th. This represents a $6.52 annualized dividend and a yield of 1.22%. Elevance Health’s dividend payout ratio is currently 24.64%.

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.