Elevance Health (NYSE:ELV) Announces Earnings Results

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

Elevance Health Trading Down 3.1 %

NYSE ELV opened at $504.72 on Friday. The company has a 50-day moving average of $533.90 and a 200-day moving average of $514.55. 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. The company has a market cap of $117.31 billion, a P/E ratio of 19.07, a P/E/G ratio of 1.15 and a beta of 0.84.

Elevance Health Dividend Announcement

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

Insider Activity at Elevance Health

In related news, EVP Felicia F. Norwood sold 14,111 shares of the company’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the completion of the transaction, the executive vice president now owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.35% of the stock is owned by insiders.

Analyst Ratings Changes

ELV has been the subject of a number of research reports. Robert W. Baird assumed coverage on shares of Elevance Health in a research report on Thursday, May 30th. They set an “outperform” rating and a $649.00 target price for the company. JPMorgan Chase & Co. lifted their price objective on Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. StockNews.com lowered Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 6th. Jefferies Financial Group raised their price target on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. Finally, Stephens restated an “overweight” rating and issued a $615.00 price objective on shares of Elevance Health in a research report on Tuesday, June 11th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Elevance Health currently has an average rating of “Buy” and a consensus target price of $604.50.

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.