Elevance Health (NYSE:ELV) Announces Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Elevance Health (NYSE:ELV) issued its quarterly earnings data on Thursday. The company reported $10.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.54 by $0.10, Briefing.com reports. The firm had revenue of $42.27 billion during the quarter, compared to analysts’ expectations of $42.49 billion. Elevance Health had a return on equity of 20.47% and a net margin of 3.49%. Elevance Health’s revenue was up .9% on a year-over-year basis. During the same period in the previous year, the firm posted $9.46 earnings per share.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $525.19 on Friday. The company has a market cap of $122.21 billion, a P/E ratio of 20.87, a P/E/G ratio of 1.12 and a beta of 0.78. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.59. Elevance Health has a 52 week low of $412.00 and a 52 week high of $539.11. The business has a fifty day simple moving average of $508.63 and a 200-day simple moving average of $482.59.

Elevance Health Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were given a $1.63 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.24%. This is an increase from Elevance Health’s previous quarterly dividend of $1.48. Elevance Health’s payout ratio is currently 25.90%.

Analyst Ratings Changes

Several brokerages recently issued reports on ELV. Wells Fargo & Company reduced their price objective on Elevance Health from $561.00 to $557.00 and set an “overweight” rating for the company in a report on Monday, April 8th. Jefferies Financial Group lifted their price objective on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a report on Friday. Cantor Fitzgerald reissued an “overweight” rating and issued a $580.00 price target on shares of Elevance Health in a report on Wednesday, April 10th. Royal Bank of Canada boosted their price target on Elevance Health from $572.00 to $574.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Finally, Barclays boosted their price target on Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a report on Friday. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $575.00.

Insider Activity

In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health 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 completion of the sale, the director now owns 9,109 shares of the company’s stock, valued at $4,554,500. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Elevance Health

A number of institutional investors have recently added to or reduced their stakes in ELV. Norges Bank purchased a new stake in Elevance Health during the fourth quarter valued at about $1,253,211,000. Legal & General Group Plc purchased a new stake in Elevance Health during the fourth quarter valued at about $944,528,000. Moneta Group Investment Advisors LLC purchased a new stake in Elevance Health during the fourth quarter valued at about $664,077,000. Arrowstreet Capital Limited Partnership grew its position in Elevance Health by 825.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 758,754 shares of the company’s stock valued at $372,715,000 after acquiring an additional 676,769 shares during the period. Finally, Barclays PLC grew its position in Elevance Health by 52.9% during the second quarter. Barclays PLC now owns 1,263,401 shares of the company’s stock valued at $561,318,000 after acquiring an additional 437,225 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

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.