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

Elevance Health (NYSE:ELV) announced 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. Elevance Health had a return on equity of 20.47% and a net margin of 3.49%. The business had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. During the same period last year, the company earned $9.46 earnings per share. Elevance Health’s quarterly revenue was up .9% compared to the same quarter last year.

Elevance Health Trading Up 3.2 %

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 stock’s 50-day moving average is $508.63 and its 200-day moving average is $482.59. 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 0.59, a quick ratio of 1.44 and a current ratio of 1.44.

Elevance Health Increases Dividend

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

Analyst Ratings Changes

Several analysts recently issued reports on the company. Wells Fargo & Company cut 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. Royal Bank of Canada increased their price objective on Elevance Health from $572.00 to $574.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Jefferies Financial Group increased their price objective on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a report on Friday. Barclays increased their target price on shares of Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, StockNews.com downgraded shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 25th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $575.00.

Insider Activity

In other news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the sale, the director now directly 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 at the SEC website. 0.35% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Elevance Health

Hedge funds and other institutional investors have recently made changes to their positions in the business. Quarry LP acquired a new stake in Elevance Health during the fourth quarter worth about $30,000. Hobbs Group Advisors LLC acquired a new stake in Elevance Health during the fourth quarter worth about $120,000. SageView Advisory Group LLC grew its position in Elevance Health by 109.2% during the fourth quarter. SageView Advisory Group LLC now owns 1,416 shares of the company’s stock worth $697,000 after buying an additional 739 shares in the last quarter. Sanibel Captiva Trust Company Inc. acquired a new stake in Elevance Health during the fourth quarter worth about $591,000. Finally, Childress Capital Advisors LLC grew its position in Elevance Health by 4.4% during the fourth quarter. Childress Capital Advisors LLC now owns 634 shares of the company’s stock worth $299,000 after buying an additional 27 shares in the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

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.