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

Elevance Health (NYSE:ELV) issued its earnings results on Thursday. The company reported $10.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.54 by $0.10, Briefing.com reports. The company 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%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the prior year, the business earned $9.46 EPS.

Elevance Health Price Performance

ELV stock opened at $525.19 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.44 and a quick ratio of 1.44. The firm has a market capitalization 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 business’s 50-day moving average is $508.63 and its two-hundred day moving average is $482.59. Elevance Health has a 1 year low of $412.00 and a 1 year high of $539.11.

Elevance Health Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Shareholders 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 yield of 1.24%. This is a positive change from Elevance Health’s previous quarterly dividend of $1.48. Elevance Health’s dividend payout ratio (DPR) is currently 25.90%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Cantor Fitzgerald restated an “overweight” rating and issued a $580.00 target price on shares of Elevance Health in a report on Wednesday, April 10th. Wells Fargo & Company dropped their target price on Elevance Health from $561.00 to $557.00 and set an “overweight” rating for the company in a report on Monday, April 8th. Barclays upped their target price on Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a report on Friday. StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. Finally, Jefferies Financial Group increased their price target on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a report on Friday. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $575.00.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the 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 owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.35% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Venture Visionary Partners LLC increased its holdings in shares of Elevance Health by 3.0% in the 4th quarter. Venture Visionary Partners LLC now owns 725 shares of the company’s stock valued at $342,000 after acquiring an additional 21 shares during the last quarter. Childress Capital Advisors LLC increased its holdings in shares of Elevance Health by 4.4% in the 4th quarter. Childress Capital Advisors LLC now owns 634 shares of the company’s stock valued at $299,000 after acquiring an additional 27 shares during the last quarter. Harbour Investments Inc. increased its holdings in shares of Elevance Health by 2.5% in the 4th quarter. Harbour Investments Inc. now owns 1,235 shares of the company’s stock valued at $582,000 after acquiring an additional 30 shares during the last quarter. Guardian Wealth Advisors LLC NC increased its holdings in shares of Elevance Health by 5.1% in the 4th quarter. Guardian Wealth Advisors LLC NC now owns 640 shares of the company’s stock valued at $302,000 after acquiring an additional 31 shares during the last quarter. Finally, Continuum Advisory LLC increased its holdings in shares of Elevance Health by 2.4% in the 1st quarter. Continuum Advisory LLC now owns 1,328 shares of the company’s stock valued at $611,000 after acquiring an additional 31 shares during the last quarter. 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.