Elevance Health (NYSE:ELV) Announces Earnings Results, Beats Estimates By $1.00 EPS

Elevance Health (NYSE:ELV) posted its quarterly earnings data on Tuesday. The company reported $6.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.03 by $1.00, Zacks reports. The company had revenue of $50.09 billion during the quarter, compared to analysts’ expectations of $49.26 billion. Elevance Health had a return on equity of 16.31% and a net margin of 2.84%.Elevance Health’s revenue was up 12.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $8.37 EPS.

Elevance Health Trading Down 1.4%

Elevance Health stock opened at $344.88 on Thursday. The stock has a 50-day moving average of $325.40 and a two-hundred day moving average of $354.52. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. Elevance Health has a one year low of $273.71 and a one year high of $458.75. The stock has a market cap of $77.66 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 1.28 and a beta of 0.59.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be paid a $1.71 dividend. The ex-dividend date is Friday, December 5th. This represents a $6.84 dividend on an annualized basis and a yield of 2.0%. Elevance Health’s dividend payout ratio (DPR) is 29.11%.

Wall Street Analyst Weigh In

ELV has been the subject of a number of research reports. Wall Street Zen lowered Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, July 18th. Weiss Ratings upgraded Elevance Health from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 8th. Leerink Partners reiterated a “market perform” rating and issued a $310.00 target price (down from $510.00) on shares of Elevance Health in a report on Friday, July 18th. JPMorgan Chase & Co. lowered their price objective on shares of Elevance Health from $472.00 to $384.00 and set an “overweight” rating for the company in a research note on Tuesday, July 22nd. Finally, Wells Fargo & Company lowered their price objective on shares of Elevance Health from $412.00 to $403.00 and set an “overweight” rating for the company in a research note on Wednesday. Ten research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $398.94.

Insider Activity at Elevance Health

In related news, Director Susan D. Devore acquired 1,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The stock was purchased at an average cost of $312.15 per share, with a total value of $374,580.00. Following the transaction, the director directly owned 3,502 shares of the company’s stock, valued at $1,093,149.30. This trade represents a 52.13% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.29% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ELV. Sei Investments Co. raised its holdings in shares of Elevance Health by 7.7% in the second quarter. Sei Investments Co. now owns 163,668 shares of the company’s stock worth $63,666,000 after buying an additional 11,745 shares during the last quarter. Glenview Trust co raised its stake in Elevance Health by 41.5% in the 2nd quarter. Glenview Trust co now owns 1,619 shares of the company’s stock worth $630,000 after acquiring an additional 475 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in Elevance Health by 6.9% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 65,945 shares of the company’s stock worth $25,650,000 after acquiring an additional 4,272 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Elevance Health by 5.0% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 42,371 shares of the company’s stock worth $16,478,000 after purchasing an additional 2,012 shares during the last quarter. Finally, Quantinno Capital Management LP raised its stake in shares of Elevance Health by 111.8% in the second quarter. Quantinno Capital Management LP now owns 43,911 shares of the company’s stock worth $17,080,000 after purchasing an additional 23,180 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

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.