Elevance Health (NYSE:ELV) Shares Down 5.8% After Earnings Miss

Shares of Elevance Health, Inc. (NYSE:ELV) traded down 5.8% during mid-day trading on Friday following a dissappointing earnings announcement. The company traded as low as $285.00 and last traded at $285.03. 619,345 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 1,647,853 shares. The stock had previously closed at $302.45.

The company reported $8.84 earnings per share for the quarter, missing the consensus estimate of $9.30 by ($0.46). The business had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a return on equity of 18.61% and a net margin of 3.23%. The business’s revenue was up 14.3% on a year-over-year basis. During the same period last year, the business posted $10.12 earnings per share.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th were paid a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, June 10th. This represents a $6.84 annualized dividend and a dividend yield of 2.41%. Elevance Health’s dividend payout ratio is presently 26.69%.

Analyst Ratings Changes

A number of research firms have issued reports on ELV. Baird R W downgraded Elevance Health from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 15th. Royal Bank Of Canada restated an “outperform” rating and issued a $478.00 target price on shares of Elevance Health in a research note on Wednesday, June 4th. Barclays cut their target price on Elevance Health from $480.00 to $434.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 9th. Leerink Partners reaffirmed a “market perform” rating and issued a $310.00 price target (down previously from $510.00) on shares of Elevance Health in a report on Friday. Finally, Mizuho boosted their target price on shares of Elevance Health from $455.00 to $505.00 and gave the company an “outperform” rating in a report on Wednesday, April 9th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $456.44.

Insider Buying and Selling

In related news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the transaction, the chief financial officer owned 18,977 shares of the company’s stock, valued at $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ELV. Proficio Capital Partners LLC boosted its position in Elevance Health by 33.5% during the fourth quarter. Proficio Capital Partners LLC now owns 626 shares of the company’s stock valued at $231,000 after buying an additional 157 shares during the period. Creative Financial Designs Inc. ADV boosted its position in Elevance Health by 21.4% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 676 shares of the company’s stock valued at $249,000 after buying an additional 119 shares during the period. Axxcess Wealth Management LLC boosted its position in Elevance Health by 48.1% during the fourth quarter. Axxcess Wealth Management LLC now owns 1,509 shares of the company’s stock valued at $557,000 after buying an additional 490 shares during the period. Advisors Asset Management Inc. boosted its position in Elevance Health by 54.1% during the fourth quarter. Advisors Asset Management Inc. now owns 12,912 shares of the company’s stock valued at $4,763,000 after buying an additional 4,535 shares during the period. Finally, Horizon Investments LLC boosted its position in Elevance Health by 1.0% during the fourth quarter. Horizon Investments LLC now owns 3,852 shares of the company’s stock valued at $1,421,000 after buying an additional 40 shares during the period. Institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Down 6.3%

The firm’s 50-day simple moving average is $374.07 and its 200-day simple moving average is $396.26. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $64.00 billion, a PE ratio of 10.98, a price-to-earnings-growth ratio of 0.88 and a beta of 0.60.

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.