Elevance Health (NYSE:ELV) Issues Quarterly Earnings Results, Misses Expectations By $1.29 EPS

Elevance Health (NYSE:ELV) released its quarterly earnings results on Thursday. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29), RTT News reports. The company had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The business’s revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the firm earned $8.99 EPS. Elevance Health updated its FY 2024 guidance to 33.000-33.000 EPS and its FY24 guidance to ~$33.00 EPS.

Elevance Health Stock Performance

Shares of ELV stock opened at $430.77 on Friday. Elevance Health has a one year low of $397.98 and a one year high of $567.26. The company’s 50-day moving average is $526.74 and its 200 day moving average is $527.66. The company has a market capitalization of $100.12 billion, a price-to-earnings ratio of 16.28, a price-to-earnings-growth ratio of 1.08 and a beta of 0.82. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.51%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio (DPR) is 24.64%.

Analyst Ratings Changes

Several research firms recently weighed in on ELV. Raymond James set a $485.00 price target on shares of Elevance Health in a report on Friday. Morgan Stanley began coverage on shares of Elevance Health in a report on Monday, June 24th. They issued an “overweight” rating and a $643.00 price target on the stock. TD Cowen cut their price target on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a report on Friday, July 19th. Wells Fargo & Company reiterated a “buy” rating on shares of Elevance Health in a report on Friday. Finally, Cantor Fitzgerald dropped their target price on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a report on Friday. One investment analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Elevance Health has a consensus rating of “Moderate Buy” and a consensus target price of $572.27.

Insider Activity at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the sale, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the sale, the director now owns 8,744 shares of the company’s stock, valued at $4,647,610.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the sale, the executive vice president now directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,170 shares of company stock valued at $20,638,737. 0.35% of the stock is owned by insiders.

Institutional Trading of Elevance Health

Institutional investors have recently made changes to their positions in the stock. Bank & Trust Co purchased a new stake in shares of Elevance Health during the 2nd quarter valued at about $27,000. Palisade Asset Management LLC bought a new position in shares of Elevance Health in the 1st quarter worth approximately $28,000. Opal Wealth Advisors LLC bought a new position in shares of Elevance Health in the 2nd quarter worth approximately $28,000. Strategic Financial Concepts LLC bought a new position in shares of Elevance Health in the 2nd quarter worth approximately $30,000. Finally, Register Financial Advisors LLC bought a new position in shares of Elevance Health in the 1st quarter worth approximately $32,000. 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.