Elevance Health, Inc. (NYSE:ELV) Shareholders to Get $1.72 Quarterly Dividend

Key Points

• Elevance Health declared a quarterly dividend of $1.72 per share, payable December 18 to shareholders of record on December 4. The payment implies an annualized dividend of $6.88 and a 1.6% yield.
• The company has increased its dividend for 14 consecutive years, while its 17.5% payout ratio indicates substantial earnings coverage. Analysts expect a 23.4% future payout ratio based on projected earnings.
• Elevance reported quarterly EPS of $6.99, beating estimates by $2.28, and revenue of $50.44 billion, above expectations. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $441.71.

Elevance Health, Inc. (NYSE:ELV - Get Free Report) declared a quarterly dividend on Tuesday, October 20th. Stockholders of record on Friday, December 4th will be given a dividend of $1.72 per share on Friday, December 18th. This represents a $6.88 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, December 4th.

Elevance Health has raised its dividend by an average of 0.1% annually over the last three years and has raised its dividend annually for the last 14 consecutive years. Elevance Health has a payout ratio of 17.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Elevance Health to earn $29.41 per share next year, which means the company should continue to be able to cover its $6.88 annual dividend with an expected future payout ratio of 23.4%.

Elevance Health Price Performance

Shares of ELV stock traded down $4.92 on Wednesday, reaching $435.26. The company's stock had a trading volume of 2,474,569 shares, compared to its average volume of 1,606,289. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. Elevance Health has a 12-month low of $274.84 and a 12-month high of $450.69. The company has a market capitalization of $94.39 billion, a P/E ratio of 19.34, a PEG ratio of 2.24 and a beta of 0.70. The stock's 50 day simple moving average is $405.84 and its 200-day simple moving average is $388.57.

Elevance Health (NYSE:ELV - Get Free Report) last posted its earnings results on Wednesday, October 21st. The company reported $6.99 EPS for the quarter, topping the consensus estimate of $4.71 by $2.28. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%. The business had revenue of $50.44 billion during the quarter, compared to analysts' expectations of $49.22 billion. During the same period in the previous year, the business earned $6.03 earnings per share. The firm's revenue was up .7% on a year-over-year basis. As a group, equities analysts predict that Elevance Health will post 27.20 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Raymond James Financial set a $450.00 target price on shares of Elevance Health in a research note on Tuesday, July 7th. Truist Financial boosted their price target on shares of Elevance Health from $450.00 to $475.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Robert W. Baird increased their price target on shares of Elevance Health from $331.00 to $393.00 and gave the stock a "neutral" rating in a report on Thursday, July 16th. Barclays raised their price objective on shares of Elevance Health from $457.00 to $469.00 and gave the company an "overweight" rating in a research report on Wednesday, October 7th. Finally, Leerink Partners lifted their price objective on shares of Elevance Health from $364.00 to $395.00 and gave the stock a "market perform" rating in a report on Friday, July 17th. Fifteen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, Elevance Health currently has a consensus rating of "Moderate Buy" and an average price target of $441.71.

About Elevance Health

Elevance Health, Inc NYSE: ELV is a diversified health benefits company that provides health insurance and related services in the United States. Its offerings serve employers, individuals and families, as well as members of government-sponsored programs, including Medicare and Medicaid. The company provides medical, pharmacy, behavioral health and other benefits through a range of health plans and specialty products.

Elevance Health operates its health benefits businesses through a portfolio that includes Blue Cross and Blue Shield-affiliated plans and other insurance offerings.

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