Elevance Health (NYSE:ELV) Posts Earnings Results, Beats Estimates By $2.28 EPS

Key Points

• Elevance Health beat quarterly earnings expectations: The company reported $6.99 in EPS, $2.28 above the $4.71 consensus estimate, while revenue reached $50.44 billion versus expectations of $49.22 billion.
• Shares opened at $439.57, near the company’s 52-week high of $440.67, with a market capitalization of approximately $95.33 billion.
• Wall Street’s view remains positive, with 15 analysts rating the stock a Buy and eight a Hold; the consensus rating is “Moderate Buy” with an average price target of $441.71.

Elevance Health (NYSE:ELV - Get Free Report) posted its quarterly earnings data on Wednesday. The company reported $6.99 earnings per share for the quarter, topping the consensus estimate of $4.71 by $2.28, FiscalAI reports. 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.

Elevance Health Stock Performance

NYSE:ELV opened at $439.57 on Wednesday. The firm's 50-day moving average is $405.84 and its 200-day moving average is $388.57. Elevance Health has a 52-week low of $274.84 and a 52-week high of $440.67. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. The company has a market cap of $95.33 billion, a price-to-earnings ratio of 19.54, a PEG ratio of 2.24 and a beta of 0.70.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ELV. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $395.00 target price on shares of Elevance Health in a report on Thursday, July 16th. Cantor Fitzgerald lifted their price target on Elevance Health from $400.00 to $450.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Guggenheim upped their price target on Elevance Health from $455.00 to $460.00 and gave the stock a "buy" rating in a report on Monday, October 12th. Royal Bank Of Canada cut their price target on Elevance Health from $439.00 to $424.00 and set a "sector perform" rating for the company in a report on Thursday, July 16th. Finally, TD Cowen increased their price objective on Elevance Health from $400.00 to $465.00 and gave the company a "buy" rating in a research report on Tuesday, July 14th. Fifteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price 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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