Elevance Health (NYSE:ELV) Issues Quarterly Earnings Results

Key Points

• Elevance Health reported quarterly earnings of $6.03 per share, exceeding the consensus estimate of $5.03 by $1.00, with a net margin of 2.83% and a return on equity of 17.59%.
• The company's stock price opened at $354.33, with a market cap of $79.79 billion and a 52-week high of $458.75, indicating a solid performance compared to its historical range.
• Analysts are generally optimistic, with ten investment analysts rating the stock a "Buy," while the average target price stands at $400.06, influenced by upgrades from firms like Guggenheim and Mizuho.

Elevance Health (NYSE:ELV - Get Free Report) posted its quarterly earnings results on Tuesday. The company reported $6.03 earnings per share for the quarter, topping the consensus estimate of $5.03 by $1.00, Zacks reports. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%.

Elevance Health Price Performance

Shares of ELV opened at $354.33 on Tuesday. The stock has a market cap of $79.79 billion, a PE ratio of 15.08, a price-to-earnings-growth ratio of 1.27 and a beta of 0.59. 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 fifty-two week low of $273.71 and a fifty-two week high of $458.75. The firm's 50-day simple moving average is $323.21 and its two-hundred day simple moving average is $354.62.

Insiders Place Their Bets

In other Elevance Health news, Director Susan D. Devore acquired 1,200 shares of the business's stock in a transaction on Tuesday, August 19th. The shares were acquired at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the acquisition, the director owned 3,502 shares in the company, valued at $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.29% of the company's stock.

Institutional Investors Weigh In On Elevance Health

Several institutional investors and hedge funds have recently made changes to their positions in the company. Sompo Asset Management Co. Ltd. boosted its stake in Elevance Health by 5.7% during the 2nd quarter. Sompo Asset Management Co. Ltd. now owns 1,290 shares of the company's stock valued at $502,000 after purchasing an additional 70 shares during the last quarter. Orion Porfolio Solutions LLC increased its holdings in Elevance Health by 0.6% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 18,521 shares of the company's stock worth $7,204,000 after buying an additional 102 shares in the last quarter. Kestra Investment Management LLC increased its holdings in Elevance Health by 20.8% in the 2nd quarter. Kestra Investment Management LLC now owns 709 shares of the company's stock worth $276,000 after buying an additional 122 shares in the last quarter. Transamerica Financial Advisors LLC raised its position in Elevance Health by 43.9% in the 2nd quarter. Transamerica Financial Advisors LLC now owns 616 shares of the company's stock worth $239,000 after buying an additional 188 shares during the last quarter. Finally, State of Wyoming bought a new stake in shares of Elevance Health in the second quarter worth approximately $127,000. Institutional investors own 89.24% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ELV. Weiss Ratings raised shares of Elevance Health from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, October 8th. Guggenheim upped their price objective on shares of Elevance Health from $360.00 to $398.00 and gave the company a "buy" rating in a research note on Wednesday, October 8th. Mizuho upped their price objective on shares of Elevance Health from $342.00 to $420.00 and gave the company an "outperform" rating in a research note on Thursday, October 9th. Sanford C. Bernstein lowered their price objective on shares of Elevance Health from $445.00 to $420.00 and set an "outperform" rating for the company in a research note on Thursday, October 16th. Finally, Leerink Partnrs cut shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. Ten investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat, Elevance Health has an average rating of "Moderate Buy" and a consensus target price of $400.06.

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.

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