Elevance Health (NYSE:ELV) Announces Quarterly Earnings Results

Elevance Health (NYSE:ELV - Get Free Report) issued its quarterly earnings results on Tuesday. The company reported $11.97 earnings per share for the quarter, topping analysts' consensus estimates of $10.60 by $1.37, Zacks reports. The company had revenue of $48.77 billion for the quarter, compared to the consensus estimate of $46.26 billion. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%.

Elevance Health Price Performance

ELV stock traded down $7.24 during midday trading on Friday, reaching $421.55. The company had a trading volume of 1,534,488 shares, compared to its average volume of 1,460,139. The firm has a 50-day moving average price of $420.00 and a 200-day moving average price of $407.89. The company has a market capitalization of $95.43 billion, a P/E ratio of 16.46, a P/E/G ratio of 1.18 and a beta of 0.77. Elevance Health has a 1 year low of $362.21 and a 1 year high of $567.26. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date is Tuesday, June 10th. Elevance Health's dividend payout ratio is currently 26.71%.

Insider Activity

In other news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the transaction, the chief financial officer now directly owns 18,977 shares in the company, valued at approximately $8,061,809.14. This represents a 19.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Ronald W. Penczek sold 443 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of the sale, the chief accounting officer now owns 1,847 shares of the company's stock, valued at $766,745.11. The trade was a 19.34 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 8,535 shares of company stock worth $3,521,612. 0.29% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ELV. Royal Bank of Canada reiterated an "outperform" rating and issued a $478.00 target price on shares of Elevance Health in a research note on Wednesday. Barclays upped their price objective on Elevance Health from $512.00 to $522.00 and gave the company an "overweight" rating in a research note on Wednesday. StockNews.com raised Elevance Health from a "hold" rating to a "buy" rating in a research report on Thursday, March 20th. Truist Financial upped their price target on Elevance Health from $480.00 to $510.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $485.00 price target on shares of Elevance Health in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $509.44.

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.