Elevance Health (NYSE:ELV) Releases Earnings Results, Misses Estimates By $0.46 EPS

Elevance Health (NYSE:ELV - Get Free Report) posted its earnings results on Thursday. The company reported $8.84 earnings per share for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46), Zacks reports. Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. The business had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. During the same period last year, the business posted $10.12 earnings per share. The company's revenue for the quarter was up 14.3% compared to the same quarter last year.

Elevance Health Trading Down 11.7%

NYSE:ELV traded down $40.21 during trading hours on Thursday, hitting $304.34. The company had a trading volume of 2,969,205 shares, compared to its average volume of 1,643,403. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.66. The company has a 50-day moving average of $376.31 and a 200 day moving average of $396.73. The company has a market cap of $68.76 billion, a P/E ratio of 11.90, a P/E/G ratio of 0.85 and a beta of 0.60. Elevance Health has a 1 year low of $297.56 and a 1 year high of $567.26.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 2.25%. The ex-dividend date was Tuesday, June 10th. Elevance Health's dividend payout ratio is currently 26.69%.

Insider Transactions at Elevance Health

In other Elevance Health news, CFO Mark Kaye sold 4,588 shares of the company's stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the sale, the chief financial officer directly owned 18,977 shares in the company, valued at $8,061,809.14. This represents a 19.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ELV has been the subject of a number of analyst reports. Baird R W downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. Wall Street Zen upgraded Elevance Health from a "hold" rating to a "buy" rating in a research report on Thursday, March 20th. UBS Group reiterated a "buy" rating and set a $484.00 target price (down from $555.00) on shares of Elevance Health in a research report on Monday. Robert W. Baird restated a "neutral" rating and set a $529.00 price target (down previously from $625.00) on shares of Elevance Health in a research note on Tuesday, April 15th. Finally, Argus set a $465.00 target price on Elevance Health in a research note on Friday, April 25th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $481.87.

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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