Elevance Health, Inc. (NYSE:ELV - Get Free Report) shares gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $344.55, but opened at $334.00. Elevance Health shares last traded at $307.00, with a volume of 2,170,746 shares traded.
The company reported $8.84 earnings per share for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The firm had revenue of $49.42 billion for the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a return on equity of 18.61% and a net margin of 3.23%. Elevance Health's revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter last year, the business posted $10.12 EPS.
Elevance Health Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date is Wednesday, September 10th. Elevance Health's dividend payout ratio is currently 26.69%.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on ELV shares. Wells Fargo & Company reduced their price target on Elevance Health from $478.00 to $400.00 and set an "overweight" rating on the stock in a research report on Tuesday. Leerink Partners reissued a "market perform" rating and set a $310.00 price target (down previously from $510.00) on shares of Elevance Health in a research report on Friday. Barclays reduced their price target on Elevance Health from $434.00 to $358.00 and set an "overweight" rating on the stock in a research report on Friday. Morgan Stanley reduced their target price on Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a report on Friday. Finally, Argus set a $465.00 target price on Elevance Health in a report on Friday, April 25th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $441.81.
View Our Latest Stock Analysis on ELV
Insider Buying and Selling at Elevance Health
In related news, CFO Mark Kaye sold 4,588 shares of the firm's stock in a transaction on 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 sale, the chief financial officer owned 18,977 shares of the company's stock, valued at $8,061,809.14. This trade represents a 19.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Gail Boudreaux acquired 8,500 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were purchased at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the acquisition, the chief executive officer owned 151,020 shares in the company, valued at $43,333,678.80. This represents a 5.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.29% of the company's stock.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of ELV. Accredited Wealth Management LLC bought a new position in Elevance Health during the 4th quarter worth $25,000. Private Wealth Management Group LLC raised its position in Elevance Health by 152.0% during the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after purchasing an additional 38 shares during the last quarter. WealthTrak Capital Management LLC bought a new position in Elevance Health during the 4th quarter worth $29,000. WPG Advisers LLC bought a new position in Elevance Health during the 1st quarter worth $29,000. Finally, Lee Danner & Bass Inc. bought a new position in Elevance Health during the 4th quarter worth $30,000. 89.24% of the stock is owned by institutional investors.
Elevance Health Stock Performance
The firm has a market capitalization of $62.55 billion, a P/E ratio of 10.80, a price-to-earnings-growth ratio of 0.88 and a beta of 0.60. 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 $374.07 and a 200-day moving average of $396.26.
About Elevance Health
(
Get Free Report)
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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