Elevance Health (NYSE:ELV) Announces Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Elevance Health (NYSE:ELV - Get Free Report) issued its earnings results on Thursday. The company reported $10.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.54 by $0.10, Briefing.com reports. Elevance Health had a net margin of 3.49% and a return on equity of 20.47%. The business had revenue of $42.27 billion during the quarter, compared to the consensus estimate of $42.49 billion. During the same period last year, the business posted $9.46 EPS. Elevance Health's revenue was up .9% on a year-over-year basis.

Elevance Health Price Performance

Shares of NYSE ELV traded up $6.40 during midday trading on Friday, reaching $531.59. The company's stock had a trading volume of 1,791,392 shares, compared to its average volume of 1,063,187. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.44 and a current ratio of 1.44. Elevance Health has a fifty-two week low of $412.00 and a fifty-two week high of $539.11. The business's 50 day moving average price is $509.14 and its two-hundred day moving average price is $483.22. The company has a market cap of $123.70 billion, a P/E ratio of 21.12, a P/E/G ratio of 1.12 and a beta of 0.78.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th will be given a $1.63 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.23%. Elevance Health's payout ratio is 25.90%.

Wall Street Analyst Weigh In

ELV has been the subject of several recent analyst reports. UBS Group raised their target price on shares of Elevance Health from $585.00 to $605.00 and gave the company a "buy" rating in a research note on Friday. Jefferies Financial Group raised their target price on shares of Elevance Health from $602.00 to $604.00 and gave the company a "buy" rating in a research note on Friday. Barclays raised their target price on shares of Elevance Health from $584.00 to $621.00 and gave the company an "overweight" rating in a research note on Friday. Wells Fargo & Company raised their target price on shares of Elevance Health from $557.00 to $600.00 and gave the company an "overweight" rating in a research note on Friday. Finally, Royal Bank of Canada raised their target price on shares of Elevance Health from $574.00 to $575.00 and gave the company an "outperform" rating in a research note on Friday. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $583.77.

Insider Activity

In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the sale, the director now directly owns 9,109 shares in the company, valued at $4,554,500. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.35% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Fortis Capital Advisors LLC bought a new position in Elevance Health in the fourth quarter valued at approximately $29,000. Quarry LP bought a new stake in shares of Elevance Health during the fourth quarter worth $30,000. TD Capital Management LLC bought a new stake in shares of Elevance Health during the fourth quarter worth $30,000. O Dell Group LLC bought a new stake in shares of Elevance Health during the fourth quarter worth $32,000. Finally, West Tower Group LLC bought a new stake in shares of Elevance Health during the fourth quarter worth $35,000. 89.24% of the stock is owned by institutional investors.

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.