Elevance Health (NYSE:ELV) Updates FY24 Earnings Guidance

Elevance Health (NYSE:ELV) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of ~$33.00 for the period, compared to the consensus EPS estimate of $37.25. Elevance Health also updated its FY 2024 guidance to 33.000-33.000 EPS.

Analyst Ratings Changes

Several research firms have recently commented on ELV. Barclays increased their price objective on Elevance Health from $611.00 to $622.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday. Royal Bank of Canada cut their target price on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research note on Friday. UBS Group lowered their price target on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Cantor Fitzgerald cut their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research report on Friday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $572.27.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $430.76 on Friday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $100.12 billion, a price-to-earnings ratio of 16.28, a price-to-earnings-growth ratio of 1.08 and a beta of 0.82. Elevance Health has a twelve month low of $397.98 and a twelve month high of $567.26. The company has a 50-day simple moving average of $526.74 and a two-hundred day simple moving average of $527.46.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The company had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. During the same quarter last year, the firm posted $8.99 earnings per share. The company’s quarterly revenue was up 5.3% on a year-over-year basis. Analysts forecast that Elevance Health will post 37.26 EPS for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s payout ratio is currently 24.64%.

Insider Activity at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the sale, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the sale, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares in the company, valued at approximately $4,647,610.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,170 shares of company stock valued at $20,638,737 over the last quarter. 0.35% of the stock is owned by corporate insiders.

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.