Elevance Health, Inc. (NYSE:ELV) to Post FY2024 Earnings of $37.21 Per Share, Cantor Fitzgerald Forecasts

Elevance Health, Inc. (NYSE:ELV) – Equities researchers at Cantor Fitzgerald raised their FY2024 earnings per share estimates for Elevance Health in a report released on Friday, April 19th. Cantor Fitzgerald analyst S. James now forecasts that the company will post earnings per share of $37.21 for the year, up from their prior estimate of $37.13. Cantor Fitzgerald has a “Overweight” rating and a $580.00 price target on the stock. The consensus estimate for Elevance Health’s current full-year earnings is $37.24 per share.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. The firm had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. Elevance Health’s revenue was up .9% compared to the same quarter last year. During the same period last year, the business posted $9.46 earnings per share.

A number of other analysts also recently issued reports on ELV. Barclays lifted their price target on Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Wells Fargo & Company lifted their price target on Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Royal Bank of Canada lifted their price target on Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a report on Friday, April 19th. Jefferies Financial Group lifted their target price on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. Finally, Truist Financial reiterated a “buy” rating and set a $600.00 target price (up previously from $580.00) on shares of Elevance Health in a research report on Friday, April 19th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, Elevance Health presently has a consensus rating of “Moderate Buy” and a consensus price target of $587.64.

Elevance Health Stock Up 0.1 %

Shares of NYSE ELV opened at $532.92 on Monday. The company has a market capitalization of $123.86 billion, a price-to-earnings ratio of 20.14, a price-to-earnings-growth ratio of 1.16 and a beta of 0.78. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37. The business has a 50-day moving average of $510.23 and a two-hundred day moving average of $485.10. Elevance Health has a 1 year low of $412.00 and a 1 year high of $539.11.

Hedge Funds Weigh In On Elevance Health

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. abrdn plc boosted its stake in shares of Elevance Health by 86.8% during the 4th quarter. abrdn plc now owns 278,397 shares of the company’s stock worth $131,281,000 after acquiring an additional 129,364 shares in the last quarter. Cerity Partners LLC boosted its stake in shares of Elevance Health by 21.3% during the 4th quarter. Cerity Partners LLC now owns 52,300 shares of the company’s stock worth $24,663,000 after acquiring an additional 9,199 shares in the last quarter. Wetzel Investment Advisors Inc. purchased a new stake in shares of Elevance Health during the 4th quarter worth approximately $218,000. Chicago Capital LLC boosted its stake in shares of Elevance Health by 244.2% during the 4th quarter. Chicago Capital LLC now owns 7,028 shares of the company’s stock worth $3,314,000 after acquiring an additional 4,986 shares in the last quarter. Finally, Lecap Asset Management Ltd. purchased a new stake in shares of Elevance Health during the 4th quarter worth approximately $2,235,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Activity at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the transaction, the director now owns 9,109 shares in the company, valued at approximately $4,554,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.29% of the stock is currently owned by insiders.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.22%. The ex-dividend date of this dividend is Monday, June 10th. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

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.