Elevance Health (NYSE:ELV) Releases FY 2024 Earnings Guidance

Elevance Health (NYSE:ELV) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 37.200- for the period, compared to the consensus estimate of 37.280. The company issued revenue guidance of -.

Elevance Health Stock Up 0.6 %

Elevance Health stock traded up $2.94 during mid-day trading on Friday, hitting $535.17. The company had a trading volume of 874,644 shares, compared to its average volume of 1,331,405. Elevance Health has a 12 month low of $431.38 and a 12 month high of $555.35. The company has a market capitalization of $124.10 billion, a PE ratio of 20.23, a price-to-earnings-growth ratio of 1.18 and a beta of 0.84. The stock’s 50 day moving average price is $529.51 and its two-hundred day moving average price is $518.31. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping analysts’ consensus estimates of $9.99 by $0.13. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The company had revenue of $43.22 billion during the quarter, compared to analyst estimates of $42.99 billion. During the same period in the previous year, the business earned $9.04 EPS. The firm’s revenue for the quarter was down .4% on a year-over-year basis. As a group, sell-side analysts anticipate that Elevance Health will post 37.25 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be issued 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 Tuesday, September 10th. Elevance Health’s dividend payout ratio is currently 24.64%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ELV. Jefferies Financial Group raised their price objective on shares of Elevance Health from $602.00 to $604.00 and gave the stock a buy rating in a report on Friday, April 19th. StockNews.com downgraded Elevance Health from a strong-buy rating to a buy rating in a research note on Thursday, June 6th. Morgan Stanley initiated coverage on shares of Elevance Health in a research note on Monday, June 24th. They set an overweight rating and a $643.00 target price on the stock. Truist Financial upped their price target on shares of Elevance Health from $600.00 to $620.00 and gave the stock a buy rating in a research report on Monday, July 15th. Finally, Cantor Fitzgerald restated an overweight rating and set a $600.00 price objective on shares of Elevance Health in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Buy and a consensus price target of $604.29.

Insider Buying and Selling at Elevance Health

In other news, CEO Gail Boudreaux sold 34,000 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the sale, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the sale, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the sale, the chief executive officer now owns 126,709 shares in the company, valued at approximately $63,478,674.82. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by company insiders.

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.