Elevance Health (NYSE:ELV) Sets New 12-Month Low Following Weak Earnings

Elevance Health, Inc. (NYSE:ELV) hit a new 52-week low during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $431.12 and last traded at $431.12, with a volume of 134470 shares trading hands. The stock had previously closed at $496.96.

The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.74 by ($1.37). The business had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The business’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the business posted $8.99 earnings per share.

Analysts Set New Price Targets

A number of equities analysts have commented on ELV shares. Morgan Stanley started 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. Stephens reaffirmed an “overweight” rating and set a $615.00 target price on shares of Elevance Health in a research note on Thursday, September 5th. Truist Financial lifted their target price on shares of Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. TD Cowen reduced their target price on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a research note on Friday, July 19th. Finally, Royal Bank of Canada lifted their target price on shares of Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $605.07.

Insider Activity

In other news, CEO Gail Boudreaux sold 34,000 shares of the company’s 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 completion of the transaction, the chief executive officer now owns 126,709 shares in the company, valued at approximately $63,478,674.82. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Gail Boudreaux sold 34,000 shares of the firm’s 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 completion of the sale, the chief executive officer now owns 126,709 shares in the company, valued at approximately $63,478,674.82. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares of the company’s stock, valued at $4,647,610.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,058 shares of company stock worth $17,588,116. Corporate insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Elevance Health

A number of large investors have recently made changes to their positions in the stock. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Elevance Health by 4.4% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 28,010 shares of the company’s stock valued at $14,565,000 after purchasing an additional 1,175 shares in the last quarter. Buffington Mohr McNeal increased its holdings in Elevance Health by 7.4% during the 3rd quarter. Buffington Mohr McNeal now owns 10,684 shares of the company’s stock valued at $5,556,000 after acquiring an additional 734 shares in the last quarter. Global Retirement Partners LLC increased its holdings in Elevance Health by 8.8% during the 3rd quarter. Global Retirement Partners LLC now owns 4,189 shares of the company’s stock valued at $2,178,000 after acquiring an additional 338 shares in the last quarter. Good Life Advisors LLC increased its holdings in Elevance Health by 11.2% during the 3rd quarter. Good Life Advisors LLC now owns 625 shares of the company’s stock valued at $325,000 after acquiring an additional 63 shares in the last quarter. Finally, Hengehold Capital Management LLC increased its holdings in Elevance Health by 3.2% during the 3rd quarter. Hengehold Capital Management LLC now owns 1,088 shares of the company’s stock valued at $566,000 after acquiring an additional 34 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The company’s fifty day simple moving average is $530.38 and its two-hundred day simple moving average is $528.62. The stock has a market capitalization of $100.20 billion, a PE ratio of 18.78, a P/E/G ratio of 1.08 and a beta of 0.82.

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.