Elevance Health (NYSE:ELV) Reaches New 52-Week High on Strong Earnings

Elevance Health, Inc. (NYSE:ELV)’s stock price reached a new 52-week high on Thursday following a stronger than expected earnings report. The company traded as high as $533.56 and last traded at $530.40, with a volume of 361720 shares changing hands. The stock had previously closed at $508.97.

The company reported $10.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. The firm had revenue of $42.27 billion during the quarter, compared to analysts’ expectations of $42.49 billion. Elevance Health had a net margin of 3.49% and a return on equity of 20.47%. Elevance Health’s revenue for the quarter was up .9% on a year-over-year basis. During the same period in the prior year, the company posted $9.46 earnings per share.

Elevance Health Announces Dividend

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

Analyst Ratings Changes

A number of research firms have issued reports on ELV. Barclays upped their price target on shares of Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a report on Friday. Wells Fargo & Company increased their price target on shares of Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $580.00 price objective on shares of Elevance Health in a report on Wednesday, April 10th. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. Finally, Jefferies Financial Group increased their price target on shares of Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research note on Friday. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $583.77.

Insider Transactions at Elevance Health

In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total transaction of $376,500.00. Following the transaction, the director now directly owns 9,109 shares of the company’s stock, valued at $4,554,500. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Elevance Health

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Richwood Investment Advisors LLC increased its stake in Elevance Health by 0.8% in the 4th quarter. Richwood Investment Advisors LLC now owns 2,546 shares of the company’s stock valued at $1,201,000 after buying an additional 20 shares during the last quarter. Bell Investment Advisors Inc boosted its holdings in Elevance Health by 2.1% in the 4th quarter. Bell Investment Advisors Inc now owns 989 shares of the company’s stock valued at $466,000 after purchasing an additional 20 shares during the period. Capital Advisors Ltd. LLC raised its position in shares of Elevance Health by 8.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 248 shares of the company’s stock valued at $129,000 after buying an additional 20 shares in the last quarter. Alliance Wealth Advisors LLC raised its position in shares of Elevance Health by 2.9% in the 4th quarter. Alliance Wealth Advisors LLC now owns 745 shares of the company’s stock valued at $351,000 after buying an additional 21 shares in the last quarter. Finally, Fiduciary Alliance LLC raised its position in shares of Elevance Health by 3.6% in the 1st quarter. Fiduciary Alliance LLC now owns 611 shares of the company’s stock valued at $315,000 after buying an additional 21 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Performance

The stock’s 50-day moving average is $509.14 and its 200-day moving average is $483.22. The firm has a market capitalization of $123.70 billion, a price-to-earnings ratio of 21.12, a PEG ratio of 1.12 and a beta of 0.78. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.59.

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.