Elevance Health (NYSE:ELV) Posts Earnings Results, Beats Expectations By $0.02 EPS

Elevance Health (NYSE:ELVGet Free Report) posted its earnings results on Wednesday. The company reported $5.62 EPS for the quarter, topping the consensus estimate of $5.60 by $0.02, MarketWatch Earnings reports. Elevance Health had a net margin of 3.49% and a return on equity of 20.65%. The business had revenue of $42.45 billion for the quarter, compared to the consensus estimate of $42.19 billion. During the same period last year, the company earned $5.23 EPS. The firm’s revenue was up 7.0% compared to the same quarter last year.

Elevance Health Stock Performance

Shares of NYSE:ELV traded up $4.38 during midday trading on Friday, reaching $484.69. The company had a trading volume of 470,829 shares, compared to its average volume of 1,288,682. The company’s 50 day moving average price is $474.59 and its 200 day moving average price is $461.06. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.62. The stock has a market cap of $113.90 billion, a P/E ratio of 19.13, a P/E/G ratio of 1.06 and a beta of 0.81. Elevance Health has a 52-week low of $412.00 and a 52-week high of $508.78.

Analyst Ratings Changes

Several research firms recently commented on ELV. Morgan Stanley lifted their target price on shares of Elevance Health from $585.00 to $587.00 and gave the stock an “overweight” rating in a research report on Thursday, October 19th. Cantor Fitzgerald restated an “overweight” rating and set a $547.00 price target on shares of Elevance Health in a research note on Thursday. Royal Bank of Canada boosted their price target on shares of Elevance Health from $572.00 to $574.00 and gave the company an “outperform” rating in a research note on Thursday. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. decreased their price target on shares of Elevance Health from $569.00 to $552.00 and set an “overweight” rating for the company in a research note on Friday, November 17th. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Elevance Health presently has a consensus rating of “Moderate Buy” and an average price target of $566.00.

Check Out Our Latest Research Report on ELV

Institutional Investors Weigh In On Elevance Health

Several institutional investors have recently added to or reduced their stakes in ELV. Fortis Capital Advisors LLC purchased a new stake in Elevance Health during the fourth quarter valued at about $29,000. TD Capital Management LLC bought a new stake in shares of Elevance Health during the fourth quarter valued at about $30,000. Tyler Stone Wealth Management bought a new stake in shares of Elevance Health during the second quarter valued at about $39,000. Resurgent Financial Advisors LLC bought a new stake in shares of Elevance Health during the fourth quarter valued at about $51,000. Finally, Highlander Capital Management LLC bought a new stake in shares of Elevance Health during the fourth quarter valued at about $77,000. 87.80% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Company Profile

(Get Free Report)

Elevance Health, Inc operates as a health benefits company. The company operates through four segments: Commercial & Specialty Business, Government Business, CarelonRx, and Other. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives.

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Earnings History for Elevance Health (NYSE:ELV)

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