Elevance Health (NYSE:ELV) Releases FY24 Earnings Guidance

Elevance Health (NYSE:ELV) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of ~$33.00 for the period, compared to the consensus earnings per share estimate of $37.25. Elevance Health also updated its FY 2024 guidance to 33.000-33.000 EPS.

Elevance Health Trading Up 2.7 %

Shares of ELV stock opened at $496.99 on Thursday. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $115.51 billion, a price-to-earnings ratio of 18.78, a price-to-earnings-growth ratio of 1.08 and a beta of 0.82. Elevance Health has a 12-month low of $437.42 and a 12-month high of $567.26. The stock’s 50-day moving average price is $530.38 and its 200-day moving average price is $528.62.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.74 by ($1.37). The firm had revenue of $44.72 billion for 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 firm’s revenue was up 5.3% on a year-over-year basis. During the same period last year, the company earned $8.99 earnings per share. Equities research analysts predict that Elevance Health will post 37.26 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on ELV. Barclays increased their price objective on shares of Elevance Health from $611.00 to $622.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Bank of America reiterated a “neutral” rating and issued a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Truist Financial upped their price objective on Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Morgan Stanley began coverage on Elevance Health in a report on Monday, June 24th. They issued an “overweight” rating and a $643.00 target price for the company. Finally, Stephens restated an “overweight” rating and set a $615.00 price target on shares of Elevance Health in a report on Thursday, September 5th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $605.07.

Insider Buying and Selling

In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction on Monday, July 22nd. The shares were 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 owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health 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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction on Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the transaction, the director now owns 9,721 shares in the company, valued at approximately $4,926,213.96. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,058 shares of company stock worth $17,588,116. Insiders own 0.35% of the company’s stock.

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.