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

Elevance Health (NYSE:ELV) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 33.000-33.000 for the period, compared to the consensus EPS estimate of 37.260. The company issued revenue guidance of -. Elevance Health also updated its FY24 guidance to ~$33.00 EPS.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ELV. Truist Financial reiterated a “buy” rating and issued a $520.00 target price (down from $620.00) on shares of Elevance Health in a research note on Friday. Cantor Fitzgerald cut their price objective on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research report on Friday. Royal Bank of Canada lowered their target price on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a report on Friday. Bank of America reissued a “neutral” rating and set a $530.00 price target (down from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Finally, Morgan Stanley assumed coverage on shares of Elevance Health in a research report on Monday, June 24th. They issued an “overweight” rating and a $643.00 price objective for the company. One analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $572.27.

Elevance Health Stock Performance

NYSE ELV opened at $430.76 on Friday. The business has a 50 day moving average price of $526.74 and a 200 day moving average price of $527.46. The company has a market capitalization of $100.12 billion, a P/E ratio of 16.28, a PEG ratio of 1.08 and a beta of 0.82. Elevance Health has a 1-year low of $397.98 and a 1-year high of $567.26. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.66 by ($1.29). The firm had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period last year, the firm earned $8.99 EPS. Sell-side analysts expect that Elevance Health will post 37.26 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be given a $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.51%. Elevance Health’s dividend payout ratio is presently 24.64%.

Insider Transactions at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction 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 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 Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Gail Boudreaux sold 34,000 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was 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 directly owns 126,709 shares in the company, valued at $63,478,674.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,170 shares of company stock valued at $20,638,737 in the last ninety days. Corporate insiders own 0.35% of the company’s stock.

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.