Elevance Health (NYSE:ELV) Shares Down 2.5% Following Weak Earnings

Elevance Health, Inc. (NYSE:ELV) was down 2.5% during mid-day trading on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $432.79 and last traded at $433.38. Approximately 538,083 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 1,064,795 shares. The stock had previously closed at $444.35.

The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. During the same period in the prior year, the business earned $8.99 earnings per share. Elevance Health’s quarterly revenue was up 5.3% compared to the same quarter last year.

Elevance Health Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts have recently commented on ELV shares. TD Cowen lowered their price target on Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a report on Friday, July 19th. Stephens reissued an “underperform” rating on shares of Elevance Health in a research note on Friday. Cantor Fitzgerald reduced their price target on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday. Truist Financial reiterated a “buy” rating and set a $520.00 price objective (down from $620.00) on shares of Elevance Health in a research report on Friday. Finally, Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $572.27.

Insider Activity at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction dated 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 directly owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The trade was 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 Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction that occurred 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 completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the transaction, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,170 shares of company stock worth $20,638,737 over the last three months. Company insiders own 0.35% of the company’s stock.

Institutional Trading of Elevance Health

A number of large investors have recently bought and sold shares of ELV. Vest Financial LLC boosted its position in shares of Elevance Health by 23.9% during the 3rd quarter. Vest Financial LLC now owns 51,779 shares of the company’s stock valued at $26,925,000 after purchasing an additional 9,979 shares in the last quarter. OLD National Bancorp IN lifted its stake in Elevance Health by 1.6% in the third quarter. OLD National Bancorp IN now owns 4,813 shares of the company’s stock valued at $2,503,000 after buying an additional 74 shares during the period. Resonant Capital Advisors LLC boosted its holdings in shares of Elevance Health by 43.9% during the 3rd quarter. Resonant Capital Advisors LLC now owns 721 shares of the company’s stock worth $375,000 after buying an additional 220 shares in the last quarter. TriaGen Wealth Management LLC acquired a new stake in shares of Elevance Health during the 3rd quarter worth approximately $1,282,000. Finally, Harfst & Associates Inc. increased its stake in shares of Elevance Health by 7.5% in the 3rd quarter. Harfst & Associates Inc. now owns 4,894 shares of the company’s stock valued at $2,545,000 after acquiring an additional 341 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Down 3.1 %

The company has a market cap of $100.12 billion, a price-to-earnings ratio of 16.28, a P/E/G ratio of 1.08 and a beta of 0.82. The stock’s 50-day moving average is $526.74 and its 200-day moving average is $527.66. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58.

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.