Elevance Health (NYSE:ELV) Hits New 12-Month Low on Disappointing Earnings

Shares of Elevance Health, Inc. (NYSE:ELV) hit a new 52-week low during trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $431.12 and last traded at $431.12, with a volume of 134470 shares. The stock had previously closed at $496.96.

The company reported $8.37 earnings per share 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 business 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 company posted $8.99 earnings per share. The firm’s revenue was up 5.3% compared to the same quarter last year.

Elevance Health Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.51%. Elevance Health’s dividend payout ratio is currently 24.64%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ELV shares. Barclays raised their target price on Elevance Health from $611.00 to $622.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday. Raymond James set a $485.00 target price on Elevance Health in a research note on Friday. Morgan Stanley began coverage on Elevance Health in a research note on Monday, June 24th. They issued an “overweight” rating and a $643.00 target price for the company. Finally, Cantor Fitzgerald decreased their price target on Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a report on Friday. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Elevance Health currently has a consensus rating of “Moderate Buy” and a consensus target price of $572.27.

Insider Activity

In other news, 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 transaction of $3,205,182.38. Following the transaction, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction that occurred on 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 trade 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 hyperlink. Also, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the sale, the director now directly owns 8,744 shares in the company, valued at approximately $4,647,610.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,170 shares of company stock worth $20,638,737 in the last 90 days. Corporate insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Elevance Health

A number of hedge funds and other institutional investors have recently bought and sold shares of ELV. Fisher Asset Management LLC increased its position in shares of Elevance Health by 20.8% during the 4th quarter. Fisher Asset Management LLC now owns 899 shares of the company’s stock worth $424,000 after purchasing an additional 155 shares during the last quarter. Mather Group LLC. acquired a new position in shares of Elevance Health during the 1st quarter worth approximately $158,000. Alaska Permanent Fund Corp increased its position in shares of Elevance Health by 950.8% during the 1st quarter. Alaska Permanent Fund Corp now owns 683 shares of the company’s stock worth $354,000 after purchasing an additional 618 shares during the last quarter. Park Avenue Securities LLC increased its position in shares of Elevance Health by 11.6% during the 1st quarter. Park Avenue Securities LLC now owns 8,492 shares of the company’s stock worth $4,403,000 after purchasing an additional 882 shares during the last quarter. Finally, Marcum Wealth LLC increased its position in shares of Elevance Health by 6.7% during the 1st quarter. Marcum Wealth LLC now owns 555 shares of the company’s stock worth $288,000 after purchasing an additional 35 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Price Performance

The stock has a market cap of $100.12 billion, a price-to-earnings ratio of 16.28, a price-to-earnings-growth ratio of 1.08 and a beta of 0.82. The company has a 50-day simple moving average of $526.74 and a two-hundred day simple moving average of $527.46. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49.

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.