Research Analysts Set Expectations for Elevance Health, Inc.’s Q3 2024 Earnings (NYSE:ELV)

Elevance Health, Inc. (NYSE:ELV) – Stock analysts at Zacks Research lifted their Q3 2024 EPS estimates for Elevance Health in a research note issued to investors on Wednesday, April 24th. Zacks Research analyst K. Dey now forecasts that the company will earn $9.79 per share for the quarter, up from their previous forecast of $9.66. The consensus estimate for Elevance Health’s current full-year earnings is $37.25 per share. Zacks Research also issued estimates for Elevance Health’s Q4 2024 earnings at $6.53 EPS, FY2024 earnings at $37.21 EPS, Q1 2025 earnings at $11.80 EPS, Q2 2025 earnings at $11.49 EPS, Q3 2025 earnings at $10.83 EPS, Q4 2025 earnings at $7.31 EPS, FY2025 earnings at $41.44 EPS and FY2026 earnings at $46.69 EPS.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, topping the consensus estimate of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The company had revenue of $42.27 billion during the quarter, compared to the consensus estimate of $42.49 billion. During the same quarter in the previous year, the firm earned $9.46 EPS. The company’s revenue was up .9% on a year-over-year basis.

Several other brokerages have also commented on ELV. Mizuho lifted their target price on Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a research report on Wednesday. Jefferies Financial Group boosted their target price on shares of Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research note on Friday, April 19th. UBS Group increased their target price on shares of Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Royal Bank of Canada lifted their price target on shares of Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a report on Friday, April 19th. Finally, Wells Fargo & Company increased their price objective on shares of Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. One analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $587.42.

Elevance Health Stock Up 1.1 %

Shares of Elevance Health stock opened at $539.70 on Thursday. The business has a 50-day moving average price of $511.40 and a 200 day moving average price of $485.81. Elevance Health has a fifty-two week low of $412.00 and a fifty-two week high of $542.07. The firm has a market cap of $125.44 billion, a P/E ratio of 20.40, a P/E/G ratio of 1.18 and a beta of 0.78. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. abrdn plc raised its stake in shares of Elevance Health by 86.8% in the 4th quarter. abrdn plc now owns 278,397 shares of the company’s stock worth $131,281,000 after buying an additional 129,364 shares in the last quarter. Cerity Partners LLC boosted its position in shares of Elevance Health by 21.3% during the 4th quarter. Cerity Partners LLC now owns 52,300 shares of the company’s stock valued at $24,663,000 after purchasing an additional 9,199 shares in the last quarter. Wetzel Investment Advisors Inc. bought a new stake in shares of Elevance Health in the 4th quarter worth approximately $218,000. Chicago Capital LLC lifted its stake in Elevance Health by 244.2% during the fourth quarter. Chicago Capital LLC now owns 7,028 shares of the company’s stock valued at $3,314,000 after purchasing an additional 4,986 shares during the last quarter. Finally, Lecap Asset Management Ltd. bought a new stake in Elevance Health during the fourth quarter worth approximately $2,235,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Activity

In related news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the transaction, the director now directly owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the sale, the executive vice president now directly owns 31,460 shares in the company, valued at approximately $16,791,460.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the completion of the sale, the director now directly owns 9,109 shares of the company’s stock, valued at $4,554,500. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th will be paid a $1.63 dividend. The ex-dividend date is Monday, June 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.21%. Elevance Health’s payout ratio is currently 24.64%.

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.