Elevance Health (NYSE:ELV) Hits New 12-Month Low After Earnings Miss

Elevance Health, Inc. (NYSE:ELV) reached a new 52-week low on Thursday following a weaker than expected earnings announcement. The company traded as low as $431.12 and last traded at $431.12, with a volume of 134470 shares changing hands. The stock had previously closed at $496.96.

The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.74 by ($1.37). Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The company had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. During the same quarter last year, the firm posted $8.99 earnings per share. The firm’s revenue was up 5.3% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Wells Fargo & Company cut their price target on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Morgan Stanley assumed coverage on shares of Elevance Health in a research report on Monday, June 24th. They set an “overweight” rating and a $643.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $600.00 price target on shares of Elevance Health in a research report on Tuesday, October 1st. Truist Financial upped their price target on shares of Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Finally, Royal Bank of Canada upped their price target on shares of Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $605.07.

Insider Activity

In other news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the sale, the director now owns 8,744 shares in the company, valued at $4,647,610.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the transaction, the chief executive officer now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ramiro G. Peru sold 753 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares in the company, valued at $4,647,610.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Centaurus Financial Inc. bought a new stake in shares of Elevance Health during the 4th quarter valued at $137,000. Fisher Asset Management LLC raised 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 valued at $424,000 after purchasing an additional 155 shares during the period. Mather Group LLC. bought a new stake in shares of Elevance Health during the 1st quarter valued at $158,000. Massmutual Trust Co. FSB ADV raised its position in shares of Elevance Health by 1.9% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the company’s stock valued at $698,000 after purchasing an additional 25 shares during the period. Finally, Alaska Permanent Fund Corp raised 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 valued at $354,000 after purchasing an additional 618 shares during the period. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Down 10.2 %

The stock has a market capitalization of $103.68 billion, a P/E ratio of 16.86, a P/E/G ratio of 1.08 and a beta of 0.82. The company’s 50-day moving average price is $528.77 and its 200 day moving average price is $528.05. 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.