Elevance Health (NYSE:ELV) Shares Down 2.5% After Earnings Miss

Shares of Elevance Health, Inc. (NYSE:ELV) traded down 2.5% during mid-day trading on Friday following a weaker than expected earnings announcement. The stock traded as low as $432.79 and last traded at $433.38. 538,083 shares changed hands during mid-day trading, a decline of 49% from the average session 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 return on equity of 20.64% and a net margin of 3.89%. The firm had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. During the same period last year, the firm earned $8.99 EPS. Elevance Health’s revenue was up 5.3% compared to the same quarter last year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders 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 dividend yield of 1.51%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ELV. Argus downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday. Stephens reiterated an “underperform” rating on shares of Elevance Health in a report on Friday. Raymond James set a $485.00 price target on Elevance Health in a report on Friday. Cantor Fitzgerald decreased their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Barclays boosted their target price on shares of Elevance Health from $611.00 to $622.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $572.27.

Insider Buying and Selling

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s 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 completion of the sale, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction 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 transaction, the director now owns 8,744 shares in the company, valued at approximately $4,647,610.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction 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 sale, the executive vice president now directly 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,170 shares of company stock valued at $20,638,737. 0.35% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Elevance Health

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. grew its stake in Elevance Health by 5.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock valued at $2,054,641,000 after purchasing an additional 190,118 shares in the last quarter. Capital International Investors increased its stake in shares of Elevance Health by 3.7% in the first quarter. Capital International Investors now owns 3,498,511 shares of the company’s stock worth $1,814,118,000 after buying an additional 123,802 shares during the last quarter. Legal & General Group Plc raised its holdings in Elevance Health by 2.9% in the second quarter. Legal & General Group Plc now owns 2,247,091 shares of the company’s stock valued at $1,217,607,000 after acquiring an additional 64,376 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Elevance Health by 34.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock valued at $1,117,698,000 after acquiring an additional 523,910 shares during the last quarter. Finally, First Eagle Investment Management LLC grew its holdings in Elevance Health by 15.5% during the 2nd quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock worth $1,115,301,000 after acquiring an additional 275,708 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

The company has a market cap of $100.12 billion, a P/E ratio of 16.28, a P/E/G ratio of 1.08 and a beta of 0.82. The company’s 50-day moving average price is $526.74 and its two-hundred day moving average price is $527.46. 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.