Elevance Health (NYSE:ELV) Updates FY24 Earnings Guidance

Elevance Health (NYSE:ELV) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of ~$33.00 for the period, compared to the consensus earnings per share estimate of $37.25. Elevance Health also updated its FY 2024 guidance to 33.000-33.000 EPS.

Elevance Health Trading Up 2.7 %

NYSE ELV opened at $496.99 on Thursday. Elevance Health has a 52 week low of $437.42 and a 52 week high of $567.26. The firm has a 50 day moving average of $530.38 and a two-hundred day moving average of $528.62. The stock has a market capitalization of $115.51 billion, a PE ratio of 18.78, a price-to-earnings-growth ratio of 1.08 and a beta of 0.82. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share 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 business had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. During the same period last year, the business posted $8.99 EPS. Elevance Health’s revenue was up 5.3% on a year-over-year basis. As a group, research analysts expect that Elevance Health will post 37.26 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ELV has been the topic of a number of research analyst reports. Stephens reiterated an “overweight” rating and set a $615.00 target price on shares of Elevance Health in a research report on Thursday, September 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $600.00 price target on shares of Elevance Health in a research report on Tuesday, October 1st. Wells Fargo & Company decreased their price objective on Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. Bank of America reaffirmed a “neutral” rating and issued a $530.00 target price (down from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Finally, Barclays increased their target price on shares of Elevance Health from $611.00 to $622.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Elevance Health currently has an average rating of “Buy” and an average price target of $605.07.

Insider Activity

In other news, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the sale, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the sale, the director now directly owns 9,721 shares of the company’s stock, valued at $4,926,213.96. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,058 shares of company stock worth $17,588,116 over the last 90 days. 0.35% of the stock is currently owned by corporate insiders.

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.