Elevance Health (NYSE:ELV) Issues FY24 Earnings Guidance

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

Analysts Set New Price Targets

ELV has been the topic of several analyst reports. Morgan Stanley started coverage on Elevance Health in a report on Monday, June 24th. They issued an “overweight” rating and a $643.00 price objective on the stock. TD Cowen decreased their price target on Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a research note on Friday, July 19th. Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday. Bank of America restated a “neutral” rating and issued a $530.00 target price (down previously from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Finally, Cantor Fitzgerald lowered their price target on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a report on Friday. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $596.86.

Elevance Health Price Performance

Shares of NYSE ELV opened at $446.09 on Friday. Elevance Health has a 1 year low of $397.98 and a 1 year high of $567.26. 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 is $528.77 and its 200 day moving average is $528.05. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The firm had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The firm’s revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the company posted $8.99 EPS. On average, sell-side analysts expect that Elevance Health will post 37.26 earnings per share for the current year.

Insider Activity at Elevance Health

In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated 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 directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction dated 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 transaction, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $63,478,674.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.35% of the stock is 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.