Elevance Health (NYSE:ELV) Sets New 12-Month Low Following Weak Earnings

Shares of Elevance Health, Inc. (NYSE:ELV) hit a new 52-week low on Thursday following a dissappointing earnings announcement. The stock 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 for the quarter, missing analysts’ consensus estimates of $9.74 by ($1.37). Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. During the same quarter last year, the firm posted $8.99 EPS. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Bank of America reiterated a “neutral” rating and issued a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. Truist Financial boosted their price target on shares of Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Barclays boosted their target price on shares of Elevance Health from $611.00 to $622.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Morgan Stanley initiated coverage on shares of Elevance Health in a report on Monday, June 24th. They issued an “overweight” rating and a $643.00 target price on the stock. Finally, Wells Fargo & Company reduced their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. 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 company’s stock. Based on data from MarketBeat.com, Elevance Health currently has an average rating of “Buy” and an average target price of $605.07.

Insiders Place Their Bets

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were 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 approximately $4,647,610.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction on 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 owns 9,721 shares in the company, valued at approximately $4,926,213.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ramiro G. Peru sold 753 shares of the firm’s 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 sale, the director now owns 8,744 shares in the company, valued at approximately $4,647,610.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 35,058 shares of company stock valued at $17,588,116. Insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Elevance Health

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

Elevance Health Trading Down 13.2 %

The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49. The firm has a market capitalization of $100.20 billion, a PE ratio of 18.78, a P/E/G ratio of 1.08 and a beta of 0.82. The company’s fifty day simple moving average is $530.38 and its 200-day simple moving average is $528.62.

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.