Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Elevance Health Inc. (NYSE:ELV) reported better-than-expected first-quarter earnings and raised its FY23 guidance.
Elevance Health reported first-quarter revenues of $42.3 billion, up 0.9% year over year, marginally missing the consensus of $42.6 billion. Elevance Health's first-quarter profit grew 12.2% year over year to $2.2 billion. The insurer reported adjusted EPS of $10.64, up 12.5% year over year and beating the consensus of $10.53, according to data from Benzinga Pro.
The company reported $37.3 billion in operating revenue at its health benefits arm, flat Y/Y. The company plans had about 46.2 million members, a decrease of 1.9 million or 4% year over year, driven by Medicaid.
Elevance boosted its guidance for 2024 to over $37.20 in earnings per share compared to the prior outlook of over $37.10 and the consensus of $37.15.
“First quarter results reflect disciplined execution of our strategic initiatives during a dynamic time for our industry. We are making significant progress expanding Carelon's capabilities, scaling our flywheel for enterprise growth, and delivering results for all stakeholders. Given the solid start to the year, we have increased our outlook for full year earnings,” said Gail K. Boudreaux, President and Chief Executive Officer.
Elevance shares rose 3.2% to close at $525.19 on Thursday.
These analysts made changes to their price targets on Elevance following earnings announcement.
- Barclays raised the price target on Elevance from $584 to $621. Barclays analyst Andrew Mok maintained an Overweight rating.
- Jefferies boosted the price target on Elevance from $602 to $604. Jefferies analyst David Windley maintained a Buy rating.
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