Elevance Health reported its Q4 earnings, with an adjusted EPS of $5.65, slightly above the expected $5.64, and generating $42.5 billion in sales against the forecasted $42.09 billion. The company announced a 10.1% increase in its quarterly dividend to $1.63 per share and reported an $856 million profit despite a 9% loss in Medicaid membership, resulting in a total medical membership of 46.96 million compared to the 47.24 million estimated. Elevance Health's shares rose 4.6% in pre-market trading after the earnings release. The company's market capitalization stands at $110.94 billion. Elevance Health's stock traded above the key $485 level early, indicating a positive market reaction to the Q4 results. The company also forecasts a 2024 profit above estimates following the Q4 sales beat. CEO Gail Boudreaux commented on the earnings call that two-thirds of Medicaid enrollees lost coverage due to administrative reasons, with 30% enrolling in ACA Elevance plans, and an ongoing enrollment campaign is reaching out to the remaining individuals.
Elevance Health Reports $856 Million Profit Despite Drop In Medicaid Enrollment https://t.co/n7yghiJuxm
On earnings call $ELV CEO Gail Boudreaux said that under redeterminations, 2/3 of Medicaid enrollees lost coverage due to administrative reasons; 30% have enrolled in ACA Elevance plans and they are reaching out to others with an enrollment campaign. https://t.co/DHGMKCoCQW
$ELV (+4.6% pre) UPDATE 2-Elevance forecasts 2024 profit above estimates after Q4 sales beat https://t.co/TxbOZsvgB9
$ELV trading above this key 485 level early, bucked the trend of some weaker Managed Care reports, operated better https://t.co/afouCRAGae
$ELV shares rising after Q4 results edge past estimates: Adj. $5.62 eps is two cents better, on $42.45 B in revenues vs. $42.21 B est. The health insurer missed on medical membership: 46.96 M vs. 47.24 est, with a 9% loss of Medicaid membership. https://t.co/6dUQ92cUnH
$ELV | Elevance Health Q4 Earnings: - Adj EPS $5.62 (Est. $5.64) - Sales $42.45B (Est. $42.09B) - Quarterly Dividend Increased By 10.1% To $1.63 Per Share https://t.co/6gjGr76PG5
$ELV | Elevance Health Q4 Earnings: - Adj EPS $5.65 (Est. $5.64) - Sales $42.45B (Est. $42.09B) - Quarterly Dividend Increased By 10.1% To $1.63 Per Share https://t.co/OBJJku5eoW
💰 Elevance Health $ELV EPS. vs Forecast 5.62 / 5.62 Rev. vs Forecast 42.5B / 42.22B 🟢 Market Cap: 110.94B