Stock Analysis Report

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Executive Summary

Anthem, Inc., through its subsidiaries, operates as a health benefits company in the United States.

Snowflake Analysis

Undervalued with solid track record.

Similar Companies

Share Price & News

How has Anthem's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: ANTM has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




US Healthcare


US Market

1 Year Return




US Healthcare


US Market

Return vs Industry: ANTM underperformed the US Healthcare industry which returned 14.2% over the past year.

Return vs Market: ANTM underperformed the US Market which returned 4.8% over the past year.

Shareholder returns

7 Day2.3%2.0%1.6%
30 Day-9.2%-3.7%2.3%
90 Day31.3%26.9%29.5%
1 Year-4.4%-5.6%15.7%14.2%7.1%4.8%
3 Year45.6%40.3%30.1%24.2%37.1%28.1%
5 Year81.1%68.4%41.0%31.4%67.2%48.6%

Price Volatility Vs. Market

How volatile is Anthem's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Anthem undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: ANTM ($267) is trading below our estimate of fair value ($832.72)

Significantly Below Fair Value: ANTM is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: ANTM is good value based on its PE Ratio (14.2x) compared to the Healthcare industry average (24x).

PE vs Market: ANTM is good value based on its PE Ratio (14.2x) compared to the US market (16.5x).

Price to Earnings Growth Ratio

PEG Ratio: ANTM is poor value based on its PEG Ratio (1.3x)

Price to Book Ratio

PB vs Industry: ANTM is good value based on its PB Ratio (2.1x) compared to the US Healthcare industry average (2.7x).

Next Steps

Future Growth

How is Anthem forecast to perform in the next 1 to 3 years based on estimates from 15 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ANTM's forecast earnings growth (11.2% per year) is above the savings rate (2.2%).

Earnings vs Market: ANTM's earnings (11.2% per year) are forecast to grow slower than the US market (22.8% per year).

High Growth Earnings: ANTM's earnings are forecast to grow, but not significantly.

Revenue vs Market: ANTM's revenue (7.2% per year) is forecast to grow slower than the US market (9.3% per year).

High Growth Revenue: ANTM's revenue (7.2% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: ANTM's Return on Equity is forecast to be low in 3 years time (16.4%).

Next Steps

Past Performance

How has Anthem performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ANTM has high quality earnings.

Growing Profit Margin: ANTM's current net profit margins (4.4%) are higher than last year (4.2%).

Past Earnings Growth Analysis

Earnings Trend: ANTM's earnings have grown by 14.4% per year over the past 5 years.

Accelerating Growth: ANTM's earnings growth over the past year (19.8%) exceeds its 5-year average (14.4% per year).

Earnings vs Industry: ANTM earnings growth over the past year (19.8%) exceeded the Healthcare industry 10.1%.

Return on Equity

High ROE: ANTM's Return on Equity (15.1%) is considered low.

Next Steps

Financial Health

How is Anthem's financial position?

Financial Position Analysis

Short Term Liabilities: ANTM's short term assets ($41.3B) exceed its short term liabilities ($27.0B).

Long Term Liabilities: ANTM's short term assets ($41.3B) exceed its long term liabilities ($23.7B).

Debt to Equity History and Analysis

Debt Level: ANTM's debt to equity ratio (69.8%) is considered high.

Reducing Debt: ANTM's debt to equity ratio has reduced from 73.5% to 69.8% over the past 5 years.

Debt Coverage: ANTM's debt is well covered by operating cash flow (31.4%).

Interest Coverage: ANTM's interest payments on its debt are well covered by EBIT (9.2x coverage).

Balance Sheet

Next Steps


What is Anthem current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: ANTM's dividend (1.42%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: ANTM's dividend (1.42%) is low compared to the top 25% of dividend payers in the US market (4.51%).

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, ANTM has been paying a dividend for less than 10 years.

Growing Dividend: ANTM's dividend payments have increased, but the company has only paid a dividend for 9 years.

Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (17.8%), ANTM's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: ANTM's dividends in 3 years are forecast to be thoroughly covered by earnings (13.6% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Gail Boudreaux (59yo)





Ms. Gail Koziara Boudreaux has been President, Chief Executive Officer and Director of Anthem, Inc. since November 11, 2017. Prior to joining the Company, she served as Chief Executive Officer of GKB Globa ...

CEO Compensation Analysis

Compensation vs Market: Gail's total compensation ($USD15.47M) is above average for companies of similar size in the US market ($USD11.50M).

Compensation vs Earnings: Gail's compensation has been consistent with company performance over the past year.

Leadership Team

Gail Boudreaux
President2.67yrsUS$15.47m0.0057% $3.9m
John Gallina
Executive VP & CFO4.08yrsUS$5.11m0.017% $11.2m
Gloria McCarthy
Executive VP and Chief Administration Officer7.5yrsUS$5.25m0.017% $11.2m
Peter Haytaian
Executive VP and President of Commercial & Specialty Business Division6.08yrsUS$5.08m0.016% $10.4m
Felicia Norwood
Executive VP & President of Government Business Division2.08yrsUS$7.92m0.00037% $249.1k
Scott Anglin
SVP, Treasurer & Chief Investment Officer2.25yrsno datano data
Ronald Penczek
Senior VP4.58yrsno data0.0015% $989.5k
Thomas Miller
Senior VP & Chief Information Officer6.17yrsno datano data
Chris Rigg
Vice President2.5yrsno datano data
Thomas Zielinski
Executive VP & General Counsel6.08yrsUS$3.98m0.0082% $5.5m


Average Tenure


Average Age

Experienced Management: ANTM's management team is considered experienced (4.3 years average tenure).

Board Members

Gail Boudreaux
President2.67yrsUS$15.47m0.0057% $3.9m
Ramiro Peru
Independent Director15.67yrsUS$376.38k0.0025% $1.7m
Elizabeth Tallett
Independent Chairman of the Board2.17yrsUS$564.40kno data
Julie Hill
Independent Director15.67yrsUS$371.38kno data
Lewis Hay
Independent Director7yrsUS$343.61kno data
Ronal Clark
Independent Director6.17yrsUS$330.84kno data
Robert Dixon
Independent Director9yrsUS$344.52k0.0020% $1.4m
Heath Gilbert
Member of Advisory Board6.92yrsno datano data
Douglas Kiefer
Member of Advisory Board6.92yrsno datano data
Richard Hom
Chairman of Advisory Board & National Optometric Director6.92yrsno datano data


Average Tenure


Average Age

Experienced Board: ANTM's board of directors are considered experienced (6.9 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: ANTM insiders have only sold shares in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Anthem, Inc.'s company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Anthem, Inc.
  • Ticker: ANTM
  • Exchange: NYSE
  • Founded: 1944
  • Industry: Managed Health Care
  • Sector: Healthcare
  • Market Cap: US$67.315b
  • Shares outstanding: 252.12m
  • Website: https://www.antheminc.com

Number of Employees


  • Anthem, Inc.
  • 220 Virginia Avenue
  • Indianapolis
  • Indiana
  • 46204
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ANTMNYSE (New York Stock Exchange)YesCommon StockUSUSDOct 2001
A58DB (Deutsche Boerse AG)YesCommon StockDEEUROct 2001
ANTM *BMV (Bolsa Mexicana de Valores)YesCommon StockMXMXNOct 2001
0HG8LSE (London Stock Exchange)YesCommon StockGBUSDOct 2001
A58ETLX (Eurotlx)YesCommon StockITEUROct 2001
ANTMWBAG (Wiener Boerse AG)YesCommon StockATEUROct 2001
A1NT34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EACH 5 REPR 1 SHS UNSPONBRBRLJan 2020


Anthem, Inc., through its subsidiaries, operates as a health benefits company in the United States. It operates through three segments: Commercial & Specialty Business, Government Business, and Other. The company offers a spectrum of network-based managed care health benefit plans to large and small group, individual, Medicaid, and Medicare markets. Its managed care plans include preferred provider organizations; health maintenance organizations; point-of-service plans; traditional indemnity plans and other hybrid plans, such as consumer-driven health plans; and hospital only and limited benefit products. The company also provides a range of managed care services to self-funded customers, including claims processing, underwriting, stop loss insurance, actuarial services, provider network access, medical cost management, disease management, wellness programs, and other administrative services. In addition, it offers an array of specialty and other insurance products and services, such as dental, vision, life and disability insurance benefits, radiology benefit management, and analytics-driven personal health care guidance; and Medicare administrative services. Further, the company provides services to the federal government in connection with the Federal Employee Program; and operates as a licensee of the Blue Cross and Blue Shield Association. As of December 31, 2019, it served 41 million medical members through its affiliated health plans. The company was formerly known as WellPoint, Inc. and changed its name to Anthem, Inc. in December 2014. Anthem, Inc. was founded in 1944 and is headquartered in Indianapolis, Indiana. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/02 23:51
End of Day Share Price2020/07/02 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.