Comerica Bank Increases Holdings in Elevance Health, Inc. (NYSE:ELV)

Comerica Bank raised its position in Elevance Health, Inc. (NYSE:ELV) by 2.8% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 54,467 shares of the company’s stock after purchasing an additional 1,476 shares during the period. Comerica Bank’s holdings in Elevance Health were worth $28,243,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Palisade Asset Management LLC acquired a new position in shares of Elevance Health in the first quarter valued at approximately $28,000. Pin Oak Investment Advisors Inc. purchased a new position in Elevance Health during the fourth quarter worth about $28,000. Register Financial Advisors LLC acquired a new stake in Elevance Health in the 1st quarter worth about $32,000. Alaska Permanent Fund Corp acquired a new position in shares of Elevance Health during the 4th quarter valued at about $31,000. Finally, Beaird Harris Wealth Management LLC purchased a new stake in Elevance Health in the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Transactions at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the transaction, the director now owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the sale, the chief executive officer now directly owns 126,709 shares in the company, valued at $63,478,674.82. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction on Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the sale, the director now directly owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ELV shares. Wells Fargo & Company reduced their price objective on Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. JPMorgan Chase & Co. upped their price target on Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. Jefferies Financial Group lifted their price objective on shares of Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Robert W. Baird assumed coverage on shares of Elevance Health in a research note on Thursday, May 30th. They issued an “outperform” rating and a $649.00 target price for the company. Finally, Bank of America reaffirmed a “neutral” rating and set a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $604.29.

Elevance Health Stock Performance

Shares of NYSE ELV traded down $1.63 during trading hours on Thursday, hitting $530.40. 619,506 shares of the stock were exchanged, compared to its average volume of 1,062,497. The firm has a market capitalization of $122.99 billion, a P/E ratio of 20.11, a P/E/G ratio of 1.19 and a beta of 0.84. Elevance Health, Inc. has a one year low of $431.38 and a one year high of $555.35. 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 company’s 50 day moving average is $529.47 and its 200 day moving average is $517.18.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, topping analysts’ consensus estimates of $9.99 by $0.13. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The business had revenue of $43.22 billion for the quarter, compared to analyst estimates of $42.99 billion. During the same period in the previous year, the company posted $9.04 earnings per share. The firm’s revenue for the quarter was down .4% on a year-over-year basis. On average, research analysts expect that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be given a $1.63 dividend. The ex-dividend date is Tuesday, September 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.23%. Elevance Health’s dividend payout ratio is 24.64%.

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.