Comerica Bank Has $20.98 Million Position in Elevance Health, Inc. $ELV

Key Points

• Comerica Bank increased its stake in Elevance Health by 3.7%, owning 48,233 shares worth approximately $20.98 million as of the latest SEC filing.
• Elevance Health's CEO, Gail Boudreaux, purchased 8,500 shares at an average price of $286.94, reflecting a significant increase in her ownership.
• Recent analyst reports have lowered price targets for Elevance Health, with a current consensus rating of "Moderate Buy" and a target price of $413.81.

Comerica Bank boosted its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 3.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,233 shares of the company's stock after acquiring an additional 1,720 shares during the quarter. Comerica Bank's holdings in Elevance Health were worth $20,979,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of ELV. Baupost Group LLC MA acquired a new stake in shares of Elevance Health in the first quarter valued at $107,000,000. ICONIQ Capital LLC acquired a new stake in shares of Elevance Health in the first quarter valued at $552,000. Dodge & Cox increased its stake in shares of Elevance Health by 9.1% in the first quarter. Dodge & Cox now owns 1,200 shares of the company's stock valued at $522,000 after buying an additional 100 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Elevance Health by 1.5% in the first quarter. Smartleaf Asset Management LLC now owns 2,163 shares of the company's stock valued at $934,000 after buying an additional 32 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in Elevance Health by 6.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 149,709 shares of the company's stock worth $65,118,000 after purchasing an additional 8,421 shares during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Elevance Health news, CEO Gail Boudreaux acquired 8,500 shares of the business's stock in a transaction dated Friday, July 18th. The shares were acquired at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the acquisition, the chief executive officer directly owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Susan D. Devore acquired 1,200 shares of the business's stock in a transaction dated Tuesday, August 19th. The shares were acquired at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the acquisition, the director directly owned 3,502 shares in the company, valued at $1,093,149.30. This represents a 52.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

ELV has been the subject of a number of research reports. Leerink Partners reiterated a "market perform" rating and issued a $310.00 price objective (down from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Leerink Partnrs lowered Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. JPMorgan Chase & Co. lowered their price objective on Elevance Health from $472.00 to $384.00 and set an "overweight" rating for the company in a research report on Tuesday, July 22nd. Truist Financial lowered their price objective on Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Finally, Argus reiterated a "hold" rating on shares of Elevance Health in a research report on Monday, July 21st. Twelve investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $413.81.

Elevance Health Price Performance

Shares of ELV opened at $315.8370 on Monday. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $567.26. The stock has a market cap of $71.12 billion, a P/E ratio of 13.44, a price-to-earnings-growth ratio of 1.16 and a beta of 0.58. The stock's 50-day moving average price is $324.18 and its two-hundred day moving average price is $378.47.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing the consensus estimate of $9.30 by ($0.46). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The business had revenue of $49.42 billion for the quarter, compared to the consensus estimate of $48.26 billion. During the same quarter last year, the firm earned $10.12 EPS. The company's revenue for the quarter was up 14.3% on a year-over-year basis. On average, equities analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Wednesday, September 10th. Elevance Health's payout ratio is 29.11%.

About Elevance Health

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.

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