Elevance Health, Inc. (NYSE:ELV) Shares Sold by Commerce Bank

Key Points

• Commerce Bank has reduced its holdings in Elevance Health, Inc. (NYSE:ELV) by 3.6%, now owning 182,961 shares valued at approximately $79.58 million.
• CEO Gail Boudreaux purchased 8,500 shares of Elevance Health at an average price of $286.94 each, increasing her ownership by 5.96% to a total of 151,020 shares.
• Elevance Health plans to pay a quarterly dividend of $1.71 per share on September 25th, representing an annualized dividend yield of 2.4%.

Commerce Bank lowered its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 3.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 182,961 shares of the company's stock after selling 6,877 shares during the quarter. Commerce Bank owned about 0.08% of Elevance Health worth $79,581,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. CWA Asset Management Group LLC purchased a new position in Elevance Health in the 1st quarter worth approximately $299,000. GAMMA Investing LLC grew its position in Elevance Health by 88.1% in the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock valued at $1,475,000 after acquiring an additional 1,588 shares during the last quarter. Ritholtz Wealth Management grew its position in shares of Elevance Health by 185.7% during the 1st quarter. Ritholtz Wealth Management now owns 3,083 shares of the company's stock worth $1,341,000 after buying an additional 2,004 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in shares of Elevance Health by 15.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 6,717 shares of the company's stock worth $2,922,000 after buying an additional 913 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Elevance Health by 36.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company's stock worth $11,991,000 after buying an additional 7,410 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Wall Street Analysts Forecast Growth

ELV has been the subject of a number of analyst reports. Morgan Stanley decreased their price objective on Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a research note on Friday, July 18th. Mizuho increased their price target on Elevance Health from $455.00 to $505.00 and gave the company an "outperform" rating in a research note on Wednesday, April 9th. Leerink Partners reiterated a "market perform" rating and issued a $310.00 price target (down from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Baird R W cut Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Finally, Wells Fargo & Company decreased their price target on Elevance Health from $478.00 to $400.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Elevance Health presently has a consensus rating of "Moderate Buy" and a consensus price target of $418.19.

Elevance Health Price Performance

ELV traded up $2.78 during trading on Tuesday, hitting $277.71. The company's stock had a trading volume of 995,270 shares, compared to its average volume of 1,942,322. 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 twelve month low of $273.84 and a twelve month high of $567.26. The business's fifty day simple moving average is $347.91 and its 200 day simple moving average is $388.32. The firm has a market capitalization of $62.54 billion, a price-to-earnings ratio of 11.80, a P/E/G ratio of 1.01 and a beta of 0.58.

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

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be given a $1.71 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a yield of 2.5%. Elevance Health's payout ratio is currently 29.11%.

Insider Buying and Selling

In other Elevance Health news, CEO Gail Boudreaux bought 8,500 shares of Elevance Health stock in a transaction on Friday, July 18th. The shares were bought at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the transaction, the chief executive officer directly owned 151,020 shares of the company's stock, valued at $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 0.29% of the stock is owned by corporate insiders.

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.