Commerce Bank Raises Holdings in Elevance Health, Inc. (NYSE:ELV)

Commerce Bank boosted its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 15.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 205,790 shares of the company's stock after buying an additional 27,165 shares during the period. Commerce Bank owned approximately 0.09% of Elevance Health worth $107,011,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Bank & Trust Co purchased a new stake in shares of Elevance Health during the second quarter valued at approximately $27,000. PSI Advisors LLC acquired a new position in Elevance Health in the third quarter worth $27,000. Opal Wealth Advisors LLC acquired a new position in Elevance Health in the second quarter worth $28,000. Strategic Financial Concepts LLC acquired a new position in Elevance Health in the second quarter worth $30,000. Finally, Eastern Bank acquired a new position in Elevance Health in the third quarter worth $31,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on ELV. Cantor Fitzgerald reduced their price objective on shares of Elevance Health from $600.00 to $485.00 and set an "overweight" rating for the company in a report on Friday, October 18th. TD Cowen dropped their price target on shares of Elevance Health from $589.00 to $484.00 and set a "buy" rating on the stock in a research report on Monday, October 21st. Mizuho cut their price objective on Elevance Health from $585.00 to $505.00 and set an "outperform" rating on the stock in a report on Tuesday, November 5th. Royal Bank of Canada cut their price objective on Elevance Health from $585.00 to $478.00 and set an "outperform" rating on the stock in a report on Friday, October 18th. Finally, Wells Fargo & Company lowered their target price on Elevance Health from $593.00 to $495.00 and set an "overweight" rating on the stock in a research note on Monday, November 4th. One research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Elevance Health currently has a consensus rating of "Moderate Buy" and a consensus price target of $539.20.

Elevance Health Stock Performance

ELV traded up $4.34 during trading on Wednesday, hitting $398.54. The stock had a trading volume of 1,057,880 shares, compared to its average volume of 1,169,236. The company has a 50 day moving average price of $469.43 and a 200-day moving average price of $511.63. The firm has a market cap of $92.43 billion, a price-to-earnings ratio of 14.37, a P/E/G ratio of 1.19 and a beta of 0.85. Elevance Health, Inc. has a one year low of $391.02 and a one year high of $567.26. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29). The business had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The business's quarterly revenue was up 5.3% compared to the same quarter last year. During the same period last year, the business earned $8.99 earnings per share. As a group, research analysts predict that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be given a dividend of $1.63 per share. The ex-dividend date is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.64%. Elevance Health's dividend payout ratio (DPR) is 23.77%.

Insider Transactions at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the transaction, the executive vice president now owns 8,423 shares of the company's stock, valued at $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is owned by corporate insiders.

Elevance Health 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.