Comerica Bank Sells 9,460 Shares of Elevance Health, Inc. (NYSE:ELV)

Comerica Bank decreased its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 16.9% during the fourth quarter, Holdings Channel reports. The firm owned 46,513 shares of the company’s stock after selling 9,460 shares during the quarter. Comerica Bank’s holdings in Elevance Health were worth $17,159,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ELV. World Investment Advisors LLC purchased a new position in Elevance Health in the third quarter worth about $8,855,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Elevance Health during the 3rd quarter valued at $2,377,000. Tidal Investments LLC increased its stake in shares of Elevance Health by 60.6% in the 3rd quarter. Tidal Investments LLC now owns 10,485 shares of the company’s stock worth $5,452,000 after purchasing an additional 3,956 shares in the last quarter. Synovus Financial Corp increased its stake in shares of Elevance Health by 0.5% in the 3rd quarter. Synovus Financial Corp now owns 8,211 shares of the company’s stock worth $4,269,000 after purchasing an additional 40 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in Elevance Health by 16.1% in the 3rd quarter. Franklin Resources Inc. now owns 1,212,839 shares of the company’s stock worth $617,359,000 after purchasing an additional 168,220 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

Elevance Health stock opened at $408.52 on Friday. Elevance Health, Inc. has a 52-week low of $362.21 and a 52-week high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. The firm’s fifty day moving average is $422.07 and its 200 day moving average is $406.13. The company has a market cap of $92.30 billion, a price-to-earnings ratio of 15.95, a PEG ratio of 1.18 and a beta of 0.77.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, beating analysts’ consensus estimates of $10.60 by $1.37. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. The firm had revenue of $48.77 billion during the quarter, compared to the consensus estimate of $46.26 billion. Sell-side analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health’s dividend payout ratio is currently 26.69%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ELV shares. Barclays upped their price target on Elevance Health from $512.00 to $522.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 23rd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $478.00 price target on shares of Elevance Health in a report on Wednesday, April 23rd. Truist Financial increased their price objective on shares of Elevance Health from $480.00 to $510.00 and gave the stock a “buy” rating in a research note on Friday, April 11th. Baird R W cut shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 15th. Finally, Stephens cut Elevance Health from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and an average price target of $510.38.

Insider Activity at Elevance Health

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of the sale, the chief accounting officer now owns 1,847 shares of the company’s stock, valued at $766,745.11. This trade represents a 19.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Kaye sold 4,588 shares of the company’s stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $424.82, for a total value of $1,949,074.16. Following the transaction, the chief financial officer now directly owns 18,977 shares in the company, valued at approximately $8,061,809.14. This represents a 19.47 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,535 shares of company stock worth $3,521,612. Company insiders own 0.29% of the company’s stock.

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.