Commerce Bank Has $107.01 Million Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Commerce Bank lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 15.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 205,790 shares of the company’s stock after purchasing an additional 27,165 shares during the quarter. Commerce Bank owned 0.09% of Elevance Health worth $107,011,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Ameriprise Financial Inc. raised its position in Elevance Health by 5.3% during the second quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock valued at $2,054,641,000 after purchasing an additional 190,118 shares in the last quarter. Capital International Investors lifted its position in shares of Elevance Health by 3.7% during the 1st quarter. Capital International Investors now owns 3,498,511 shares of the company’s stock worth $1,814,118,000 after buying an additional 123,802 shares during the last quarter. Legal & General Group Plc boosted its stake in Elevance Health by 2.9% in the second quarter. Legal & General Group Plc now owns 2,247,091 shares of the company’s stock valued at $1,217,607,000 after buying an additional 64,376 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in Elevance Health by 34.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after acquiring an additional 523,910 shares in the last quarter. Finally, First Eagle Investment Management LLC grew its holdings in shares of Elevance Health by 15.5% during the 2nd quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock valued at $1,115,301,000 after purchasing an additional 275,708 shares during the last quarter. Institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Down 1.6 %

ELV opened at $394.20 on Wednesday. Elevance Health, Inc. has a fifty-two week low of $391.83 and a fifty-two week high of $567.26. The firm has a market capitalization of $91.42 billion, a PE ratio of 14.37, a P/E/G ratio of 1.19 and a beta of 0.85. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. The company’s 50-day moving average is $469.43 and its 200 day moving average is $511.63.

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

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s dividend payout ratio is 23.77%.

Analyst Upgrades and Downgrades

ELV has been the subject of several research reports. Truist Financial reissued a “buy” rating and issued a $520.00 price objective (down previously from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. Stephens reissued an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. UBS Group reduced their price target on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Royal Bank of Canada lowered their price objective on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Finally, Morgan Stanley decreased their target price on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $539.20.

Insider Transactions at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction that occurred on Friday, October 18th. The shares were 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. This trade represents a 46.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.29% of the company’s stock.

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.