Zions Bancorporation N.A. Decreases Stake in Elevance Health, Inc. (NYSE:ELV)

Zions Bancorporation N.A. cut its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 18.9% during the second quarter, HoldingsChannel.com reports. The fund owned 193 shares of the company’s stock after selling 45 shares during the period. Zions Bancorporation N.A.’s holdings in Elevance Health were worth $105,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Bank & Trust Co acquired a new position in shares of Elevance Health during the 2nd quarter worth approximately $27,000. Opal Wealth Advisors LLC purchased a new stake in Elevance Health in the 2nd quarter valued at $28,000. Palisade Asset Management LLC acquired a new stake in shares of Elevance Health in the 1st quarter worth $28,000. Pin Oak Investment Advisors Inc. purchased a new position in shares of Elevance Health during the 4th quarter worth $28,000. Finally, Register Financial Advisors LLC acquired a new position in shares of Elevance Health during the 1st quarter valued at about $32,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Up 0.9 %

Shares of ELV stock opened at $550.84 on Monday. Elevance Health, Inc. has a fifty-two week low of $431.38 and a fifty-two week high of $567.26. The company has a 50 day moving average price of $535.11 and a 200 day moving average price of $528.02. The stock has a market capitalization of $127.73 billion, a P/E ratio of 20.82, a price-to-earnings-growth ratio of 1.19 and a beta of 0.82. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, topping the consensus estimate of $9.99 by $0.13. The business had revenue of $43.22 billion during the quarter, compared to the consensus estimate of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The company’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $9.04 earnings per share. Equities research analysts predict that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date is Tuesday, September 10th. Elevance Health’s dividend payout ratio is presently 24.64%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ELV shares. Wells Fargo & Company reduced their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. Royal Bank of Canada lifted their price target on shares of Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. increased their price objective on Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. Finally, Stephens reiterated an “overweight” rating and set a $615.00 price target on shares of Elevance Health in a report on Thursday, September 5th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Elevance Health has an average rating of “Buy” and an average target price of $604.29.

Insider Buying and Selling

In related news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares in the company, valued at $4,647,610.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the completion of the sale, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares in the company, valued at approximately $4,647,610.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,058 shares of company stock worth $17,588,116. Company insiders own 0.35% 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.