Zions Bancorporation N.A. Has $83,000 Stock Position in Elevance Health, Inc. (NYSE:ELV)

Zions Bancorporation N.A. lessened its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 17.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 159 shares of the company’s stock after selling 34 shares during the quarter. Zions Bancorporation N.A.’s holdings in Elevance Health were worth $83,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in ELV. Catalytic Wealth RIA LLC acquired a new stake in shares of Elevance Health during the 1st quarter valued at $291,000. Blair William & Co. IL raised its holdings in shares of Elevance Health by 119.7% during the first quarter. Blair William & Co. IL now owns 12,134 shares of the company’s stock worth $6,292,000 after acquiring an additional 6,610 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in Elevance Health during the first quarter valued at $698,000. Cynosure Group LLC purchased a new position in Elevance Health in the first quarter valued at about $322,000. Finally, Covestor Ltd increased its position in Elevance Health by 14.1% in the 1st quarter. Covestor Ltd now owns 493 shares of the company’s stock worth $256,000 after purchasing an additional 61 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $400.78 on Friday. The firm has a fifty day moving average price of $478.13 and a two-hundred day moving average price of $514.55. Elevance Health, Inc. has a fifty-two week low of $397.98 and a fifty-two week 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. The company has a market cap of $92.95 billion, a PE ratio of 14.61, a price-to-earnings-growth ratio of 1.22 and a beta of 0.85.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The firm had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same quarter in the previous year, the company posted $8.99 earnings per share. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. Analysts expect that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Announces Dividend

The business 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 1.63%. The ex-dividend date is Thursday, December 5th. Elevance Health’s payout ratio is 23.77%.

Analysts Set New Price Targets

Several equities research analysts recently commented on ELV shares. Royal Bank of Canada lowered their price target on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. Cantor Fitzgerald dropped their price target on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. Mizuho reduced their price objective on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. Morgan Stanley lowered their target price on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Finally, Argus cut Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $539.20.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the sale, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate 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.