Public Investment Fund Buys Shares of 1,281,250 Claritev $CTEV

Key Points

• Public Investment Fund acquired 1,281,250 Claritev shares worth approximately $43.7 million, giving it a 7.56% stake. Institutional investors collectively own 87.15% of the company.
• Analysts maintain a generally positive outlook, with six Buy, two Hold and one Sell rating; Claritev has a consensus “Moderate Buy” rating and an average price target of $44.83.
• Claritev reported quarterly EPS of $1.41, beating estimates by $5.51, on revenue of $257.48 million. The stock recently traded at $38.70, while two senior vice presidents disclosed share sales.

Public Investment Fund acquired a new position in Claritev (NYSE:CTEV - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,281,250 shares of the company's stock, valued at approximately $43,703,438. Claritev accounts for 0.0% of Public Investment Fund's investment portfolio, making the stock its 5th largest position. Public Investment Fund owned about 7.56% of Claritev at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CTEV. Arini Captial Management Ltd purchased a new position in Claritev in the fourth quarter worth approximately $64,291,000. Beach Point Capital Management LP boosted its stake in shares of Claritev by 77.4% during the 4th quarter. Beach Point Capital Management LP now owns 755,002 shares of the company's stock worth $32,276,000 after acquiring an additional 329,424 shares in the last quarter. AXQ Capital LP bought a new stake in Claritev during the fourth quarter worth approximately $223,000. Hussman Strategic Advisors Inc. bought a new position in shares of Claritev in the fourth quarter valued at approximately $449,000. Finally, California State Teachers Retirement System grew its position in shares of Claritev by 1,070.0% in the 4th quarter. California State Teachers Retirement System now owns 5,616 shares of the company's stock valued at $240,000 after purchasing an additional 5,136 shares during the period. 87.15% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on CTEV shares. Wells Fargo & Company lifted their price target on Claritev from $22.00 to $30.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 12th. Wall Street Zen upgraded Claritev from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Citigroup reiterated a "buy" rating and issued a $45.00 price objective (up from $40.00) on shares of Claritev in a report on Monday, August 10th. Zacks Research raised Claritev from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 13th. Finally, Piper Sandler restated an "overweight" rating and issued a $73.00 price target on shares of Claritev in a research report on Wednesday, August 12th. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $44.83.

Insider Transactions at Claritev

In other Claritev news, SVP Tiffani Misencik sold 8,850 shares of the company's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $40.07, for a total value of $354,619.50. Following the completion of the sale, the senior vice president directly owned 123,723 shares of the company's stock, valued at approximately $4,957,580.61. This represents a 6.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP William B. Mintz sold 8,431 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $34.24, for a total transaction of $288,677.44. Following the completion of the transaction, the senior vice president directly owned 71,195 shares of the company's stock, valued at approximately $2,437,716.80. The trade was a 10.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 7.40% of the stock is currently owned by corporate insiders.

Claritev Stock Performance

Shares of NYSE CTEV traded down $0.08 during midday trading on Friday, hitting $38.70. 132,816 shares of the company's stock traded hands, compared to its average volume of 162,659. The firm has a fifty day moving average of $31.02 and a 200 day moving average of $24.64. The stock has a market capitalization of $655.97 million, a price-to-earnings ratio of -2.28 and a beta of 0.74. Claritev has a 1 year low of $11.50 and a 1 year high of $74.07.

Claritev (NYSE:CTEV - Get Free Report) last posted its earnings results on Friday, August 7th. The company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of ($4.10) by $5.51. The firm had revenue of $257.48 million for the quarter. On average, equities analysts anticipate that Claritev will post -15.13 earnings per share for the current year.

Claritev Profile

Claritev is a healthcare technology, data and insights company focused on improving affordability,  transparency and quality. Led by deeply experienced associates, data scientists, and innovators, Claritev provides tech-enabled solutions and services fueled by multiple data sources from over 40 years of claims repricing. Claritev utilizes world-class technology and AI solutions to power a robust enterprise platform that delivers meaningful insights to drive affordability in healthcare, brings price transparency and optimizes networks and benefits design.

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