Bank of America Corp DE Purchases 58,133 Shares of Claritev $CTEV

Key Points

• Bank of America increased its Claritev stake by 146.6% in the first quarter, acquiring 58,133 additional shares and bringing its holdings to 97,795 shares valued at approximately $1.6 million.
• Institutional ownership is substantial, with hedge funds and institutions holding 87.15% of Claritev’s shares. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $44.83.
• Claritev reported quarterly EPS of $1.41, beating estimates by $5.51, while the stock opened at $38.92 after a reported 3.3% decline. Two senior vice presidents recently sold shares, although insiders purchased 7,325 shares over the past quarter.

Bank of America Corp DE boosted its position in shares of Claritev (NYSE:CTEV - Free Report) by 146.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 97,795 shares of the company's stock after acquiring an additional 58,133 shares during the period. Bank of America Corp DE owned 0.57% of Claritev worth $1,598,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Arini Captial Management Ltd purchased a new stake in Claritev in the fourth quarter valued at about $64,291,000. Public Investment Fund acquired a new position in shares of Claritev during the third quarter valued at about $68,009,000. Vanguard Group Inc. acquired a new position in shares of Claritev during the third quarter valued at about $27,483,000. Beach Point Capital Management LP raised its position in shares of Claritev by 77.4% in the 4th quarter. Beach Point Capital Management LP now owns 755,002 shares of the company's stock valued at $32,276,000 after purchasing an additional 329,424 shares during the last quarter. Finally, Nomura Holdings Inc. purchased a new position in shares of Claritev in the 3rd quarter valued at approximately $7,817,000. 87.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CTEV. Zacks Research raised shares of Claritev from a "strong sell" rating to a "hold" rating in a report on Thursday, August 13th. Citigroup reissued a "buy" rating and set a $45.00 price target (up from $40.00) on shares of Claritev in a research report on Monday, August 10th. Piper Sandler restated an "overweight" rating and set a $73.00 price objective on shares of Claritev in a research note on Wednesday, August 12th. Wall Street Zen raised shares of Claritev from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Claritev in a research note on Wednesday, June 24th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $44.83.

Claritev Stock Down 3.3%

Claritev stock opened at $38.92 on Friday. The business's 50-day moving average price is $31.89 and its 200 day moving average price is $25.25. The firm has a market cap of $659.69 million, a price-to-earnings ratio of -2.29 and a beta of 0.88. Claritev has a 52 week low of $11.50 and a 52 week high of $74.07.

Claritev (NYSE:CTEV - Get Free Report) last released its quarterly earnings data on Friday, August 7th. The company reported $1.41 EPS for the quarter, topping the consensus estimate of ($4.10) by $5.51. The company had revenue of $257.48 million during the quarter. Equities analysts expect that Claritev will post -15.13 EPS for the current year.

Insider Buying and Selling at Claritev

In other news, SVP William B. Mintz sold 8,431 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $34.24, for a total transaction of $288,677.44. Following the sale, the senior vice president directly owned 71,195 shares of the company's stock, valued at $2,437,716.80. This represents a 10.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Tiffani Misencik sold 8,850 shares of the firm'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 sale, the senior vice president owned 123,723 shares in the company, valued at $4,957,580.61. This trade represents a 6.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders bought 7,325 shares of company stock valued at $274,540. Corporate insiders own 7.40% of the company's stock.

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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