Claritev (NYSE:CTEV) Major Shareholder Ares Management Llc Acquires 50,000 Shares of Stock

Claritev (NYSE:CTEV) major shareholder Ares Management Llc bought 50,000 shares of the company’s stock in a transaction dated Monday, November 9th. The shares were purchased at an average price of $24.42 per share, with a total value of $1,221,000.00. Following the completion of the acquisition, the insider owned 1,983,939 shares of the company’s stock, valued at $48,447,790.38. This trade represents a 2.59% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Ares Management Llc also recently made the following trade(s):

• On Tuesday, November 10th, Ares Management Llc bought 65,579 shares of Claritev stock. The stock was acquired at an average cost of $26.14 per share, for a total transaction of $1,714,235.06.
• On Monday, October 26th, Ares Management Llc purchased 20,834 shares of Claritev stock. The shares were acquired at an average price of $24.07 per share, for a total transaction of $501,474.38.
• On Friday, October 23rd, Ares Management Llc purchased 50,000 shares of Claritev stock. The shares were acquired at an average price of $23.53 per share, for a total transaction of $1,176,500.00.

Claritev Price Performance

CTEV opened at $27.11 on Friday. The business has a 50 day simple moving average of $26.42 and a two-hundred day simple moving average of $25.46. The firm has a market capitalization of $459.51 million, a price-to-earnings ratio of -1.65 and a beta of 1.05. Claritev has a one year low of $11.50 and a one year high of $55.50.

Claritev (NYSE:CTEV) last announced its earnings results on Monday, November 9th. The company reported $1.77 EPS for the quarter, beating analysts’ consensus estimates of ($3.68) by $5.45. The business had revenue of $268.31 million for the quarter. As a group, sell-side analysts expect that Claritev will post -15.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Claritev in a report on Monday, September 21st. Barclays reaffirmed an “overweight” rating and set a $40.00 target price (up from $28.00) on shares of Claritev in a research note on Thursday, August 20th. Canaccord Genuity Group boosted their price target on shares of Claritev from $37.00 to $43.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Citigroup reissued a “buy” rating and issued a $45.00 price target (up from $40.00) on shares of Claritev in a research note on Monday, August 10th. Finally, Piper Sandler restated an “overweight” rating and issued a $73.00 target price on shares of Claritev in a research note on Wednesday, August 12th. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Claritev has an average rating of “Moderate Buy” and an average price target of $44.83.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CTEV. Public Investment Fund bought a new stake in Claritev during the 2nd quarter valued at about $43,703,438. RBF Capital LLC increased its position in shares of Claritev by 0.8% during the 1st quarter. RBF Capital LLC now owns 135,314 shares of the company’s stock valued at $2,211,000 after purchasing an additional 1,127 shares during the last quarter. Bank of America Corp DE raised its position in Claritev by 146.6% in the first quarter. Bank of America Corp DE now owns 97,795 shares of the company’s stock worth $1,598,000 after acquiring an additional 58,133 shares during the period. FAS Wealth Partners Inc. raised its position in Claritev by 49.5% in the first quarter. FAS Wealth Partners Inc. now owns 46,477 shares of the company’s stock worth $759,000 after acquiring an additional 15,380 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in Claritev by 2.5% in the 1st quarter. Bank of New York Mellon Corp now owns 18,111 shares of the company’s stock worth $296,000 after purchasing an additional 447 shares during the period. Institutional investors own 87.15% of the company’s stock.

Claritev Company Profile

Claritev, formerly known as MultiPlan, provides technology-enabled services intended to help manage healthcare costs and support payment accuracy. Its offerings include access to provider networks, claims and payment solutions, and data analytics for evaluating healthcare costs and utilization. The company serves health plans, self-insured employers, third-party administrators and other participants in the U.S. healthcare system. Its services are designed to help customers identify cost-management opportunities and support more efficient healthcare transactions.