On May 13, 2023, it was reported that Raymond James & Associates has increased its stake in Clarivate Plc (NYSE:CLVT) by an astonishing 67.8% during the fourth quarter. This may come as a surprise to some in the investment community, but for those who have been closely following the company and its trajectory, this move may seem like a bold yet strategic move.
According to the latest Form 13F filing with the Securities and Exchange Commission, Raymond James & Associates now owns approximately 4,614,020 shares of Clarivate’s stock after acquiring an additional 1,864,656 shares during the period. This institutional investor holds roughly 0.68% of Clarivate’s worth at $38,481,000 at the end of the most recent reporting period.
It is worth mentioning that Clarivate has been performing quite well even amidst challenging market conditions. The company last released its quarterly earnings results on Wednesday, March 1st and reported an impressive $0.20 earnings per share (EPS) for the quarter which outperformed analysts’ consensus estimates of $0.13 by $0.07.
Based on these figures alone coupled with other key performance indicators such as positive return on equity of 7.20%, despite negative net margins of -148.89%, and total revenue for the quarter amounting to $675.30 million (as compared to analyst estimates of $651.42 million), Clarivate is deemed as a wise investment choice by many observers in Wall Street.
Moreover, equities research analysts expect that Clarivate Plc will post around $0.62 earnings per share for this year alone- a strong testament to the steady growth and stability of this company amidst a tough economic environment.
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Hedge Funds Increasing Holdings in Clarivate Plc as Company Emerges as Dominant Player in its Industry
Clarivate Plc, a provider of global information, analytics and workflow solutions has recently attracted many hedge funds to modify their holdings in the company. For instance, in the fourth quarter of 2022, CWM LLC raised its stake in Clarivate by 31.0%, while US Bancorp DE raised its stake in Clarivate by 5.6% in the first quarter of 2023. This follows emerging news on Clarivate as one of the dominant players within its industry. In addition, as per latest reports published on May 13th, institutional investors and hedge funds own around 87.34% of the stock at present.
Clarivate’s current standing at NYSE is also worth noting. The market opened at $8.01 on Friday with a market cap of $5.41 billion. The business’ ratios are all favorable with a quick ratio and a current ratio of 0.89 each and a debt-to-equity ratio of 0.92 indicating a healthy financial position for Clarivate itself.
The company operates through three segments: Academia and Government (A&G), Life Sciences and Healthcare (LS&H), and Intellectual Property (IP). The A&G segment consists of products and services to organizations that plan, fund, implement and utilize education/research worldwide at varying levels.
There are numerous analysts’ reports available for Clarivate Plc with varied ratings based on different metrics such as price targets or price objectives from Bank of America, Wells Fargo & Company, RBC Capital Markets among others. Among them Morgan Stanley lowered Clarivate’s rating from an “overweight” rating to an “equal weight” rating while raising their price objective from $11 to $12 depending on potential growth predictions.
Overall, hedge fund investments continue to boost Clarivate’s market approach along with positive indicators showcasing it as well positioned within its industry’s ecosystem leading towards increased market confidence.
