Principal Financial Group Inc. Reduces Stake in Clarivate Plc (NYSE:CLVT)

Principal Financial Group Inc. reduced its position in Clarivate Plc (NYSE:CLVT) by 18.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,123 shares of the company’s stock after selling 4,961 shares during the period. Principal Financial Group Inc.’s holdings in Clarivate were worth $112,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in Clarivate by 161.4% in the 4th quarter. GAMMA Investing LLC now owns 5,256 shares of the company’s stock valued at $27,000 after purchasing an additional 3,245 shares in the last quarter. Kathmere Capital Management LLC purchased a new position in Clarivate in the 4th quarter valued at approximately $58,000. KBC Group NV increased its stake in Clarivate by 33.2% in the 3rd quarter. KBC Group NV now owns 10,225 shares of the company’s stock valued at $73,000 after purchasing an additional 2,549 shares in the last quarter. Pitcairn Co. purchased a new position in Clarivate in the 3rd quarter valued at approximately $100,000. Finally, Empowered Funds LLC purchased a new position in Clarivate in the 3rd quarter valued at approximately $101,000. 85.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Royal Bank of Canada reissued a “sector perform” rating and set a $6.00 price target on shares of Clarivate in a research report on Thursday, February 20th.

Clarivate Stock Performance

Clarivate stock opened at $4.36 on Friday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.88 and a current ratio of 0.87. The stock has a fifty day moving average of $4.97 and a two-hundred day moving average of $5.68. The company has a market capitalization of $3.01 billion, a price-to-earnings ratio of -4.54 and a beta of 1.28. Clarivate Plc has a fifty-two week low of $4.00 and a fifty-two week high of $7.77.

Clarivate announced that its Board of Directors has approved a share buyback plan on Monday, December 16th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 12.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Clarivate Company Profile

Clarivate Plc operates as an information services provider in the Americas, the Middle East, Africa, Europe, and the Asia Pacific. It operates through three segments: Academia & Government, Life Sciences & Healthcare, and Intellectual Property. The company offers Web of Science and InCites, that analyzes and explores the academic research landscape and manages research information; ProQuest One and Ebook Central that provides comprehensive content collections to institutions in a cost-effective manner; and Alma and Polaris, that manages academic resources and services, connect users, and support research publications.