Cotiviti Holdings Inc (NASDAQ:COTV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday, November 3rd.
According to Zacks, “Cotiviti Holdings, Inc. provides payment processing services. The Company is focused primarily on the healthcare sector. Cotiviti Holdings, Inc. is headquartered in Atlanta, Georgia. “
Several other research firms have also issued reports on COTV. BidaskClub lowered shares of Cotiviti Holdings from a “hold” rating to a “sell” rating in a report on Monday, September 18th. Jefferies Group LLC cut their price target on shares of Cotiviti Holdings from $41.00 to $35.00 and set a “hold” rating on the stock in a report on Friday, November 3rd. Finally, Mitsubishi UFJ Financial Group began coverage on shares of Cotiviti Holdings in a research note on Thursday, September 21st. They set an “overweight” rating and a $42.00 price objective for the company. Two research analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $41.29.
Shares of Cotiviti Holdings (COTV) traded up $0.32 during mid-day trading on Friday, reaching $32.04. 320,600 shares of the company traded hands, compared to its average volume of 408,427. Cotiviti Holdings has a 12 month low of $29.19 and a 12 month high of $45.97.
Cotiviti Holdings (NASDAQ:COTV) last issued its quarterly earnings data on Tuesday, October 31st. The business services provider reported $0.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.01. Cotiviti Holdings had a net margin of 11.18% and a return on equity of 7.68%. The company had revenue of $174.20 million for the quarter, compared to analyst estimates of $174.01 million. During the same period last year, the company posted $0.36 earnings per share. Cotiviti Holdings’s revenue was up 11.5% compared to the same quarter last year.
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In related news, COO David Beaulieu sold 5,000 shares of the company’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $35.00, for a total transaction of $175,000.00. Following the completion of the sale, the chief operating officer now owns 43,133 shares of the company’s stock, valued at approximately $1,509,655. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO J Douglas Williams sold 8,364 shares of the company’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $35.93, for a total transaction of $300,518.52. Following the sale, the chief executive officer now directly owns 2,876,609 shares of the company’s stock, valued at approximately $103,356,561.37. The disclosure for this sale can be found here. Insiders sold 130,095 shares of company stock valued at $4,580,825 in the last ninety days.
Several hedge funds have recently modified their holdings of COTV. Bank of New York Mellon Corp lifted its holdings in shares of Cotiviti Holdings by 4.1% in the 1st quarter. Bank of New York Mellon Corp now owns 81,346 shares of the business services provider’s stock worth $3,387,000 after acquiring an additional 3,206 shares during the last quarter. American International Group Inc. lifted its holdings in Cotiviti Holdings by 7.0% during the 1st quarter. American International Group Inc. now owns 7,785 shares of the business services provider’s stock worth $324,000 after buying an additional 512 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Cotiviti Holdings by 115.2% during the 1st quarter. Vanguard Group Inc. now owns 2,127,592 shares of the business services provider’s stock worth $88,572,000 after buying an additional 1,138,913 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Cotiviti Holdings by 141.8% during the 1st quarter. Geode Capital Management LLC now owns 252,859 shares of the business services provider’s stock worth $10,526,000 after buying an additional 148,294 shares in the last quarter. Finally, UBS Group AG lifted its holdings in Cotiviti Holdings by 5,324.8% during the 1st quarter. UBS Group AG now owns 23,164 shares of the business services provider’s stock worth $964,000 after buying an additional 22,737 shares in the last quarter.
About Cotiviti Holdings
Cotiviti Holdings, Inc is a provider of analytics-driven payment accuracy solutions. The Company focuses primarily on the healthcare sector. The Company operates through two segments: Healthcare, and Global Retail and Other. Through its Healthcare segment, the Company offers prospective and retrospective claims accuracy solutions to healthcare payers in the United States.
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