Zacks Investment Research Lowers Cotiviti (COTV) to Strong Sell
Zacks Investment Research downgraded shares of Cotiviti (NYSE:COTV) from a hold rating to a strong sell rating in a report published on Tuesday.
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. “
Other research analysts have also recently issued research reports about the company. Robert W. Baird restated a buy rating and issued a $44.00 price target on shares of Cotiviti in a research report on Friday, November 3rd. SunTrust Banks reiterated a buy rating and issued a $45.00 target price on shares of Cotiviti in a research report on Friday, November 10th. Deutsche Bank started coverage on Cotiviti in a research report on Friday, December 8th. They issued a hold rating and a $34.00 target price on the stock. Jefferies Group decreased their target price on Cotiviti from $41.00 to $35.00 and set a hold rating on the stock in a research report on Friday, November 3rd. Finally, BidaskClub upgraded Cotiviti from a sell rating to a hold rating in a research report on Tuesday, September 26th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $40.38.
Cotiviti (NYSE:COTV) last issued its quarterly earnings results on Tuesday, October 31st. The business services provider reported $0.39 EPS for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.01. Cotiviti had a return on equity of 13.61% and a net margin of 13.86%. The company had revenue of $174.20 million for the quarter, compared to analysts’ expectations of $174.01 million. During the same quarter last year, the business earned $0.36 earnings per share. Cotiviti’s revenue was up 11.5% on a year-over-year basis. analysts expect that Cotiviti will post 1.41 EPS for the current fiscal year.
In related news, CEO J Douglas Williams sold 30,000 shares of Cotiviti stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $33.22, for a total value of $996,600.00. Following the transaction, the chief executive officer now directly owns 2,766,660 shares of the company’s stock, valued at $91,908,445.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Jonathan Olefson sold 15,000 shares of Cotiviti stock in a transaction that occurred on Tuesday, December 5th. The stock was sold at an average price of $32.37, for a total value of $485,550.00. Following the completion of the transaction, the senior vice president now directly owns 15,149 shares in the company, valued at $490,373.13. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 148,240 shares of company stock worth $4,906,718. 15.80% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC lifted its stake in Cotiviti by 31.1% in the second quarter. FMR LLC now owns 2,664,830 shares of the business services provider’s stock valued at $98,972,000 after buying an additional 631,655 shares during the period. Vanguard Group Inc. lifted its stake in Cotiviti by 18.0% in the second quarter. Vanguard Group Inc. now owns 2,509,612 shares of the business services provider’s stock valued at $93,207,000 after buying an additional 382,020 shares during the period. JPMorgan Chase & Co. lifted its stake in Cotiviti by 5.0% in the third quarter. JPMorgan Chase & Co. now owns 2,087,341 shares of the business services provider’s stock valued at $74,414,000 after buying an additional 99,100 shares during the period. Brown Advisory Inc. increased its holdings in shares of Cotiviti by 63.1% during the third quarter. Brown Advisory Inc. now owns 1,351,344 shares of the business services provider’s stock valued at $48,621,000 after acquiring an additional 522,956 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC increased its holdings in shares of Cotiviti by 95.9% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 991,543 shares of the business services provider’s stock valued at $35,676,000 after acquiring an additional 485,316 shares in the last quarter. 86.18% of the stock is currently owned by hedge funds and other institutional investors.
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Cotiviti Company Profile
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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