BidaskClub Upgrades Cotiviti Holdings Inc (COTV) to Hold
BidaskClub upgraded shares of Cotiviti Holdings Inc (NASDAQ:COTV) from a sell rating to a hold rating in a research note released on Tuesday morning.
COTV has been the subject of several other reports. Mitsubishi UFJ Financial Group began coverage on Cotiviti Holdings in a research report on Thursday, September 21st. They issued an overweight rating and a $42.00 price objective for the company. Zacks Investment Research cut Cotiviti Holdings from a hold rating to a strong sell rating in a research report on Monday, July 10th. Finally, Leerink Swann began coverage on Cotiviti Holdings in a research report on Tuesday, July 4th. They issued an outperform rating and a $48.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Cotiviti Holdings currently has a consensus rating of Buy and a consensus target price of $40.71.
Shares of Cotiviti Holdings (COTV) opened at 35.98 on Tuesday. The company has a market cap of $3.32 billion and a price-to-earnings ratio of 44.26. The company has a 50 day moving average of $35.22 and a 200-day moving average of $35.22. Cotiviti Holdings has a 52 week low of $29.19 and a 52 week high of $41.38.
Cotiviti Holdings (NASDAQ:COTV) last posted its quarterly earnings data on Tuesday, August 1st. The business services provider reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.02. Cotiviti Holdings had a return on equity of 8.55% and a net margin of 12.58%. The company had revenue of $167.60 million during the quarter, compared to analysts’ expectations of $167.47 million. During the same period in the prior year, the business earned $0.37 earnings per share. Cotiviti Holdings’s revenue for the quarter was up 5.9% compared to the same quarter last year. On average, equities research analysts expect that Cotiviti Holdings will post $1.54 earnings per share for the current fiscal year.
In related news, CEO J Douglas Williams sold 8,364 shares of the firm’s stock in a transaction on Monday, September 25th. The stock was sold at an average price of $34.84, for a total value of $291,401.76. Following the completion of the transaction, the chief executive officer now directly owns 2,830,844 shares of the company’s stock, valued at $98,626,604.96. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder International Corp/Ma Advent sold 9,257,651 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $36.87, for a total value of $341,329,592.37. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,121,804 shares of company stock valued at $373,349,280.
A number of hedge funds have recently modified their holdings of COTV. Great West Life Assurance Co. Can bought a new position in Cotiviti Holdings in the second quarter worth $107,000. BNP Paribas Arbitrage SA lifted its position in Cotiviti Holdings by 553.5% in the second quarter. BNP Paribas Arbitrage SA now owns 3,137 shares of the business services provider’s stock worth $117,000 after purchasing an additional 2,657 shares during the period. Quantbot Technologies LP lifted its position in Cotiviti Holdings by 502.1% in the first quarter. Quantbot Technologies LP now owns 4,775 shares of the business services provider’s stock worth $198,000 after purchasing an additional 3,982 shares during the period. Invictus RG bought a new position in Cotiviti Holdings in the first quarter worth $209,000. Finally, Pacer Advisors Inc. lifted its position in Cotiviti Holdings by 138.9% in the second quarter. Pacer Advisors Inc. now owns 5,642 shares of the business services provider’s stock worth $210,000 after purchasing an additional 3,280 shares during the period.
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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