Cotiviti Holdings Inc (COTV) Given Consensus Recommendation of “Buy” by Analysts
Shares of Cotiviti Holdings Inc (NASDAQ:COTV) have been assigned a consensus rating of “Buy” from the eleven analysts that are currently covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $41.20.
A number of analysts have recently weighed in on COTV shares. Zacks Investment Research cut shares of Cotiviti Holdings from a “hold” rating to a “strong sell” rating in a research note on Monday, July 10th. BidaskClub upgraded shares of Cotiviti Holdings from a “sell” rating to a “hold” rating in a research note on Tuesday, September 26th. Leerink Swann started coverage on shares of Cotiviti Holdings in a research note on Tuesday, July 4th. They issued an “outperform” rating and a $48.00 price objective for the company. Finally, Mitsubishi UFJ Financial Group started coverage on shares of Cotiviti Holdings in a research note on Thursday, September 21st. They issued an “overweight” rating and a $42.00 price objective for the company.
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Shares of Cotiviti Holdings (NASDAQ:COTV) opened at 35.10 on Thursday. The firm has a market capitalization of $3.24 billion and a price-to-earnings ratio of 43.17. Cotiviti Holdings has a 12-month low of $29.19 and a 12-month high of $45.97. The company’s 50-day moving average is $35.34 and its 200-day moving average is $35.34.
Cotiviti Holdings (NASDAQ:COTV) last issued its quarterly earnings data on Tuesday, August 1st. The business services provider reported $0.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.02. Cotiviti Holdings had a net margin of 12.58% and a return on equity of 8.55%. The business had revenue of $167.60 million during the quarter, compared to analysts’ expectations of $167.47 million. During the same period in the previous year, the company earned $0.37 earnings per share. Cotiviti Holdings’s revenue for the quarter was up 5.9% on a year-over-year basis. On average, equities analysts forecast that Cotiviti Holdings will post $1.54 earnings per share for the current fiscal year.
In related news, SVP Jonathan Olefson sold 5,000 shares of the company’s stock in a transaction on Friday, July 14th. The shares were sold at an average price of $43.00, for a total transaction of $215,000.00. Following the completion of the transaction, the senior vice president now directly owns 5,149 shares in the company, valued at approximately $221,407. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder International Corp/Ma Advent sold 9,257,651 shares of the company’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $36.87, for a total transaction of $341,329,592.37. The disclosure for this sale can be found here. Insiders sold 10,105,149 shares of company stock valued at $372,670,423 over the last 90 days.
A number of large investors have recently added to or reduced their stakes in the stock. FMR LLC raised its stake in Cotiviti Holdings by 31.1% during the 2nd quarter. FMR LLC now owns 2,664,830 shares of the business services provider’s stock valued at $98,972,000 after purchasing an additional 631,655 shares during the last quarter. Vanguard Group Inc. raised its stake in Cotiviti Holdings by 18.0% during the 2nd quarter. Vanguard Group Inc. now owns 2,509,612 shares of the business services provider’s stock valued at $93,207,000 after purchasing an additional 382,020 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Cotiviti Holdings by 19.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,988,241 shares of the business services provider’s stock valued at $73,843,000 after purchasing an additional 320,715 shares during the last quarter. Eagle Asset Management Inc. raised its stake in Cotiviti Holdings by 10.2% during the 2nd quarter. Eagle Asset Management Inc. now owns 1,904,283 shares of the business services provider’s stock valued at $70,725,000 after purchasing an additional 176,870 shares during the last quarter. Finally, Morgan Stanley raised its stake in Cotiviti Holdings by 50.8% during the 1st quarter. Morgan Stanley now owns 1,386,907 shares of the business services provider’s stock valued at $57,737,000 after purchasing an additional 467,331 shares during 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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