Cotiviti Holdings Inc (COTV) Downgraded by BidaskClub to “Sell”
Cotiviti Holdings Inc (NASDAQ:COTV) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.
A number of other equities research analysts have also issued reports on the stock. Robert W. Baird reaffirmed a “buy” rating and set a $44.00 price objective on shares of Cotiviti Holdings in a report on Friday. Zacks Investment Research lowered shares of Cotiviti Holdings from a “hold” rating to a “sell” rating in a report on Friday. Jefferies Group LLC cut their price objective on shares of Cotiviti Holdings from $41.00 to $35.00 and set a “hold” rating for the company in a report on Friday. Finally, Mitsubishi UFJ Financial Group started coverage on shares of Cotiviti Holdings in a report on Thursday, September 21st. They set an “overweight” rating and a $42.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $40.67.
Cotiviti Holdings (COTV) traded down $1.35 during trading on Friday, reaching $31.54. 866,388 shares of the company traded hands, compared to its average volume of 326,788. Cotiviti Holdings has a one year low of $29.19 and a one year high of $45.97.
Cotiviti Holdings (NASDAQ:COTV) last released its earnings results on Tuesday, October 31st. The business services provider reported $0.39 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.01. The company had revenue of $174.20 million during the quarter, compared to analyst estimates of $174.01 million. Cotiviti Holdings had a net margin of 11.18% and a return on equity of 7.68%. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 EPS.
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In other news, CEO J Douglas Williams sold 16,655 shares of the stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $34.96, for a total transaction of $582,258.80. Following the completion of the transaction, the chief executive officer now directly owns 2,793,261 shares in the company, valued at approximately $97,652,404.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO David Beaulieu sold 5,000 shares of the stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $35.00, for a total value of $175,000.00. Following the transaction, the chief operating officer now owns 43,133 shares of the company’s stock, valued at $1,509,655. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,130,095 shares of company stock valued at $373,377,330.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Credit Suisse AG increased its stake in shares of Cotiviti Holdings by 29.8% during the first quarter. Credit Suisse AG now owns 15,063 shares of the business services provider’s stock valued at $627,000 after buying an additional 3,460 shares during the period. JPMorgan Chase & Co. grew its stake in Cotiviti Holdings by 19.2% in the second 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. Geode Capital Management LLC grew its stake in Cotiviti Holdings by 141.8% in the first quarter. Geode Capital Management LLC now owns 252,859 shares of the business services provider’s stock valued at $10,526,000 after purchasing an additional 148,294 shares during the last quarter. Bessemer Group Inc. purchased a new position in Cotiviti Holdings in the second quarter valued at about $271,000. Finally, Summit Creek Advisors LLC purchased a new position in Cotiviti Holdings in the third quarter valued at about $7,504,000.
Cotiviti Holdings 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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