Zacks Investment Research Lowers Cotiviti Holdings Inc (COTV) to Sell

Zacks Investment Research cut shares of Cotiviti Holdings Inc (NASDAQ:COTV) from a hold rating to a sell rating in a research note published on Thursday.

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. “

A number of other analysts have also recently issued reports on COTV. Jefferies Group LLC lowered their price objective on Cotiviti Holdings from $41.00 to $35.00 and set a hold rating on the stock in a research report on Friday, November 3rd. Robert W. Baird restated a buy rating and set a $44.00 price objective on shares of Cotiviti Holdings in a research report on Friday, November 3rd. BidaskClub cut Cotiviti Holdings from a hold rating to a sell rating in a research report on Saturday, November 4th. Finally, Mitsubishi UFJ Financial Group began coverage on Cotiviti Holdings in a research report on Thursday, September 21st. They set an overweight rating and a $42.00 price objective on the stock. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $41.29.

Shares of Cotiviti Holdings (NASDAQ:COTV) opened at $31.72 on Thursday. Cotiviti Holdings has a 1 year low of $29.19 and a 1 year high of $45.97.

Cotiviti Holdings (NASDAQ:COTV) last released its quarterly earnings data on Tuesday, October 31st. The business services provider reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $174.20 million for the quarter, compared to analysts’ expectations of $174.01 million. Cotiviti Holdings had a return on equity of 7.68% and a net margin of 11.18%. Cotiviti Holdings’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 earnings per share.

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In other Cotiviti Holdings news, CEO J Douglas Williams sold 8,364 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $35.93, for a total value of $300,518.52. Following the sale, the chief executive officer now directly owns 2,876,609 shares in the company, valued at $103,356,561.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO David Beaulieu sold 5,000 shares of the company’s stock in a transaction 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 completion of the sale, the chief operating officer now owns 43,133 shares in the company, valued at $1,509,655. The disclosure for this sale can be found here. Insiders sold 130,095 shares of company stock worth $4,580,825 over the last quarter.

A number of large investors have recently made changes to their positions in the business. Wells Fargo & Company MN grew its holdings in shares of Cotiviti Holdings by 65.6% during the third quarter. Wells Fargo & Company MN now owns 504,768 shares of the business services provider’s stock worth $18,162,000 after purchasing an additional 200,036 shares during the last quarter. Citadel Advisors LLC grew its holdings in shares of Cotiviti Holdings by 42.5% during the third quarter. Citadel Advisors LLC now owns 91,460 shares of the business services provider’s stock worth $3,291,000 after purchasing an additional 27,274 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Cotiviti Holdings by 5.0% during the third quarter. JPMorgan Chase & Co. now owns 2,087,341 shares of the business services provider’s stock worth $74,414,000 after purchasing an additional 99,100 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Cotiviti Holdings by 124.4% during the third quarter. Legal & General Group Plc now owns 15,071 shares of the business services provider’s stock worth $543,000 after purchasing an additional 8,355 shares during the last quarter. Finally, FNY Managed Accounts LLC bought a new stake in shares of Cotiviti Holdings during the third quarter worth $1,439,000.

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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