Cotiviti (COTV) Downgraded by JPMorgan Chase to “Hold”

JPMorgan Chase lowered shares of Cotiviti (NYSE:COTV) from an overweight rating to a hold rating in a research report released on Tuesday morning. The firm currently has $37.00 target price on the business services provider’s stock.

Other research analysts also recently issued research reports about the company. Citigroup initiated coverage on Cotiviti in a research note on Thursday, January 4th. They set a buy rating for the company. Zacks Investment Research upgraded Cotiviti from a hold rating to a buy rating and set a $39.00 price target for the company in a research note on Wednesday, April 18th. Finally, First Analysis downgraded Cotiviti from an overweight rating to an equal weight rating and cut their price target for the stock from $48.00 to $40.00 in a research note on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $40.44.

COTV stock opened at $34.51 on Tuesday. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.68. The firm has a market cap of $3,207.04, a PE ratio of 23.77, a PEG ratio of 1.60 and a beta of 0.82. Cotiviti has a fifty-two week low of $30.84 and a fifty-two week high of $45.97.

Cotiviti (NYSE:COTV) last posted its quarterly earnings results on Wednesday, February 21st. The business services provider reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.04. The company had revenue of $176.70 million during the quarter, compared to the consensus estimate of $179.43 million. Cotiviti had a return on equity of 13.29% and a net margin of 20.36%. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.39 EPS. equities analysts forecast that Cotiviti will post 1.67 EPS for the current year.

In related news, CEO J Douglas Williams sold 30,000 shares of the stock in a transaction dated Thursday, April 12th. The stock was sold at an average price of $34.18, for a total transaction of $1,025,400.00. Following the sale, the chief executive officer now owns 2,769,996 shares of the company’s stock, valued at approximately $94,678,463.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO David Beaulieu sold 5,000 shares of the stock in a transaction dated Thursday, March 15th. The stock was sold at an average price of $36.11, for a total value of $180,550.00. The disclosure for this sale can be found here. Insiders have sold a total of 145,000 shares of company stock worth $5,011,250 in the last three months. 15.80% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Balentine LLC purchased a new stake in Cotiviti during the 4th quarter worth about $136,691,000. BlackRock Inc. raised its holdings in shares of Cotiviti by 0.5% in the 4th quarter. BlackRock Inc. now owns 2,432,328 shares of the business services provider’s stock valued at $78,345,000 after acquiring an additional 12,664 shares in the last quarter. Brown Advisory Inc. raised its holdings in shares of Cotiviti by 35.1% in the 4th quarter. Brown Advisory Inc. now owns 1,825,216 shares of the business services provider’s stock valued at $58,791,000 after acquiring an additional 473,872 shares in the last quarter. Eaton Vance Management raised its holdings in shares of Cotiviti by 0.4% in the 4th quarter. Eaton Vance Management now owns 1,510,202 shares of the business services provider’s stock valued at $48,644,000 after acquiring an additional 6,607 shares in the last quarter. Finally, Carillon Tower Advisers Inc. purchased a new stake in shares of Cotiviti in the 4th quarter valued at about $43,510,000. 92.71% of the stock is currently owned by institutional investors and hedge funds.

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Cotiviti Company Profile

Cotiviti Holdings, Inc, through its subsidiaries, provides analytics-driven payment accuracy and spend management solutions primarily for the healthcare sector in the United States, Canada, the United Kingdom, and India. It operates through two segments, Healthcare, and Global Retail and Other. The company offers prospective claims accuracy solutions that enable healthcare clients identify and address claim discrepancies immediately following claim adjudication and before a claim is paid to a healthcare provider; and retrospective claims accuracy solutions that enable health insurers identify and resolve payment inaccuracies after a claim has been paid to a healthcare provider.

Analyst Recommendations for Cotiviti (NYSE:COTV)

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