Zacks Investment Research Downgrades Cotiviti (COTV) to Hold

Cotiviti (NYSE:COTV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

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. “

Other research analysts have also issued reports about the stock. Citigroup began coverage on shares of Cotiviti in a research note on Thursday, January 4th. They set a “buy” rating on the stock. JPMorgan Chase lowered shares of Cotiviti from an “overweight” rating to a “hold” rating and set a $37.00 price target on the stock. in a research note on Tuesday. Finally, First Analysis lowered shares of Cotiviti from an “overweight” rating to an “equal weight” rating and dropped 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 assigned a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $40.44.



NYSE COTV opened at $34.48 on Tuesday. Cotiviti has a one year low of $30.84 and a one year high of $45.97. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $3,189.48, a price-to-earnings ratio of 23.64, a price-to-earnings-growth ratio of 1.59 and a beta of 0.82.

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

In other Cotiviti news, CEO J Douglas Williams sold 15,000 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $33.88, for a total transaction of $508,200.00. Following the transaction, the chief executive officer now directly owns 2,769,996 shares in the company, valued at $93,847,464.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO David Beaulieu sold 5,000 shares of the company’s stock in a transaction dated Wednesday, April 18th. The stock was sold at an average price of $35.00, for a total transaction of $175,000.00. Following the transaction, the chief operating officer now owns 44,425 shares in the company, valued at $1,554,875. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 145,000 shares of company stock worth $5,011,250. Company insiders own 15.80% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of COTV. Balentine LLC acquired a new position in Cotiviti during the fourth quarter worth about $136,691,000. Carillon Tower Advisers Inc. purchased a new stake in shares of Cotiviti in the fourth quarter valued at about $43,510,000. Mackenzie Financial Corp purchased a new stake in shares of Cotiviti in the fourth quarter valued at about $20,680,000. Sunriver Management LLC purchased a new stake in shares of Cotiviti in the fourth quarter valued at about $18,492,000. Finally, Brown Advisory Inc. lifted its holdings in shares of Cotiviti by 35.1% in the fourth quarter. Brown Advisory Inc. now owns 1,825,216 shares of the business services provider’s stock valued at $58,791,000 after purchasing an additional 473,872 shares in the last quarter. Institutional investors own 92.71% of the company’s stock.

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About Cotiviti

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.

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