Citigroup Initiates Coverage on Cotiviti (COTV)

Analysts at Citigroup started coverage on shares of Cotiviti (NYSE:COTV) in a research report issued on Thursday. The firm set a “buy” rating on the business services provider’s stock.

A number of other research firms have also recently commented on COTV. BidaskClub raised shares of Cotiviti from a “sell” rating to a “hold” rating in a research note on Tuesday, September 26th. Mitsubishi UFJ Financial Group began coverage on shares of Cotiviti in a research note on Thursday, September 21st. They issued an “overweight” rating and a $42.00 price target for the company. Zacks Investment Research cut shares of Cotiviti from a “hold” rating to a “strong sell” rating in a research note on Tuesday. SunTrust Banks reissued a “buy” rating and issued a $45.00 price target on shares of Cotiviti in a research note on Friday, November 10th. Finally, Deutsche Bank began coverage on shares of Cotiviti in a research note on Friday, December 8th. They issued a “hold” rating and a $34.00 price target for the company. Two analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. Cotiviti currently has a consensus rating of “Hold” and a consensus price target of $40.38.

Cotiviti (NYSE:COTV) opened at $33.36 on Thursday. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.73. Cotiviti has a 12 month low of $30.84 and a 12 month high of $45.97. The company has a market cap of $3,040.00 and a P/E ratio of 34.04.

Cotiviti (NYSE:COTV) last released its quarterly earnings results on Tuesday, October 31st. The business services provider reported $0.39 EPS for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.01. Cotiviti had a net margin of 13.86% and a return on equity of 13.61%. The business had revenue of $174.20 million during the quarter, compared to analysts’ expectations of $174.01 million. During the same quarter in the previous year, the company earned $0.36 EPS. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. sell-side analysts expect that Cotiviti will post 1.41 earnings per share for the current year.

In other news, SVP Jonathan Olefson sold 15,000 shares of the company’s stock in a transaction on Tuesday, December 5th. The shares were sold at an average price of $32.37, for a total value of $485,550.00. Following the completion of the sale, the senior vice president now owns 15,149 shares of the company’s stock, valued at approximately $490,373.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction of $175,000.00. Following the completion of the sale, the chief operating officer now directly owns 43,133 shares of the company’s stock, valued at approximately $1,509,655. The disclosure for this sale can be found here. Insiders sold a total of 148,240 shares of company stock valued at $4,906,718 in the last ninety days. 15.80% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its position in Cotiviti 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 buying an additional 320,715 shares during the period. Gotham Asset Management LLC boosted its position in Cotiviti by 6.7% during the 2nd quarter. Gotham Asset Management LLC now owns 316,320 shares of the business services provider’s stock valued at $11,748,000 after buying an additional 19,855 shares during the period. Summit Creek Advisors LLC purchased a new stake in Cotiviti during the 3rd quarter valued at $7,504,000. Royal Bank of Canada boosted its position in Cotiviti by 233.8% during the 2nd quarter. Royal Bank of Canada now owns 24,611 shares of the business services provider’s stock valued at $914,000 after buying an additional 17,238 shares during the period. Finally, State Street Corp boosted its position in Cotiviti by 95.8% during the 2nd quarter. State Street Corp now owns 490,091 shares of the business services provider’s stock valued at $18,202,000 after buying an additional 239,736 shares during the period. 86.18% of the stock is owned by institutional investors and hedge funds.

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Cotiviti 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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