Cotiviti Holdings Inc (NASDAQ:COTV) announced its earnings results on Tuesday, August 1st. The business services provider reported $0.36 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.02, Morningstar.com reports. Cotiviti Holdings had a return on equity of 8.55% and a net margin of 12.58%. The business had revenue of $167.60 million for the quarter, compared to analyst estimates of $167.47 million. During the same quarter last year, the firm earned $0.37 EPS. Cotiviti Holdings’s revenue for the quarter was up 5.9% compared to the same quarter last year.
Cotiviti Holdings (NASDAQ:COTV) traded up 0.96% on Friday, hitting $35.67. The company’s stock had a trading volume of 933,799 shares. Cotiviti Holdings has a 12 month low of $27.68 and a 12 month high of $45.97. The firm has a 50 day moving average of $39.48 and a 200-day moving average of $38.81. The stock has a market cap of $3.29 billion and a PE ratio of 43.87.
A number of brokerages recently issued reports on COTV. Jefferies Group LLC dropped their target price on Cotiviti Holdings from $45.00 to $41.00 and set a “hold” rating on the stock in a research report on Thursday, May 4th. Zacks Investment Research lowered Cotiviti Holdings from a “hold” rating to a “strong sell” rating in a research report on Monday, July 10th. Finally, Leerink Swann began coverage on Cotiviti Holdings in a research report on Tuesday, July 4th. They issued an “outperform” rating and a $48.00 target price on the stock. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Cotiviti Holdings currently has a consensus rating of “Buy” and a consensus price target of $40.50.
In other news, SVP Jonathan Olefson sold 5,000 shares of the stock in a transaction that occurred on Friday, July 14th. The stock was sold at an average price of $43.00, for a total value of $215,000.00. Following the completion of the sale, the senior vice president now directly owns 5,149 shares of the company’s stock, valued at $221,407. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO J Douglas Williams sold 16,655 shares of the stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $37.73, for a total value of $628,393.15. Following the completion of the sale, the chief executive officer now directly owns 2,943,302 shares of the company’s stock, valued at $111,050,784.46. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,096,712 shares of company stock valued at $372,559,341.
Hedge funds have recently modified their holdings of the company. BlueCrest Capital Management Ltd bought a new stake in shares of Cotiviti Holdings during the first quarter valued at approximately $593,000. Morgan Stanley increased its stake in shares of Cotiviti Holdings by 50.8% in the first quarter. Morgan Stanley now owns 1,386,907 shares of the business services provider’s stock worth $57,737,000 after buying an additional 467,331 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of 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 worth $10,526,000 after buying an additional 148,294 shares during the last quarter. Loomis Sayles & Co. L P acquired a new stake in shares of Cotiviti Holdings during the first quarter worth approximately $5,094,000. Finally, American Century Companies Inc. increased its stake in shares of Cotiviti Holdings by 11.0% in the first quarter. American Century Companies Inc. now owns 212,536 shares of the business services provider’s stock worth $8,848,000 after buying an additional 21,115 shares during the last quarter.
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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