Cotiviti Holdings Inc (COTV) Issues Quarterly Earnings Results
Cotiviti Holdings Inc (NASDAQ:COTV) posted its quarterly earnings data on Tuesday. The business services provider reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01, Bloomberg Earnings reports. The firm had revenue of $174.20 million during the quarter, compared to analysts’ expectations of $174.01 million. Cotiviti Holdings had a net margin of 12.58% and a return on equity of 8.55%. The company’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.36 EPS.
Shares of Cotiviti Holdings (NASDAQ COTV) traded down 7.48% during midday trading on Wednesday, hitting $32.53. 655,232 shares of the stock traded hands. The company has a market capitalization of $3.00 billion and a price-to-earnings ratio of 40.01. Cotiviti Holdings has a 52 week low of $29.19 and a 52 week high of $45.97. The firm’s 50-day moving average is $35.19 and its 200 day moving average is $35.21.
In other news, major shareholder International Corp/Ma Advent sold 9,257,651 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $36.87, for a total value of $341,329,592.37. The transaction was disclosed in a filing 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 that occurred 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 transaction, 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 10,130,095 shares of company stock valued at $373,377,330 in the last ninety days.
Several equities research analysts have recently commented on the stock. Zacks Investment Research cut shares of Cotiviti Holdings from a “hold” rating to a “strong sell” rating in a research report on Monday, July 10th. Leerink Swann assumed coverage on shares of Cotiviti Holdings in a research report on Tuesday, July 4th. They set an “outperform” rating and a $48.00 price target for the company. Mitsubishi UFJ Financial Group assumed coverage on shares of Cotiviti Holdings in a research report on Thursday, September 21st. They set an “overweight” rating and a $42.00 price target for the company. Finally, BidaskClub cut shares of Cotiviti Holdings from a “hold” rating to a “sell” rating in a research report on Monday, September 18th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $41.20.
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About Cotiviti Holdings
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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