California Public Employees Retirement System boosted its stake in Cotiviti Holdings Inc (NYSE:COTV) by 12.2% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 62,819 shares of the business services provider’s stock after buying an additional 6,819 shares during the quarter. California Public Employees Retirement System’s holdings in Cotiviti were worth $2,260,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. BNP Paribas Arbitrage SA increased its stake in shares of Cotiviti by 553.5% during the second quarter. BNP Paribas Arbitrage SA now owns 3,137 shares of the business services provider’s stock valued at $117,000 after purchasing an additional 2,657 shares in the last quarter. Strategic Global Advisors LLC bought a new position in shares of Cotiviti during the third quarter valued at approximately $200,000. Great West Life Assurance Co. Can increased its stake in shares of Cotiviti by 92.1% during the third quarter. Great West Life Assurance Co. Can now owns 5,570 shares of the business services provider’s stock valued at $198,000 after purchasing an additional 2,670 shares in the last quarter. Quantbot Technologies LP increased its stake in shares of Cotiviti by 34.5% during the second quarter. Quantbot Technologies LP now owns 6,420 shares of the business services provider’s stock valued at $238,000 after purchasing an additional 1,645 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Cotiviti by 237.7% during the second quarter. Legal & General Group Plc now owns 6,716 shares of the business services provider’s stock valued at $250,000 after purchasing an additional 4,727 shares in the last quarter. Institutional investors and hedge funds own 86.22% of the company’s stock.
A number of brokerages have weighed in on COTV. BidaskClub raised shares of Cotiviti from a “sell” rating to a “hold” rating in a research note on Tuesday, September 26th. Citigroup began coverage on shares of Cotiviti in a research note on Thursday, January 4th. They set a “buy” rating for the company. Zacks Investment Research downgraded shares of Cotiviti from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 2nd. Robert W. Baird reaffirmed a “buy” rating and set a $44.00 target price on shares of Cotiviti in a research note on Friday, November 3rd. Finally, Mitsubishi UFJ Financial Group began coverage on shares of Cotiviti in a research note on Thursday, September 21st. They set an “overweight” rating and a $42.00 target price for the company. Two analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $40.38.
Cotiviti (NYSE:COTV) last announced its quarterly earnings results on Tuesday, October 31st. The business services provider reported $0.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.01. The company had revenue of $174.20 million during the quarter, compared to the consensus estimate of $174.01 million. Cotiviti had a net margin of 13.86% and a return on equity of 13.61%. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.36 earnings per share. research analysts forecast that Cotiviti Holdings Inc will post 1.41 EPS for the current fiscal year.
In related news, CEO J Douglas Williams sold 16,655 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $31.25, for a total transaction of $520,468.75. Following the completion of the sale, the chief executive officer now owns 2,776,606 shares of the company’s stock, valued at $86,768,937.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jonathan Olefson sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of $32.37, for a total transaction of $485,550.00. Following the sale, the senior vice president now directly owns 15,149 shares of the company’s stock, valued at approximately $490,373.13. The disclosure for this sale can be found here. Insiders have sold 148,221 shares of company stock valued at $4,878,073 in the last three months. 15.80% of the stock is owned by insiders.
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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