Cotiviti Holdings Inc (NYSE:COTV) was the recipient of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 664,560 shares, a drop of 34.2% from the October 13th total of 1,009,781 shares. Based on an average daily volume of 231,160 shares, the days-to-cover ratio is presently 2.9 days. Currently, 1.7% of the shares of the company are sold short.
Cotiviti Holdings (COTV) traded up $0.32 during trading hours on Tuesday, hitting $32.04. The stock had a trading volume of 320,600 shares, compared to its average volume of 408,427. Cotiviti Holdings has a fifty-two week low of $29.19 and a fifty-two week high of $45.97.
Cotiviti Holdings (NYSE:COTV) last announced its earnings results on Tuesday, October 31st. The business services provider reported $0.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.01. Cotiviti Holdings had a return on equity of 7.68% and a net margin of 11.18%. The business had revenue of $174.20 million for the quarter, compared to analyst estimates of $174.01 million. During the same quarter last year, the firm earned $0.36 EPS. Cotiviti Holdings’s revenue for the quarter was up 11.5% compared to the same quarter last year.
In other Cotiviti Holdings news, COO David Beaulieu sold 5,000 shares of the stock in a transaction on Monday, October 16th. The stock was sold at an average price of $35.00, for a total transaction of $175,000.00. Following the completion of the transaction, the chief operating officer now directly owns 43,133 shares in the company, valued at $1,509,655. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO J Douglas Williams sold 8,364 shares of the stock in a transaction on Monday, September 25th. The stock was sold at an average price of $34.84, for a total value of $291,401.76. Following the transaction, the chief executive officer now owns 2,830,844 shares of the company’s stock, valued at $98,626,604.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 130,095 shares of company stock valued at $4,580,825.
Several large investors have recently bought and sold shares of the business. Cubist Systematic Strategies LLC increased its position in shares of Cotiviti Holdings by 160.2% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 17,112 shares of the business services provider’s stock worth $616,000 after purchasing an additional 10,536 shares during the last quarter. Highbridge Capital Management LLC increased its holdings in shares of Cotiviti Holdings by 18.4% during the 3rd quarter. Highbridge Capital Management LLC now owns 25,089 shares of the business services provider’s stock worth $903,000 after acquiring an additional 3,903 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of Cotiviti Holdings during the 3rd quarter worth approximately $579,000. Envestnet Asset Management Inc. increased its holdings in shares of Cotiviti Holdings by 117.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 24,646 shares of the business services provider’s stock worth $886,000 after acquiring an additional 13,322 shares during the last quarter. Finally, California State Teachers Retirement System increased its holdings in shares of Cotiviti Holdings by 24.7% during the 3rd quarter. California State Teachers Retirement System now owns 58,770 shares of the business services provider’s stock worth $2,115,000 after acquiring an additional 11,645 shares during the last quarter.
A number of analysts have recently weighed in on COTV shares. Zacks Investment Research upgraded Cotiviti Holdings from a “sell” rating to a “hold” rating in a research report on Monday, August 7th. BidaskClub lowered Cotiviti Holdings from a “hold” rating to a “sell” rating in a research report on Monday, September 18th. Mitsubishi UFJ Financial Group started coverage on Cotiviti Holdings in a research report on Thursday, September 21st. They issued an “overweight” rating and a $42.00 price objective for the company. Jefferies Group LLC lowered their price objective on Cotiviti Holdings from $41.00 to $35.00 and set a “hold” rating for the company in a research report on Friday, November 3rd. Finally, Robert W. Baird reiterated a “buy” rating and issued a $44.00 price objective on shares of Cotiviti Holdings in a research report on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $41.29.
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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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