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COTV

Cotiviti Holdings

$39.89

0.04 (0.10%)

08:32
06/19/18
06/19
08:32
06/19/18
08:32

Cotiviti to be acquired by Veritas Capital-backed Verscend for $4.9B in cash

Cotiviti Holdings and Verscend Technologies, a portfolio company of Veritas Capital announced that they have entered into a definitive agreement whereby Verscend has agreed to acquire Cotiviti for $4.9B in cash. Under the terms of the agreement, Cotiviti shareholders will receive $44.75 in cash per share of Cotiviti common stock, and Verscend will assume all of Cotiviti's outstanding debt, resulting in an enterprise value of approximately $4.9B. The offer price represents a 32% premium to Cotiviti's unaffected share price as of June 4, 2018 and a 136% premium to the initial public offering price of Cotiviti's common stock. The transaction, which was unanimously approved by Cotiviti's Board of Directors, is expected to close during the fourth quarter of 2018. Closing of the transaction is subject to the approval of Cotiviti shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals. Advent International has entered into a voting agreement whereby it has agreed to vote shares representing approximately 44% of the company's voting power in favor of the transaction.

COTV Cotiviti Holdings
$39.89

0.04 (0.10%)

02/23/18
FANA
02/23/18
DOWNGRADE
Target $40
FANA
Equal-Weight
Cotiviti downgraded to Equal-Weight from Overweight at First Analysis
First Analysis analyst Frank Sparacino downgraded Cotiviti Holdings to Equal-Weight and lowered his price target for the shares to $40 from $48. The analyst has less confidence in guidance outperformance based on recent execution trends. He notes the company's 2017 results and 2018 guidance were in-line with expectations.
02/23/18
BARD
02/23/18
NO CHANGE
Target $50
BARD
Outperform
Cotiviti Holdings valuation overly discounted relative to growth, says Baird
Baird analyst Matthew Gillmor said the highlights from the Cotiviti Q4 conference call were mostly positive, but he also believes there was a degree of conservatism with accruals. The analyst said the guidance details underscore the company's strong core growth. Gillmor believes the current discount is unsustainable and he reiterated his Outperform rating and $50 price target on Cotiviti Holdings shares.
04/24/18
JPMS
04/24/18
DOWNGRADE
Target $37
JPMS
Neutral
Cotiviti Holdings assumed with a Neutral from Overweight at JPMorgan
JPMorgan analyst Anne Samuel downgraded Cotiviti Holdings to Neutral after assuming lead coverage of the name. The analyst lowered her price target for the shares to $37 from $41. The analyst says that despite the company's "consistent growth profile," her price target points to only 7% further upside.
06/06/18
BARD
06/06/18
NO CHANGE
Target $45
BARD
Outperform
Cotiviti Holdings could be worth $40-$45 in a sale, says Baird
Baird analyst Matthew Gillmor commented on the rumor that Cotiviti Holdings is exploring a sale and he believes the shares could be worth $40-$45 in a sale. The analyst said he was not surprised the company would consider a sale, so he suspects the report is legitimate. He believes the market underappreciates the company's free cash flow power, and still sees upside potential in the shares, but would not chase the stock here. Gillmor reiterated his Outperform rating and $45 price target on Cotiviti Holdings shares.

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