CorVel (NASDAQ:CRVL) Hits New 52-Week High – Here’s Why

CorVel Corp. (NASDAQ:CRVL) shares hit a new 52-week high during trading on Thursday. The company traded as high as $83.59 and last traded at $83.15, with a volume of 26,991 shares traded. The stock had previously closed at $80.71.

Analyst Ratings Changes

Separately, Weiss Ratings raised CorVel from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, September 1st. One investment analyst has rated the stock with a Hold rating. According to MarketBeat.com, CorVel presently has an average rating of “Hold”.

CorVel Stock Performance

The firm has a market capitalization of $4.28 billion, a PE ratio of 37.28 and a beta of 1.05. The firm’s 50 day moving average price is $73.31 and its 200-day moving average price is $64.51.

CorVel (NASDAQ:CRVL) last posted its quarterly earnings data on Tuesday, August 4th. The business services provider reported $0.63 earnings per share (EPS) for the quarter. CorVel had a net margin of 11.72% and a return on equity of 29.92%. The business had revenue of $259.93 million for the quarter.

Insider Activity at CorVel

In other CorVel news, Director R. Jessup sold 4,023 shares of the business’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $70.07, for a total transaction of $281,891.61. Following the transaction, the director owned 111,798 shares of the company’s stock, valued at approximately $7,833,685.86. The trade was a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Jennifer Yoss sold 2,100 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $70.92, for a total transaction of $148,932.00. Following the completion of the sale, the vice president directly owned 2,173 shares of the company’s stock, valued at $154,109.16. This represents a 49.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 8,947 shares of company stock worth $630,420. Insiders own 39.72% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in CorVel during the 2nd quarter worth about $321,316,000. Algert Global LLC boosted its holdings in CorVel by 67.0% during the 2nd quarter. Algert Global LLC now owns 383,419 shares of the business services provider’s stock valued at $23,971,000 after acquiring an additional 153,877 shares during the period. Bank of New York Mellon Corp purchased a new position in CorVel during the 2nd quarter valued at about $11,439,000. Assenagon Asset Management S.A. grew its position in CorVel by 14.7% in the 1st quarter. Assenagon Asset Management S.A. now owns 197,858 shares of the business services provider’s stock valued at $10,813,000 after acquiring an additional 25,366 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in CorVel by 8.4% in the 1st quarter. Principal Financial Group Inc. now owns 179,600 shares of the business services provider’s stock valued at $9,815,000 after acquiring an additional 13,938 shares in the last quarter. Hedge funds and other institutional investors own 51.36% of the company’s stock.

CorVel Company Profile

CorVel Corporation is a technology-enabled provider of workers’ compensation, auto liability, liability, and health care management services. The company helps employers, insurance carriers, government agencies, and third-party administrators manage claims, control medical costs, and coordinate care.

Its services include claims administration, medical bill review, utilization and clinical review, case management, pharmacy benefit management, provider networks, and other managed-care solutions.