CorVel (NASDAQ:CRVL) Cut to “Hold” at StockNews.com

StockNews.com cut shares of CorVel (NASDAQ:CRVL) from a buy rating to a hold rating in a research report released on Thursday.

CorVel Trading Up 3.1 %

Shares of CRVL opened at $106.65 on Thursday. The firm has a market capitalization of $5.48 billion, a P/E ratio of 62.74 and a beta of 1.06. CorVel has a 12-month low of $76.20 and a 12-month high of $128.61. The firm has a fifty day moving average price of $112.21 and a 200-day moving average price of $114.15.

CorVel (NASDAQ:CRVL) last issued its earnings results on Tuesday, February 4th. The business services provider reported $0.46 earnings per share (EPS) for the quarter. CorVel had a net margin of 10.12% and a return on equity of 32.22%.

Insider Activity

In related news, Director Jeffrey J. Michael sold 10,477 shares of CorVel stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $116.45, for a total value of $1,220,046.65. Following the completion of the sale, the director now directly owns 568,310 shares in the company, valued at $66,179,699.50. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Steven J. Hamerslag sold 10,000 shares of CorVel stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $123.48, for a total value of $1,234,800.00. Following the completion of the sale, the director now owns 314,000 shares of the company’s stock, valued at $38,772,720. The trade was a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,200 shares of company stock valued at $3,824,115. 47.57% of the stock is currently owned by company insiders.

Institutional Trading of CorVel

Several institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC raised its holdings in CorVel by 193.1% in the third quarter. FMR LLC now owns 4,306 shares of the business services provider’s stock worth $1,408,000 after purchasing an additional 2,837 shares in the last quarter. State Street Corp raised its holdings in CorVel by 0.8% in the third quarter. State Street Corp now owns 360,068 shares of the business services provider’s stock worth $117,703,000 after purchasing an additional 2,959 shares in the last quarter. Quest Partners LLC raised its holdings in CorVel by 95.1% in the third quarter. Quest Partners LLC now owns 3,596 shares of the business services provider’s stock worth $1,175,000 after purchasing an additional 1,753 shares in the last quarter. SkyView Investment Advisors LLC raised its holdings in CorVel by 1.6% in the third quarter. SkyView Investment Advisors LLC now owns 4,351 shares of the business services provider’s stock worth $1,422,000 after purchasing an additional 67 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in CorVel by 152.8% in the fourth quarter. Victory Capital Management Inc. now owns 109,084 shares of the business services provider’s stock worth $12,137,000 after purchasing an additional 65,940 shares in the last quarter. 51.36% of the stock is currently owned by institutional investors.

About CorVel

CorVel Corporation provides workers’ compensation, auto, liability, and health solutions. It applies technology, including artificial intelligence, machine learning, and natural language processing to enhance the managing of episodes of care and the related health care costs. The company also offers network solutions services, including automated medical fee auditing, preferred provider management and reimbursement, retrospective utilization review, facility claim review, professional review, pharmacy, directed care, clearinghouse, independent medical examination, and inpatient medical bill review services, as well as Medicare solutions.