CorVel (NASDAQ:CRVL) Downgraded by StockNews.com to Hold

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

CorVel Price Performance

Shares of CorVel stock opened at $251.26 on Tuesday. The stock has a market cap of $4.30 billion, a PE ratio of 57.10 and a beta of 1.11. The firm has a fifty day moving average price of $249.42 and a 200 day moving average price of $244.48. CorVel has a 1 year low of $187.92 and a 1 year high of $281.41.

CorVel (NASDAQ:CRVL) last released its quarterly earnings data on Wednesday, May 22nd. The business services provider reported $1.12 earnings per share for the quarter. The business had revenue of $207.23 million during the quarter. CorVel had a return on equity of 33.49% and a net margin of 9.59%.

Insider Buying and Selling at CorVel

In other news, Chairman V Gordon Clemons sold 2,000 shares of CorVel stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $277.00, for a total transaction of $554,000.00. Following the completion of the transaction, the chairman now directly owns 266,584 shares of the company’s stock, valued at approximately $73,843,768. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Chairman V Gordon Clemons sold 2,000 shares of the stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $277.00, for a total transaction of $554,000.00. Following the sale, the chairman now directly owns 266,584 shares of the company’s stock, valued at approximately $73,843,768. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jeffrey J. Michael sold 3,000 shares of CorVel stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $232.45, for a total value of $697,350.00. Following the completion of the transaction, the director now owns 192,929 shares of the company’s stock, valued at approximately $44,846,346.05. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,200 shares of company stock valued at $1,574,528. 48.71% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CRVL. Norges Bank acquired a new position in CorVel during the fourth quarter worth $19,974,000. Janus Henderson Group PLC raised its position in shares of CorVel by 997.8% during the 1st quarter. Janus Henderson Group PLC now owns 46,975 shares of the business services provider’s stock worth $12,351,000 after purchasing an additional 42,696 shares during the last quarter. West Coast Financial LLC lifted its stake in CorVel by 98.9% in the 4th quarter. West Coast Financial LLC now owns 29,198 shares of the business services provider’s stock valued at $7,218,000 after buying an additional 14,515 shares in the last quarter. Sei Investments Co. lifted its stake in CorVel by 65.8% in the 1st quarter. Sei Investments Co. now owns 21,003 shares of the business services provider’s stock valued at $5,523,000 after buying an additional 8,338 shares in the last quarter. Finally, Stifel Financial Corp boosted its holdings in CorVel by 36.3% in the 3rd quarter. Stifel Financial Corp now owns 23,982 shares of the business services provider’s stock worth $4,716,000 after buying an additional 6,385 shares during the last quarter. Hedge funds and other institutional investors own 51.36% of the company’s stock.

CorVel Company Profile

CorVel Corporation provides workers' compensation, auto, liability, and health solutions for employers, third party administrators, insurance companies, and government agencies to assist them in managing the medical costs and monitoring the quality of care associated with healthcare claims. 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.