Kayne Anderson Rudnick Investment Management LLC Increases Position in CorVel Co. (NASDAQ:CRVL)

Kayne Anderson Rudnick Investment Management LLC raised its position in shares of CorVel Co. (NASDAQ:CRVL) by 1.1% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,925,635 shares of the business services provider’s stock after buying an additional 21,673 shares during the period. CorVel makes up about 1.2% of Kayne Anderson Rudnick Investment Management LLC’s portfolio, making the stock its 21st biggest holding. Kayne Anderson Rudnick Investment Management LLC owned 0.11% of CorVel worth $489,631,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Assenagon Asset Management S.A. lifted its stake in CorVel by 41.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 115,876 shares of the business services provider’s stock worth $29,464,000 after acquiring an additional 34,155 shares in the last quarter. Norges Bank purchased a new position in shares of CorVel in the fourth quarter valued at approximately $19,974,000. Bank of New York Mellon Corp grew its holdings in shares of CorVel by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 73,617 shares of the business services provider’s stock valued at $18,719,000 after purchasing an additional 1,479 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of CorVel by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 73,569 shares of the business services provider’s stock valued at $18,187,000 after purchasing an additional 2,252 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in 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 buying an additional 42,696 shares during the period. 51.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of CorVel from a “buy” rating to a “hold” rating in a research note on Saturday, August 31st.

Insiders Place Their Bets

In related news, Director R Judd Jessup sold 2,500 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $311.60, for a total value of $779,000.00. Following the transaction, the director now owns 40,777 shares of the company’s stock, valued at $12,706,113.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, major shareholder Corstar Holdings Inc sold 10,649 shares of the stock in a transaction on Monday, July 8th. The shares were sold at an average price of $261.36, for a total value of $2,783,222.64. Following the transaction, the insider now directly owns 6,333,387 shares of the company’s stock, valued at approximately $1,655,294,026.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director R Judd Jessup sold 2,500 shares of CorVel stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $311.60, for a total transaction of $779,000.00. Following the sale, the director now owns 40,777 shares in the company, valued at $12,706,113.20. The disclosure for this sale can be found here. Insiders sold 72,431 shares of company stock worth $19,961,847 in the last 90 days. Corporate insiders own 47.57% of the company’s stock.

CorVel Price Performance

CRVL opened at $317.30 on Friday. The business has a fifty day moving average price of $305.42 and a 200 day moving average price of $268.54. CorVel Co. has a 12 month low of $187.92 and a 12 month high of $325.00. The stock has a market capitalization of $5.45 billion, a price-to-earnings ratio of 72.11 and a beta of 1.08.

CorVel (NASDAQ:CRVL) last announced its quarterly earnings data on Tuesday, July 30th. The business services provider reported $1.25 EPS for the quarter. CorVel had a return on equity of 32.25% and a net margin of 9.55%. The business had revenue of $211.72 million during the quarter.

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.