CorVel (NASDAQ:CRVL) Upgraded at StockNews.com

CorVel (NASDAQ:CRVL) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

CorVel Stock Performance

CRVL stock traded up $6.72 during mid-day trading on Friday, reaching $314.57. The company had a trading volume of 32,367 shares, compared to its average volume of 37,064. The company has a market capitalization of $5.40 billion, a price-to-earnings ratio of 71.49 and a beta of 1.08. The firm has a fifty day simple moving average of $281.87 and a 200 day simple moving average of $259.28. CorVel has a fifty-two week low of $187.92 and a fifty-two week high of $321.46.

CorVel (NASDAQ:CRVL) last issued its earnings results on Tuesday, July 30th. The business services provider reported $1.25 earnings per share for the quarter. CorVel had a return on equity of 33.26% and a net margin of 9.55%. The business had revenue of $211.72 million for the quarter.

Insider Transactions at CorVel

In other news, EVP Mark E. Bertels sold 200 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $231.14, for a total transaction of $46,228.00. Following the sale, the executive vice president now owns 858 shares of the company’s stock, valued at approximately $198,318.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Mark E. Bertels sold 200 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $231.14, for a total transaction of $46,228.00. Following the transaction, the executive vice president now owns 858 shares in the company, valued at approximately $198,318.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark E. Bertels sold 300 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $299.80, for a total value of $89,940.00. Following the transaction, the executive vice president now owns 858 shares in the company, valued at approximately $257,228.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 73,131 shares of company stock valued at $19,926,425. Corporate insiders own 47.57% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Kayne Anderson Rudnick Investment Management LLC boosted its stake in shares of CorVel by 1.1% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,925,635 shares of the business services provider’s stock valued at $489,631,000 after buying an additional 21,673 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of CorVel by 41.8% in the second quarter. Assenagon Asset Management S.A. now owns 115,876 shares of the business services provider’s stock valued at $29,464,000 after buying an additional 34,155 shares in the last quarter. Norges Bank purchased a new stake in shares of CorVel in the fourth quarter valued at approximately $19,974,000. Bank of New York Mellon Corp raised its holdings in CorVel by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 73,617 shares of the business services provider’s stock worth $18,719,000 after purchasing an additional 1,479 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in CorVel by 3.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 73,569 shares of the business services provider’s stock worth $18,187,000 after purchasing an additional 2,252 shares during the last quarter. 51.36% of the stock is currently owned by hedge funds and other 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.