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

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

CorVel Stock Down 4.4 %

Shares of NASDAQ CRVL opened at $114.27 on Tuesday. The firm has a market cap of $5.87 billion, a price-to-earnings ratio of 67.22 and a beta of 1.16. CorVel has a 52-week low of $76.20 and a 52-week high of $128.61. The business’s 50 day moving average is $123.65 and its two-hundred day moving average is $113.48.

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

Insider Buying and Selling

In other news, EVP Mark E. Bertels sold 1,050 shares of the firm’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $119.12, for a total value of $125,072.50. Following the transaction, the executive vice president now owns 2,580 shares of the company’s stock, valued at approximately $307,321. This trade represents a 28.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Alan Hoops sold 10,200 shares of CorVel stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $116.39, for a total transaction of $1,187,178.00. Following the sale, the director now directly owns 118,213 shares in the company, valued at $13,758,811.07. This trade represents a 7.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 22,773 shares of company stock worth $2,729,140. 47.57% of the stock is owned by insiders.

Institutional Investors Weigh In On CorVel

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Trust Direct Indexing L.P. grew its holdings in CorVel by 5.4% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 896 shares of the business services provider’s stock worth $293,000 after acquiring an additional 46 shares in the last quarter. SkyView Investment Advisors LLC grew its holdings in CorVel by 1.6% during the 3rd quarter. SkyView Investment Advisors LLC now owns 4,351 shares of the business services provider’s stock worth $1,422,000 after acquiring an additional 67 shares in the last quarter. Blue Trust Inc. grew its holdings in CorVel by 435.3% during the 3rd quarter. Blue Trust Inc. now owns 91 shares of the business services provider’s stock worth $30,000 after acquiring an additional 74 shares in the last quarter. Fifth Third Bancorp grew its holdings in CorVel by 45.9% during the 4th quarter. Fifth Third Bancorp now owns 321 shares of the business services provider’s stock worth $36,000 after acquiring an additional 101 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in CorVel by 121.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 204 shares of the business services provider’s stock worth $67,000 after acquiring an additional 112 shares in the last quarter. Hedge funds and other institutional investors own 51.36% of the company’s stock.

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.