Insider Selling: CorVel Co. (NASDAQ:CRVL) Director Sells $1,220,046.65 in Stock

CorVel Co. (NASDAQ:CRVL) Director Jeffrey J. Michael sold 10,477 shares of the firm’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $116.45, for a total value of $1,220,046.65. Following the transaction, the director now directly owns 568,310 shares of the company’s stock, valued at $66,179,699.50. This represents a 1.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

CorVel Stock Performance

Shares of NASDAQ:CRVL opened at $103.48 on Friday. The stock has a market capitalization of $5.31 billion, a price-to-earnings ratio of 60.87 and a beta of 1.06. CorVel Co. has a 1-year low of $76.20 and a 1-year high of $128.61. The company has a 50 day moving average price of $112.29 and a 200 day moving average price of $114.06.

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

Hedge Funds Weigh In On CorVel

Hedge funds and other institutional investors have recently modified their holdings of the stock. Kayne Anderson Rudnick Investment Management LLC raised its holdings in CorVel by 193.7% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 5,714,351 shares of the business services provider’s stock worth $635,779,000 after buying an additional 3,768,440 shares during the period. Vanguard Group Inc. increased its position in shares of CorVel by 202.1% in the fourth quarter. Vanguard Group Inc. now owns 3,281,649 shares of the business services provider’s stock worth $365,116,000 after acquiring an additional 2,195,466 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of CorVel by 184.1% during the fourth quarter. Renaissance Technologies LLC now owns 1,858,830 shares of the business services provider’s stock valued at $206,813,000 after acquiring an additional 1,204,611 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of CorVel by 187.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,545,619 shares of the business services provider’s stock valued at $171,969,000 after acquiring an additional 1,007,651 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its position in shares of CorVel by 204.6% in the 4th quarter. Neuberger Berman Group LLC now owns 845,531 shares of the business services provider’s stock valued at $94,074,000 after acquiring an additional 567,984 shares in the last quarter. Institutional investors and hedge funds own 51.36% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of CorVel from a “buy” rating to a “hold” rating in a report on Thursday.

CorVel Company Profile

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.