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

StockNews.com downgraded shares of CorVel (NASDAQ:CRVL) from a buy rating to a hold rating in a research note issued to investors on Thursday.

CorVel Stock Performance

Shares of CRVL stock opened at $106.65 on Thursday. CorVel has a fifty-two week low of $76.20 and a fifty-two week high of $128.61. The firm has a market capitalization of $5.48 billion, a price-to-earnings ratio of 62.74 and a beta of 1.06. The stock’s 50-day simple moving average is $112.21 and its 200-day simple moving average is $114.15.

CorVel (NASDAQ:CRVL) last issued its quarterly earnings results 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%.

Insider Transactions at CorVel

In related news, Director Alan Hoops sold 10,200 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $116.39, for a total value of $1,187,178.00. Following the sale, the director now owns 118,213 shares in the company, valued at $13,758,811.07. This represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey J. Michael sold 10,477 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the director now owns 568,310 shares in the company, valued at approximately $66,179,699.50. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,200 shares of company stock worth $3,824,115. Insiders own 47.57% of the company’s stock.

Institutional Investors Weigh In On CorVel

Large investors have recently bought and sold shares of the company. FMR LLC boosted its position in CorVel by 193.1% in the third quarter. FMR LLC now owns 4,306 shares of the business services provider’s stock valued at $1,408,000 after buying an additional 2,837 shares during the last quarter. State Street Corp boosted its position in CorVel by 0.8% in the 3rd quarter. State Street Corp now owns 360,068 shares of the business services provider’s stock worth $117,703,000 after purchasing an additional 2,959 shares in the last quarter. Quest Partners LLC boosted its position in CorVel by 95.1% in the 3rd quarter. Quest Partners LLC now owns 3,596 shares of the business services provider’s stock worth $1,175,000 after purchasing an additional 1,753 shares in the last quarter. SkyView Investment Advisors LLC boosted its position in CorVel by 1.6% in the 3rd quarter. SkyView Investment Advisors LLC now owns 4,351 shares of the business services provider’s stock worth $1,422,000 after purchasing an additional 67 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in CorVel by 152.8% in the 4th quarter. Victory Capital Management Inc. now owns 109,084 shares of the business services provider’s stock worth $12,137,000 after purchasing an additional 65,940 shares in 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. 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.