Comerica Bank Purchases 17,013 Shares of CorVel Co. (NASDAQ:CRVL)

Comerica Bank raised its position in CorVel Co. (NASDAQ:CRVL - Free Report) by 197.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,623 shares of the business services provider's stock after purchasing an additional 17,013 shares during the period. Comerica Bank owned 0.05% of CorVel worth $2,851,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Fifth Third Bancorp boosted its stake in CorVel by 45.9% during the fourth quarter. Fifth Third Bancorp now owns 321 shares of the business services provider's stock valued at $36,000 after buying an additional 101 shares during the period. Franklin Resources Inc. boosted its position in shares of CorVel by 9.9% during the 3rd quarter. Franklin Resources Inc. now owns 1,917 shares of the business services provider's stock valued at $614,000 after acquiring an additional 173 shares during the last quarter. Bessemer Group Inc. boosted its position in shares of CorVel by 6,350.0% during the 4th quarter. Bessemer Group Inc. now owns 258 shares of the business services provider's stock valued at $29,000 after acquiring an additional 254 shares during the last quarter. US Bancorp DE grew its holdings in shares of CorVel by 225.4% during the fourth quarter. US Bancorp DE now owns 384 shares of the business services provider's stock worth $43,000 after purchasing an additional 266 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of CorVel by 175.2% in the fourth quarter. GAMMA Investing LLC now owns 432 shares of the business services provider's stock worth $48,000 after purchasing an additional 275 shares during the last quarter. 51.36% of the stock is currently owned by hedge funds and other institutional investors.

CorVel Stock Up 0.1 %

Shares of CRVL stock opened at $111.43 on Thursday. The business has a 50-day moving average price of $110.49 and a two-hundred day moving average price of $115.82. CorVel Co. has a 12-month low of $76.53 and a 12-month high of $128.61. The firm has a market cap of $5.72 billion, a P/E ratio of 65.55 and a beta of 1.10.

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

Insider Activity

In other CorVel news, CFO Brandon O'brien sold 1,523 shares of the business's stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $119.56, for a total value of $182,089.88. Following the completion of the sale, the chief financial officer now directly owns 17,142 shares of the company's stock, valued at $2,049,497.52. The trade was a 8.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jeffrey J. Michael sold 10,477 shares of the company's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $116.45, for a total transaction of $1,220,046.65. Following the sale, the director now owns 568,310 shares of the company's stock, valued at approximately $66,179,699.50. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,723 shares of company stock valued at $4,522,340. Corporate insiders own 47.57% of the company's stock.

Analyst Ratings Changes

Separately, StockNews.com raised shares of CorVel from a "hold" rating to a "buy" rating in a research note on Friday, April 18th.

CorVel 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.

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