Cubist Systematic Strategies LLC Increases Stake in CorVel Co. (NASDAQ:CRVL)

Cubist Systematic Strategies LLC increased its position in shares of CorVel Co. (NASDAQ:CRVL - Free Report) by 518.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,349 shares of the business services provider's stock after acquiring an additional 8,676 shares during the period. Cubist Systematic Strategies LLC's holdings in CorVel were worth $1,151,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Fifth Third Bancorp increased its holdings in shares of CorVel by 45.9% in the 4th quarter. Fifth Third Bancorp now owns 321 shares of the business services provider's stock worth $36,000 after buying an additional 101 shares during the last quarter. LGT Financial Advisors LLC boosted its position in CorVel by 200.0% during the 4th quarter. LGT Financial Advisors LLC now owns 255 shares of the business services provider's stock valued at $28,000 after buying an additional 170 shares during the period. Franklin Resources Inc. lifted its position in shares of CorVel by 9.9% in the 3rd quarter. Franklin Resources Inc. now owns 1,917 shares of the business services provider's stock worth $614,000 after purchasing an additional 173 shares during the period. Bessemer Group Inc. increased its stake in shares of CorVel by 6,350.0% in the 4th quarter. Bessemer Group Inc. now owns 258 shares of the business services provider's stock worth $29,000 after acquiring an additional 254 shares in the last quarter. Finally, US Bancorp DE increased its stake in shares of CorVel by 225.4% in the 4th quarter. US Bancorp DE now owns 384 shares of the business services provider's stock worth $43,000 after acquiring an additional 266 shares in the last quarter. Institutional investors own 51.36% of the company's stock.

Insider Activity

In related news, Director Jeffrey J. Michael sold 16,523 shares of the company's stock in a transaction dated Wednesday, April 9th. The shares were sold at an average price of $116.99, for a total value of $1,933,025.77. Following the completion of the sale, the director now directly owns 551,787 shares of the company's stock, valued at $64,553,561.13. This represents a 2.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alan Hoops sold 10,200 shares of the stock in a transaction dated Tuesday, February 18th. The shares were 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 of the company's stock, valued at approximately $13,758,811.07. The trade was a 7.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,200 shares of company stock worth $4,340,250 over the last quarter. Insiders own 47.57% of the company's stock.

Analysts Set New Price Targets

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

CorVel Stock Up 3.3%

NASDAQ:CRVL traded up $3.68 during trading hours on Friday, hitting $113.71. 146,526 shares of the stock traded hands, compared to its average volume of 119,793. CorVel Co. has a 1 year low of $76.53 and a 1 year high of $128.61. The company has a market cap of $5.84 billion, a price-to-earnings ratio of 66.89 and a beta of 1.10. The stock has a 50 day moving average price of $111.20 and a 200 day moving average price of $116.35.

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.