CorVel (NASDAQ:CRVL) Releases Quarterly Earnings Results

Key Points

• CorVel Corporation reported a quarterly earnings per share (EPS) of $0.52 with a return on equity of 32.55% and a net margin of 10.63%.
• Shares of CorVel traded up 1.3% to reach $87.64, with a market cap of $4.51 billion and a PE ratio of 47.72.
• Hedge funds increased their ownership in CorVel, with significant increases from Jane Street Group (194.7%) and Millennium Management (127.4%) during the first quarter.

CorVel (NASDAQ:CRVL - Get Free Report) posted its quarterly earnings data on Tuesday. The business services provider reported $0.52 earnings per share for the quarter, Zacks reports. CorVel had a return on equity of 32.31% and a net margin of 10.98%.

CorVel Stock Performance

Shares of NASDAQ CRVL traded up $0.63 during midday trading on Friday, reaching $86.19. The stock had a trading volume of 134,687 shares, compared to its average volume of 168,815. CorVel has a twelve month low of $85.13 and a twelve month high of $128.61. The company's 50 day moving average price is $98.93 and its 200 day moving average price is $107.69. The firm has a market cap of $4.43 billion, a price-to-earnings ratio of 44.43 and a beta of 0.95.

Analysts Set New Price Targets

Separately, Wall Street Zen raised CorVel from a "hold" rating to a "buy" rating in a research note on Friday, April 18th.

Insider Buying and Selling at CorVel

In other CorVel news, Director R Judd Jessup sold 935 shares of the company's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $113.50, for a total transaction of $106,122.50. Following the sale, the director owned 129,519 shares of the company's stock, valued at approximately $14,700,406.50. This represents a 0.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Brandon O'brien sold 3,957 shares of the business's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $108.46, for a total value of $429,176.22. Following the completion of the transaction, the chief financial officer directly owned 11,804 shares in the company, valued at approximately $1,280,261.84. This trade represents a 25.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,079 shares of company stock valued at $1,446,023 over the last three months. 44.56% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CRVL. Integrated Wealth Concepts LLC lifted its position in CorVel by 11.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 3,800 shares of the business services provider's stock valued at $425,000 after acquiring an additional 389 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of CorVel by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,846 shares of the business services provider's stock worth $1,774,000 after purchasing an additional 702 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of CorVel by 4.0% in the first quarter. AQR Capital Management LLC now owns 26,468 shares of the business services provider's stock valued at $2,964,000 after purchasing an additional 1,013 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of CorVel by 5.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,570 shares of the business services provider's stock valued at $11,037,000 after buying an additional 4,964 shares during the last quarter. Finally, Royal Bank of Canada boosted its position in shares of CorVel by 12.5% during the first quarter. Royal Bank of Canada now owns 51,261 shares of the business services provider's stock valued at $5,739,000 after buying an additional 5,703 shares during the last quarter. 51.36% of the stock is currently owned by institutional investors and hedge funds.

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.