CorVel (NASDAQ:CRVL) Posts 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) released its earnings results on Tuesday. The business services provider reported $0.52 earnings per share for the quarter, Zacks reports. CorVel had a return on equity of 33.40% and a net margin of 10.98%.

CorVel Stock Performance

NASDAQ:CRVL traded down $2.78 on Thursday, reaching $85.56. The company's stock had a trading volume of 125,689 shares, compared to its average volume of 133,425. CorVel has a 1-year low of $85.18 and a 1-year high of $128.61. The firm has a market cap of $4.40 billion, a PE ratio of 44.10 and a beta of 0.95. The business's 50-day moving average price is $100.38 and its two-hundred day moving average price is $108.16.

Insider Transactions at CorVel

In other CorVel news, CFO Brandon O'brien sold 3,957 shares of the business's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $108.46, for a total value of $429,176.22. Following the sale, the chief financial officer owned 11,804 shares in the company, valued at approximately $1,280,261.84. The trade was a 25.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Alan Hoops sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $113.05, for a total value of $339,150.00. Following the completion of the sale, the director owned 16,688 shares in the company, valued at $1,886,578.40. The trade was a 15.24% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,079 shares of company stock valued at $1,446,023. Insiders own 44.56% of the company's stock.

Institutional Investors Weigh In On CorVel

Institutional investors have recently bought and sold shares of the company. Jane Street Group LLC lifted its position in shares of CorVel by 194.7% in the first quarter. Jane Street Group LLC now owns 46,920 shares of the business services provider's stock valued at $5,254,000 after buying an additional 31,000 shares during the last quarter. Millennium Management LLC increased its stake in shares of CorVel by 127.4% during the first quarter. Millennium Management LLC now owns 48,182 shares of the business services provider's stock worth $5,395,000 after purchasing an additional 26,990 shares during the period. Royal Bank of Canada increased its stake 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 worth $5,739,000 after purchasing an additional 5,703 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake 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 worth $11,037,000 after purchasing an additional 4,964 shares during the period. Finally, AQR Capital Management LLC increased its stake in shares of CorVel by 4.0% during the first quarter. AQR Capital Management LLC now owns 26,468 shares of the business services provider's stock worth $2,964,000 after purchasing an additional 1,013 shares during the period. Institutional investors own 51.36% of the company's stock.

Analyst Upgrades and Downgrades

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

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.