129,122 Shares in CorVel Corp. $CRVL Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 129,122 CorVel shares worth approximately $8.1 million in the second quarter, representing about 0.25% of the company. Several other institutions also initiated positions, while institutional investors collectively own 51.36% of CorVel.
• CorVel reported quarterly earnings of $0.63 per share on $259.93 million in revenue, with a 29.92% return on equity and an 11.72% net margin.
• The stock opened at $74.33, near its 52-week high of $79.43. Analysts’ consensus remains “Hold,” while insiders sold 8,947 shares worth $630,420 over the past three months.

Bank of America Corp DE bought a new stake in CorVel Corp. (NASDAQ:CRVL - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 129,122 shares of the business services provider's stock, valued at approximately $8,073,000. Bank of America Corp DE owned about 0.25% of CorVel as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Walleye Capital LLC bought a new stake in CorVel in the second quarter worth $3,308,000. NewEdge Wealth LLC bought a new position in CorVel during the second quarter valued at about $1,956,000. Callan Family Office LLC bought a new position in CorVel during the second quarter valued at about $3,833,000. BlackRock Inc. acquired a new stake in shares of CorVel in the second quarter worth about $321,316,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of CorVel in the second quarter worth about $931,000. 51.36% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Weiss Ratings raised CorVel from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, September 1st. Wall Street Zen raised CorVel from a "hold" rating to a "buy" rating in a research report on Saturday, May 30th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has a consensus rating of "Hold".

CorVel Stock Performance

CorVel stock opened at $74.33 on Friday. The business's 50-day simple moving average is $66.61 and its 200-day simple moving average is $61.06. The firm has a market capitalization of $3.79 billion, a PE ratio of 33.04 and a beta of 0.97. CorVel Corp. has a 52 week low of $44.83 and a 52 week high of $79.43.

CorVel (NASDAQ:CRVL - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The business services provider reported $0.63 earnings per share for the quarter. The business had revenue of $259.93 million during the quarter. CorVel had a return on equity of 29.92% and a net margin of 11.72%.

Insider Activity at CorVel

In related news, VP Jennifer Yoss sold 2,100 shares of the business's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $70.92, for a total transaction of $148,932.00. Following the transaction, the vice president owned 2,173 shares of the company's stock, valued at approximately $154,109.16. The trade was a 49.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director R. Jessup sold 4,023 shares of the company's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $70.07, for a total transaction of $281,891.61. Following the transaction, the director owned 111,798 shares of the company's stock, valued at approximately $7,833,685.86. The trade was a 3.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 8,947 shares of company stock valued at $630,420 over the last three months. 39.72% of the stock is owned by company insiders.

CorVel Profile

CorVel Corporation is a provider of workers' compensation and liability claims management services. The company supports employers, insurance carriers, government entities and other organizations with technology-enabled solutions designed to manage claims, control costs and coordinate medical care.

Its services include third-party claims administration, medical bill review, utilization review, case management, pharmacy benefit management, provider-network services and claims-related analytics.

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