Assenagon Asset Management S.A. Buys 89,994 Shares of CorVel Corp. $CRVL

Key Points

• Assenagon Asset Management S.A. increased its stake in CorVel Corp. by 720.9%, acquiring 89,994 shares to hold a total of 102,478 shares valued at approximately $10.5 million.
• Several institutional investors have also significantly increased their holdings in CorVel, with Bank of America Corp DE growing its stake by 139.9% during the fourth quarter.
• CorVel's stock has seen recent fluctuations, with shares opening at $80.11, alongside a new analyst rating downgrade from "buy" to "hold" from Wall Street Zen.

Assenagon Asset Management S.A. grew its stake in shares of CorVel Corp. (NASDAQ:CRVL - Free Report) by 720.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 102,478 shares of the business services provider's stock after acquiring an additional 89,994 shares during the period. Assenagon Asset Management S.A. owned about 0.20% of CorVel worth $10,533,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the company. Bank of America Corp DE raised its stake in shares of CorVel by 139.9% in the fourth quarter. Bank of America Corp DE now owns 41,787 shares of the business services provider's stock valued at $4,649,000 after buying an additional 24,365 shares during the period. Millennium Management LLC increased its holdings in CorVel by 161.5% in the 4th quarter. Millennium Management LLC now owns 21,192 shares of the business services provider's stock worth $2,358,000 after acquiring an additional 13,087 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in CorVel by 116.6% in the 4th quarter. Nuveen Asset Management LLC now owns 75,621 shares of the business services provider's stock worth $8,414,000 after acquiring an additional 40,715 shares during the last quarter. Two Sigma Advisers LP increased its holdings in CorVel by 90.5% in the 4th quarter. Two Sigma Advisers LP now owns 6,440 shares of the business services provider's stock worth $717,000 after acquiring an additional 3,060 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new position in CorVel during the fourth quarter worth about $269,000. Hedge funds and other institutional investors own 51.36% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of CorVel from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th.

Insider Buying and Selling

In other news, insider Maxim Shishin sold 12,000 shares of the business's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $89.16, for a total transaction of $1,069,920.00. Following the completion of the transaction, the insider directly owned 7,050 shares in the company, valued at $628,578. The trade was a 62.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Brandon O'brien sold 1,764 shares of the business's stock in a transaction on Monday, September 8th. The shares were sold at an average price of $91.54, for a total transaction of $161,476.56. Following the transaction, the chief financial officer owned 8,948 shares of the company's stock, valued at $819,099.92. This trade represents a 16.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 44.56% of the company's stock.

CorVel Stock Up 0.8%

Shares of NASDAQ CRVL opened at $80.11 on Wednesday. CorVel Corp. has a 52 week low of $78.63 and a 52 week high of $128.61. The business has a 50-day simple moving average of $88.14 and a two-hundred day simple moving average of $101.54. The company has a market cap of $4.11 billion, a P/E ratio of 41.29 and a beta of 0.96.

CorVel (NASDAQ:CRVL - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The business services provider reported $0.52 earnings per share (EPS) for the quarter. CorVel had a net margin of 10.98% and a return on equity of 32.31%.

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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