Assenagon Asset Management S.A. Sells 29,251 Shares of CorVel Corp. $CRVL

Key Points

• Assenagon Asset Management reduced its CorVel stake by 28.7%, selling 29,251 shares in the third quarter and retaining 72,701 shares valued at approximately $5.42 million.
• CorVel shares were trading at $81.31, near their 12-month high, with a market capitalization of $4.15 billion and a P/E ratio of 35.43. The company reported quarterly revenue of $259.93 million and earnings of $0.63 per share.
• Institutional investors own 51.36% of CorVel, while insiders own 39.72%; insiders sold 8,947 shares worth about $630,420 over the past three months. Analyst coverage remains neutral, with a consensus “Hold” rating.

Assenagon Asset Management S.A. cut its holdings in CorVel Corp. (NASDAQ:CRVL - Free Report) by 28.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,701 shares of the business services provider's stock after selling 29,251 shares during the quarter. Assenagon Asset Management S.A. owned 0.14% of CorVel worth $5,420,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Bank of America Corp DE purchased a new position in shares of CorVel during the second quarter valued at approximately $8,073,000. Bank of New York Mellon Corp bought a new position in CorVel during the second quarter valued at approximately $11,439,000. Walleye Capital LLC purchased a new stake in CorVel in the second quarter worth approximately $3,308,000. Canada Pension Plan Investment Board purchased a new stake in CorVel in the second quarter worth approximately $1,082,000. Finally, Legal & General Group Plc bought a new stake in CorVel in the 2nd quarter worth approximately $4,263,000. 51.36% of the stock is owned by institutional investors.

CorVel Trading Up 2.0%

CorVel stock opened at $81.31 on Wednesday. The firm has a market capitalization of $4.15 billion, a price-to-earnings ratio of 35.43 and a beta of 1.05. CorVel Corp. has a 12-month low of $44.83 and a 12-month high of $83.37. The firm has a 50 day moving average of $72.20 and a 200 day moving average of $63.98.

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

Analyst Ratings Changes

Separately, Weiss Ratings upgraded CorVel from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, September 1st. One equities research analyst has rated the stock with a Hold rating. According to data from MarketBeat, the stock presently has a consensus rating of "Hold".

Insider Buying and Selling at CorVel

In other news, VP Jennifer Yoss sold 2,100 shares of the firm's stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $70.92, for a total transaction of $148,932.00. Following the completion of the transaction, the vice president owned 2,173 shares in the company, valued at $154,109.16. This trade represents a 49.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director R. Jessup sold 4,023 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $70.07, for a total value of $281,891.61. Following the transaction, the director owned 111,798 shares of the company's stock, valued at $7,833,685.86. This represents a 3.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 8,947 shares of company stock worth $630,420 in the last three months. Insiders own 39.72% of the company's stock.

About CorVel

CorVel Corporation is a technology-enabled provider of workers' compensation, auto liability, liability, and health care management services. The company helps employers, insurance carriers, government agencies, and third-party administrators manage claims, control medical costs, and coordinate care.

Its services include claims administration, medical bill review, utilization and clinical review, case management, pharmacy benefit management, provider networks, and other managed-care solutions.

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