Assenagon Asset Management S.A. Sells 95,906 Shares of CorVel Corp. $CRVL

Key Points

• Assenagon Asset Management cut its CorVel stake by 48.5% in the second quarter, selling 95,906 shares and retaining 101,952 shares worth approximately $6.4 million. Institutional investors collectively own 51.36% of CRVL.
• CorVel insiders sold 13,249 shares worth about $807,000 during the latest quarter, including sales by insider Maxim Shishin and director Jeffrey J. Michael.
• CorVel reported quarterly EPS of $0.63 on revenue of $259.93 million. The stock opened at $61.20, while analysts’ consensus rating remains Hold.

Assenagon Asset Management S.A. reduced its stake in CorVel Corp. (NASDAQ:CRVL - Free Report) by 48.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 101,952 shares of the business services provider's stock after selling 95,906 shares during the period. Assenagon Asset Management S.A. owned approximately 0.20% of CorVel worth $6,374,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. bought a new stake in CorVel during the 3rd quarter valued at about $31,000. Los Angeles Capital Management LLC bought a new position in shares of CorVel in the fourth quarter worth approximately $33,000. Quarry LP grew its holdings in shares of CorVel by 218.6% during the third quarter. Quarry LP now owns 513 shares of the business services provider's stock valued at $40,000 after buying an additional 352 shares during the last quarter. Eagle Bay Advisors LLC bought a new stake in shares of CorVel during the fourth quarter valued at approximately $37,000. Finally, Rockefeller Capital Management L.P. raised its holdings in CorVel by 66.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 574 shares of the business services provider's stock worth $39,000 after acquiring an additional 230 shares during the last quarter. 51.36% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other CorVel news, insider Maxim Shishin sold 2,250 shares of CorVel stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $60.59, for a total value of $136,327.50. Following the completion of the sale, the insider owned 7,050 shares of the company's stock, valued at approximately $427,159.50. The trade was a 24.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey J. Michael sold 9,000 shares of the business's stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $60.98, for a total transaction of $548,820.00. Following the sale, the director owned 559,721 shares of the company's stock, valued at approximately $34,131,786.58. This represents a 1.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 13,249 shares of company stock worth $807,126. 39.72% of the stock is owned by insiders.

CorVel Stock Performance

CRVL opened at $61.20 on Wednesday. The company's 50-day simple moving average is $61.10 and its two-hundred day simple moving average is $57.68. The stock has a market capitalization of $3.12 billion, a P/E ratio of 27.20 and a beta of 0.98. CorVel Corp. has a 52-week low of $44.83 and a 52-week high of $93.71.

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

Analyst Ratings Changes

Several equities analysts recently issued reports on CRVL shares. Weiss Ratings raised CorVel from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, July 16th. Wall Street Zen raised CorVel from a "hold" rating to a "buy" rating in a report on Saturday, May 30th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of "Hold".

CorVel Company Profile

CorVel Corporation NASDAQ: CRVL is a technology-driven provider of workers' compensation, liability, and specialty risk management solutions. The company develops and deploys software and data analytics tools to streamline claims administration, medical cost containment, prescription drug management, and provider network access. CorVel's integrated platform connects employers, insurers, healthcare providers, and injured workers, aiming to improve outcomes and control costs through process automation and real-time decision support.

The company's product suite includes claims lifecycle management, bill review and negotiation, virtual care and telehealth services, pharmacy benefit management, and independent medical examinations (IMEs).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source