Bank of New York Mellon Corp Acquires Shares of 182,963 CorVel Corp. $CRVL

Key Points

• Bank of New York Mellon acquired 182,963 CorVel shares valued at approximately $11.4 million, giving it a 0.36% stake. Institutional investors collectively own 51.36% of CRVL.
• CorVel shares opened at $69.74, with a $3.56 billion market capitalization, a P/E ratio of 31.00, and a 52-week range of $44.83 to $93.45. The company recently reported quarterly revenue of $259.93 million and earnings of $0.63 per share.
• Analyst sentiment remains cautious, with the stock carrying a consensus “Hold” rating despite recent upgrades. Insiders sold 16,174 shares worth approximately $1.03 million during the last quarter.

Bank of New York Mellon Corp bought a new position in CorVel Corp. (NASDAQ:CRVL - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 182,963 shares of the business services provider's stock, valued at approximately $11,439,000. Bank of New York Mellon Corp owned approximately 0.36% of CorVel as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CRVL. State Street Corp increased its stake in shares of CorVel by 2.7% in the fourth quarter. State Street Corp now owns 1,179,572 shares of the business services provider's stock worth $79,822,000 after acquiring an additional 30,987 shares during the last quarter. Geode Capital Management LLC boosted its position in CorVel by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 927,845 shares of the business services provider's stock valued at $62,796,000 after purchasing an additional 28,666 shares during the last quarter. Norges Bank acquired a new stake in CorVel during the fourth quarter valued at $29,250,000. Qube Research & Technologies Ltd grew its stake in CorVel by 100.9% in the third quarter. Qube Research & Technologies Ltd now owns 236,713 shares of the business services provider's stock valued at $18,326,000 after purchasing an additional 118,879 shares in the last quarter. Finally, Raymond James Financial Inc. grew its stake in CorVel by 1.3% in the third quarter. Raymond James Financial Inc. now owns 221,070 shares of the business services provider's stock valued at $17,115,000 after purchasing an additional 2,798 shares in the last quarter. Institutional investors and hedge funds own 51.36% of the company's stock.

CorVel Trading Up 1.2%

CRVL stock opened at $69.74 on Wednesday. The firm has a market cap of $3.56 billion, a PE ratio of 31.00 and a beta of 0.97. CorVel Corp. has a 1 year low of $44.83 and a 1 year high of $93.45. The company has a fifty day simple moving average of $63.84 and a 200 day simple moving average of $58.63.

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CRVL. Weiss Ratings upgraded CorVel from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, July 16th. Wall Street Zen upgraded CorVel from a "hold" rating to a "buy" rating in a report on Saturday, May 30th. One analyst has rated the stock with a Hold rating, According to MarketBeat, the company has a consensus rating of "Hold".

Insider Buying and Selling

In related news, insider Maxim Shishin sold 2,250 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $60.59, for a total value of $136,327.50. Following the transaction, the insider directly owned 7,050 shares of the company's stock, valued at approximately $427,159.50. This trade represents a 24.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jennifer Yoss sold 2,100 shares of the business's stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $70.92, for a total value of $148,932.00. Following the completion of the sale, the vice president owned 2,173 shares of the company's stock, valued at approximately $154,109.16. This trade represents a 49.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 16,174 shares of company stock worth $1,033,676. Insiders own 39.72% of the company's stock.

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).

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