Bank of New York Mellon Corp Trims Stock Position in CorVel Corp. (NASDAQ:CRVL)

Bank of New York Mellon Corp lessened its holdings in shares of CorVel Corp. (NASDAQ:CRVL - Free Report) by 5.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 172,926 shares of the business services provider's stock after selling 10,521 shares during the quarter. Bank of New York Mellon Corp owned about 0.34% of CorVel worth $19,363,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its stake in CorVel by 195.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,608 shares of the business services provider's stock worth $179,000 after acquiring an additional 1,063 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in CorVel by 297.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,900 shares of the business services provider's stock worth $768,000 after acquiring an additional 5,163 shares during the last quarter. Swiss National Bank increased its stake in CorVel by 200.0% in the 4th quarter. Swiss National Bank now owns 55,500 shares of the business services provider's stock worth $6,175,000 after acquiring an additional 37,000 shares during the last quarter. Natixis Advisors LLC bought a new stake in CorVel in the 4th quarter worth approximately $1,606,000. Finally, Envestnet Portfolio Solutions Inc. increased its stake in CorVel by 135.5% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 2,313 shares of the business services provider's stock worth $257,000 after acquiring an additional 1,331 shares during the last quarter. Institutional investors own 51.36% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded CorVel from a "hold" rating to a "buy" rating in a report on Friday, April 18th.

CorVel Trading Down 3.7%

Shares of CRVL stock traded down $3.55 during mid-day trading on Friday, reaching $93.43. The stock had a trading volume of 167,303 shares, compared to its average volume of 121,944. The business's fifty day moving average is $105.88 and its 200-day moving average is $109.78. The firm has a market cap of $4.81 billion, a price-to-earnings ratio of 50.87 and a beta of 0.98. CorVel Corp. has a 1-year low of $93.15 and a 1-year high of $128.61.

CorVel (NASDAQ:CRVL - Get Free Report) last issued its earnings results on Thursday, May 22nd. The business services provider reported $0.51 EPS for the quarter. CorVel had a return on equity of 32.55% and a net margin of 10.63%. The firm had revenue of $231.51 million for the quarter.

Insider Transactions at CorVel

In other news, EVP Mark E. Bertels sold 900 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $113.34, for a total transaction of $102,006.00. Following the completion of the transaction, the executive vice president directly owned 2,586 shares in the company, valued at approximately $293,097.24. This represents a 25.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brandon O'brien sold 3,957 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $108.46, for a total value of $429,176.22. Following the transaction, the chief financial officer owned 11,804 shares of the company's stock, valued at approximately $1,280,261.84. This represents a 25.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,079 shares of company stock valued at $1,446,023. Insiders own 44.56% of the company's stock.

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.