Bessemer Group Inc. Sells 23,526 Shares of CorVel Corp. $CRVL

Key Points

• Bessemer Group Inc. cut its CorVel stake by 29.5% in the first quarter, selling 23,526 shares and leaving it with 56,120 shares worth about $3.07 million.
• Insider selling has also been notable, with director Jeffrey J. Michael and VP Jennifer Yoss both reducing their holdings; insiders have sold 13,249 shares worth $807,126 over the past three months.
• CorVel’s latest results showed continued profitability, reporting Q1 EPS of $0.61 on revenue of $248.55 million, while Wall Street’s consensus rating remains “Hold.”

Bessemer Group Inc. trimmed its stake in shares of CorVel Corp. (NASDAQ:CRVL - Free Report) by 29.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 56,120 shares of the business services provider's stock after selling 23,526 shares during the period. Bessemer Group Inc. owned approximately 0.11% of CorVel worth $3,067,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. State Street Corp increased its holdings 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 valued at $79,822,000 after purchasing an additional 30,987 shares in the last quarter. Geode Capital Management LLC lifted its holdings in CorVel by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 927,845 shares of the business services provider's stock worth $62,796,000 after buying an additional 28,666 shares in the last quarter. Norges Bank bought a new position in CorVel in the 4th quarter valued at $29,250,000. Qube Research & Technologies Ltd boosted its position in CorVel by 100.9% in the 3rd quarter. Qube Research & Technologies Ltd now owns 236,713 shares of the business services provider's stock valued at $18,326,000 after buying an additional 118,879 shares during the last quarter. Finally, Raymond James Financial Inc. boosted its position in CorVel by 1.3% in the 3rd quarter. Raymond James Financial Inc. now owns 221,070 shares of the business services provider's stock valued at $17,115,000 after buying an additional 2,798 shares during the last quarter. 51.36% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, 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 value of $548,820.00. Following the completion of the transaction, the director owned 559,721 shares of the company's stock, valued at $34,131,786.58. The trade was a 1.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Jennifer Yoss sold 1,999 shares of the company's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $61.02, for a total transaction of $121,978.98. Following the completion of the sale, the vice president owned 2,173 shares of the company's stock, valued at approximately $132,596.46. This represents a 47.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 13,249 shares of company stock worth $807,126. Company insiders own 39.72% of the company's stock.

CorVel Price Performance

Shares of NASDAQ:CRVL opened at $60.15 on Wednesday. The company has a market capitalization of $3.07 billion, a price-to-earnings ratio of 28.11 and a beta of 0.98. The firm's 50 day simple moving average is $60.98 and its 200 day simple moving average is $58.55. CorVel Corp. has a fifty-two week low of $44.83 and a fifty-two week high of $97.96.

CorVel (NASDAQ:CRVL - Get Free Report) last issued its quarterly earnings data on Tuesday, May 19th. The business services provider reported $0.61 earnings per share (EPS) for the quarter. CorVel had a net margin of 11.51% and a return on equity of 29.92%. The firm had revenue of $248.55 million during the quarter.

Wall Street Analysts Forecast Growth

CRVL has been the subject of a number of recent research reports. Wall Street Zen upgraded CorVel from a "hold" rating to a "buy" rating in a research report on Saturday, May 30th. Weiss Ratings upgraded CorVel from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, July 16th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has a consensus 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).

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