Connor Clark & Lunn Investment Management Ltd. Buys New Position in CorVel Corp. $CRVL

Key Points

• Connor Clark & Lunn Investment Management Ltd. acquired a new stake in CorVel Corp. during Q1, purchasing 4,662 shares worth approximately $522,000.
• Several institutional investors, including Dimensional Fund Advisors and Price T Rowe Associates, significantly increased their stakes in CorVel, with increases as high as 210.8% in the fourth quarter.
• CorVel's shares opened at $88.82, with the company reporting a quarterly EPS of $0.52 and a market cap of $4.56 billion.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of CorVel Corp. (NASDAQ:CRVL - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 4,662 shares of the business services provider's stock, valued at approximately $522,000.

A number of other institutional investors also recently added to or reduced their stakes in CRVL. Meeder Asset Management Inc. acquired a new position in CorVel during the first quarter valued at $25,000. LGT Financial Advisors LLC raised its position in CorVel by 200.0% during the fourth quarter. LGT Financial Advisors LLC now owns 255 shares of the business services provider's stock valued at $28,000 after buying an additional 170 shares during the period. von Borstel & Associates Inc. acquired a new position in CorVel during the first quarter valued at $28,000. Allworth Financial LP raised its position in CorVel by 4,000.0% during the first quarter. Allworth Financial LP now owns 574 shares of the business services provider's stock valued at $64,000 after buying an additional 560 shares during the period. Finally, GAMMA Investing LLC raised its position in CorVel by 58.6% during the first quarter. GAMMA Investing LLC now owns 685 shares of the business services provider's stock valued at $77,000 after buying an additional 253 shares during the period. Institutional investors and hedge funds own 51.36% of the company's stock.

CorVel Stock Performance

NASDAQ:CRVL traded up $2.6310 during trading hours on Friday, hitting $92.6910. 113,529 shares of the company's stock traded hands, compared to its average volume of 133,753. CorVel Corp. has a twelve month low of $85.13 and a twelve month high of $128.61. The stock's fifty day moving average price is $95.29 and its two-hundred day moving average price is $106.10. The firm has a market cap of $4.76 billion, a P/E ratio of 47.76 and a beta of 0.95.

CorVel (NASDAQ:CRVL - Get Free Report) last issued its earnings results on Tuesday, August 5th. The business services provider reported $0.52 earnings per share for the quarter. CorVel had a return on equity of 32.31% and a net margin of 10.98%.

Insider Buying and Selling at CorVel

In other news, CFO Brandon O'brien sold 3,957 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $108.46, for a total transaction 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director R Judd Jessup sold 935 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $113.50, for a total value of $106,122.50. Following the transaction, the director directly owned 129,519 shares in the company, valued at approximately $14,700,406.50. This represents a 0.72% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,079 shares of company stock worth $2,515,943 in the last 90 days. Company insiders own 44.56% of the company's stock.

About CorVel

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.