Corient Private Wealth LP Increases Position in CorVel Corp. $CRVL

Key Points

• Corient Private Wealth increased its CorVel stake by 43.4% in the second quarter, bringing its holdings to 50,913 shares valued at approximately $3.18 million. Institutional investors collectively own 51.36% of the company.
• CorVel reported quarterly revenue of $259.93 million and earnings of $0.63 per share, with an 11.72% net margin and 29.92% return on equity. Shares opened at $70.67, compared with a 52-week range of $44.83 to $83.13.
• Analyst sentiment remains generally neutral, with the stock carrying an average “Hold” rating despite one upgrade to “Buy.” Meanwhile, company insiders sold 8,947 shares worth about $630,420 during the latest quarter.

Corient Private Wealth LP lifted its position in shares of CorVel Corp. (NASDAQ:CRVL - Free Report) by 43.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,913 shares of the business services provider's stock after acquiring an additional 15,414 shares during the quarter. Corient Private Wealth LP owned 0.10% of CorVel worth $3,183,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Rockefeller Capital Management L.P. grew its stake 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 valued at $39,000 after acquiring an additional 230 shares during the last quarter. Versant Capital Management Inc grew its holdings in shares of CorVel by 59.7% during the second quarter. Versant Capital Management Inc now owns 907 shares of the business services provider's stock worth $57,000 after buying an additional 339 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in shares of CorVel by 18.9% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,228 shares of the business services provider's stock valued at $77,000 after buying an additional 195 shares during the last quarter. Nykredit A S acquired a new position in shares of CorVel in the second quarter valued at approximately $80,000. Finally, Allworth Financial LP purchased a new stake in CorVel in the 2nd quarter worth approximately $139,000. Institutional investors and hedge funds own 51.36% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CRVL shares. Wall Street Zen upgraded CorVel from a "hold" rating to a "buy" rating in a report on Saturday, May 30th. Weiss Ratings upgraded CorVel from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, September 1st. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of "Hold".

CorVel Stock Performance

CRVL opened at $70.67 on Monday. CorVel Corp. has a 1 year low of $44.83 and a 1 year high of $83.13. The firm has a 50 day moving average price of $65.49 and a 200 day moving average price of $60.42. The company has a market cap of $3.60 billion, a PE ratio of 31.41 and a beta of 0.97.

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

Insider Activity

In other CorVel news, Director R. Jessup sold 4,023 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $70.07, for a total transaction of $281,891.61. Following the transaction, the director directly owned 111,798 shares in the company, valued at $7,833,685.86. This represents a 3.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Jennifer Yoss sold 2,100 shares of the firm's stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $70.92, for a total transaction of $148,932.00. Following the transaction, the vice president directly owned 2,173 shares of the company's stock, valued at approximately $154,109.16. This 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 8,947 shares of company stock worth $630,420. Insiders own 39.72% of the company's stock.

CorVel Company Profile

CorVel Corporation is a provider of workers' compensation and liability claims management services. The company supports employers, insurance carriers, government entities and other organizations with technology-enabled solutions designed to manage claims, control costs and coordinate medical care.

Its services include third-party claims administration, medical bill review, utilization review, case management, pharmacy benefit management, provider-network services and claims-related analytics.

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