Jones Financial Companies Lllp Has $8.84 Million Position in CorVel Corp. $CRVL

Key Points

• Jones Financial Companies Lllp increased its stake in CorVel Corp. by a staggering 23,616.8%, owning 78,977 shares valued at approximately $8.84 million.
• Wall Street analyst ratings for CorVel were downgraded from "buy" to "hold" on August 30th.
• Insider Maxim Shishin sold 12,000 shares of CorVel stock, representing a 62.99% decrease in their position, valued at over $1 million at the time of sale.

Jones Financial Companies Lllp raised its stake in shares of CorVel Corp. (NASDAQ:CRVL - Free Report) by 23,616.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 78,977 shares of the business services provider's stock after buying an additional 78,644 shares during the quarter. Jones Financial Companies Lllp owned about 0.15% of CorVel worth $8,843,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of CRVL. The Manufacturers Life Insurance Company grew its holdings in CorVel by 192.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 14,867 shares of the business services provider's stock valued at $1,654,000 after buying an additional 9,785 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in CorVel by 182.1% during the 4th quarter. Ameriprise Financial Inc. now owns 76,228 shares of the business services provider's stock valued at $8,481,000 after buying an additional 49,206 shares during the last quarter. Benjamin Edwards Inc. acquired a new stake in CorVel during the 4th quarter valued at $220,000. Bank of America Corp DE lifted its stake in shares of CorVel by 139.9% during the 4th quarter. Bank of America Corp DE now owns 41,787 shares of the business services provider's stock worth $4,649,000 after purchasing an additional 24,365 shares during the period. Finally, Balyasny Asset Management L.P. lifted its stake in shares of CorVel by 133.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 13,123 shares of the business services provider's stock worth $1,460,000 after purchasing an additional 7,500 shares during the period. Institutional investors and hedge funds own 51.36% of the company's stock.

Insiders Place Their Bets

In other news, insider Maxim Shishin sold 12,000 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $89.16, for a total transaction of $1,069,920.00. Following the completion of the sale, the insider owned 7,050 shares in the company, valued at approximately $628,578. This represents a 62.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brandon O'brien sold 1,764 shares of the stock in a transaction on Monday, September 8th. The shares were sold at an average price of $91.54, for a total value of $161,476.56. Following the sale, the chief financial officer owned 8,948 shares of the company's stock, valued at $819,099.92. This trade represents a 16.47% decrease in their position. The disclosure for this sale can be found here. Company insiders own 44.56% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered CorVel from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th.

CorVel Stock Down 3.0%

Shares of NASDAQ:CRVL traded down $2.62 during trading on Friday, hitting $85.59. 121,638 shares of the company traded hands, compared to its average volume of 154,136. The stock has a market capitalization of $4.39 billion, a price-to-earnings ratio of 44.12 and a beta of 0.96. The business's fifty day moving average is $90.60 and its 200-day moving average is $102.83. CorVel Corp. has a one year low of $84.68 and a one year high of $128.61.

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

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.