Northern Trust Corp Sells 4,039 Shares of CorVel Corp. $CRVL

Key Points

• Northern Trust Corp reduced its stake in CorVel Corp. by 1.1%, resulting in ownership of approximately 0.73% of the company, valued at $42 million.
• CorVel's stock is currently trading at $89.30, which is down 1.0%, with a 52-week range between $85.13 and $128.61, and a market capitalization of $4.58 billion.
• Insider transactions include a significant sale by Maxim Shishin, who sold 12,000 shares, reducing their ownership stake by 62.99%.

Northern Trust Corp lessened its position in CorVel Corp. (NASDAQ:CRVL - Free Report) by 1.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 375,704 shares of the business services provider's stock after selling 4,039 shares during the quarter. Northern Trust Corp owned 0.73% of CorVel worth $42,068,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Transactions at CorVel

In related news, insider Maxim Shishin sold 12,000 shares of the stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $89.16, for a total value of $1,069,920.00. Following the completion of the transaction, the insider directly owned 7,050 shares of the company's stock, valued at $628,578. This represents a 62.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 completion of the transaction, the chief financial officer directly owned 11,804 shares of the company's stock, valued at approximately $1,280,261.84. The trade was a 25.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,357 shares of company stock valued at $1,758,512. 44.56% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of CorVel from a "buy" rating to a "hold" rating in a research report on Saturday.

CorVel Stock Down 0.5%

Shares of CorVel stock traded down $0.46 during trading on Wednesday, reaching $87.16. 137,671 shares of the stock were exchanged, compared to its average volume of 135,752. The stock's fifty day moving average is $92.82 and its 200 day moving average is $104.20. The firm has a market cap of $4.47 billion, a price-to-earnings ratio of 44.93 and a beta of 0.96. CorVel Corp. has a 1 year low of $85.13 and a 1 year high of $128.61.

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

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.