Price T Rowe Associates Inc. MD Sells 33,814 Shares of CorVel Corp. $CRVL

Key Points

• Price T Rowe Associates Inc. MD reduced its stake in CorVel Corp. by 5.4%, selling 33,814 shares in the first quarter, leaving them with 591,798 shares worth $66.26 million.
• CorVel Corp.'s stock has seen a slight decline of 0.8%, with a current share price of $89.76, compared to its 52-week high of $128.61.
• Insider trading activity has increased, with the CFO and a director selling a combined total of 24,201 shares over recent months, impacting their ownership stakes.

Price T Rowe Associates Inc. MD cut its stake in shares of CorVel Corp. (NASDAQ:CRVL - Free Report) by 5.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 591,798 shares of the business services provider's stock after selling 33,814 shares during the quarter. Price T Rowe Associates Inc. MD owned 1.15% of CorVel worth $66,264,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Northern Trust Corp lifted its position in CorVel by 210.8% during the fourth quarter. Northern Trust Corp now owns 379,743 shares of the business services provider's stock valued at $42,250,000 after purchasing an additional 257,561 shares during the last quarter. Principal Financial Group Inc. lifted its position in CorVel by 2.7% during the first quarter. Principal Financial Group Inc. now owns 143,654 shares of the business services provider's stock valued at $16,085,000 after purchasing an additional 3,818 shares during the last quarter. Janus Henderson Group PLC lifted its position in CorVel by 230.2% during the fourth quarter. Janus Henderson Group PLC now owns 136,908 shares of the business services provider's stock valued at $15,233,000 after purchasing an additional 95,445 shares during the last quarter. Algert Global LLC lifted its position in CorVel by 5.6% during the first quarter. Algert Global LLC now owns 103,079 shares of the business services provider's stock valued at $11,542,000 after purchasing an additional 5,430 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in CorVel by 234.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 93,606 shares of the business services provider's stock valued at $10,415,000 after purchasing an additional 65,620 shares during the last quarter. 51.36% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Maxim Shishin sold 12,000 shares of the business's stock in a transaction that occurred on 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 sale, the insider directly owned 7,050 shares in the company, valued at approximately $628,578. The trade was a 62.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Brandon O'brien sold 3,957 shares of the business's stock in a transaction that occurred on 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 sale, the chief financial officer 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 90 days, insiders sold 18,357 shares of company stock valued at $1,758,512. Company insiders own 44.56% of the company's stock.

CorVel Trading Down 0.3%

Shares of CRVL traded down $0.25 during mid-day trading on Friday, reaching $89.05. The company's stock had a trading volume of 138,151 shares, compared to its average volume of 144,944. The stock has a market cap of $4.57 billion, a PE ratio of 45.90 and a beta of 0.95. CorVel Corp. has a 52 week low of $85.13 and a 52 week high of $128.61. The company's fifty day moving average price is $93.76 and its two-hundred day moving average price is $104.81.

CorVel (NASDAQ:CRVL - Get Free Report) last announced its quarterly earnings data 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%.

Wall Street Analyst Weigh In

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

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.