CorVel Corp. (NASDAQ:CRVL) Shares Purchased by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp increased its stake in CorVel Corp. by 50.2%, acquiring 3,825 additional shares to hold a total of 11,449 shares worth approximately $1.28 million.
• Insiders have sold a total of 13,079 shares valued at $1.45 million over the last quarter, with significant decreases in ownership by VP Jennifer Yoss and CFO Brandon O'Brien.
• CorVel's stock opened at $86.52 with a market cap of $4.45 billion, and it recently received a rating upgrade from "hold" to "buy" from Wall Street analysts.

Mackenzie Financial Corp raised its holdings in shares of CorVel Corp. (NASDAQ:CRVL - Free Report) by 50.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,449 shares of the business services provider's stock after acquiring an additional 3,825 shares during the quarter. Mackenzie Financial Corp's holdings in CorVel were worth $1,282,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the business. LPL Financial LLC boosted its position in shares of CorVel by 5.0% during the 1st quarter. LPL Financial LLC now owns 11,351 shares of the business services provider's stock worth $1,271,000 after acquiring an additional 544 shares in the last quarter. Royce & Associates LP boosted its position in shares of CorVel by 84.2% during the 1st quarter. Royce & Associates LP now owns 6,521 shares of the business services provider's stock worth $730,000 after acquiring an additional 2,981 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of CorVel during the 1st quarter worth about $936,000. Gallacher Capital Management LLC acquired a new position in shares of CorVel during the 1st quarter worth about $224,000. Finally, Ballentine Partners LLC boosted its position in shares of CorVel by 4.2% during the 1st quarter. Ballentine Partners LLC now owns 2,531 shares of the business services provider's stock worth $283,000 after acquiring an additional 102 shares in the last quarter. 51.36% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at CorVel

In related news, VP Jennifer Yoss sold 1,050 shares of the company's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $111.39, for a total value of $116,959.50. Following the completion of the sale, the vice president directly owned 2,088 shares of the company's stock, valued at $232,582.32. This represents a 33.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brandon O'brien sold 3,957 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $108.46, for a total value of $429,176.22. Following the sale, the chief financial officer directly owned 11,804 shares of the company's stock, valued at $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 sold 13,079 shares of company stock worth $1,446,023. Insiders own 44.56% of the company's stock.

CorVel Stock Performance

NASDAQ:CRVL opened at $86.52 on Tuesday. The stock has a market cap of $4.45 billion, a P/E ratio of 47.11 and a beta of 0.95. CorVel Corp. has a 1 year low of $86.14 and a 1 year high of $128.61. The stock has a 50-day simple moving average of $100.88 and a 200-day simple moving average of $108.30.

CorVel (NASDAQ:CRVL - Get Free Report) last announced its earnings results on Thursday, May 22nd. The business services provider reported $0.51 earnings per share (EPS) for the quarter. The firm had revenue of $231.51 million during the quarter. CorVel had a return on equity of 32.55% and a net margin of 10.63%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised CorVel from a "hold" rating to a "buy" rating in a research report on Friday, April 18th.

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.

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