Edgestream Partners L.P. Cuts Stake in CorVel Corp. $CRVL

Key Points

• Edgestream Partners cut its CorVel stake by 68.9% in the first quarter, selling 16,304 shares and retaining 7,343 shares valued at approximately $401,000. Other institutional investors made both new purchases and significant additions, with institutions owning 51.36% of the stock.
• CorVel insiders sold 13,249 shares worth roughly $807,126 over the past 90 days, including sales by Vice President Jennifer Yoss and Director Jeffrey J. Michael. Insiders still own 39.72% of the company.
• CorVel reported quarterly revenue of $259.93 million and earnings of $0.63 per share, with an 11.51% net margin and 29.92% return on equity. Analysts maintain a broadly neutral view, with the stock carrying an average “Hold” rating despite some recent upgrades.

Edgestream Partners L.P. lessened its position in CorVel Corp. (NASDAQ:CRVL - Free Report) by 68.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 7,343 shares of the business services provider's stock after selling 16,304 shares during the period. Edgestream Partners L.P.'s holdings in CorVel were worth $401,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CRVL. Evergreen Capital Management LLC acquired a new stake in CorVel during the 4th quarter valued at $784,000. M&T Bank Corp raised its position in shares of CorVel by 1,230.0% in the 4th quarter. M&T Bank Corp now owns 63,439 shares of the business services provider's stock valued at $4,293,000 after purchasing an additional 58,669 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of CorVel by 8,676.7% during the 1st quarter. Fifth Third Bancorp now owns 22,556 shares of the business services provider's stock valued at $1,233,000 after buying an additional 22,299 shares during the last quarter. OP Asset Management Ltd purchased a new position in shares of CorVel during the 1st quarter valued at approximately $1,327,000. Finally, Louisiana State Employees Retirement System acquired a new position in CorVel during the 1st quarter worth $754,000. Hedge funds and other institutional investors own 51.36% of the company's stock.

Insider Buying and Selling at CorVel

In other CorVel news, VP Jennifer Yoss sold 1,999 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $61.02, for a total transaction of $121,978.98. Following the completion of the sale, the vice president owned 2,173 shares of the company's stock, valued at $132,596.46. This represents a 47.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey J. Michael sold 9,000 shares of CorVel stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $60.98, for a total transaction of $548,820.00. Following the completion of the transaction, the director owned 559,721 shares in the company, valued at $34,131,786.58. This trade represents a 1.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 13,249 shares of company stock worth $807,126 over the last ninety days. 39.72% of the stock is currently owned by insiders.

CorVel Stock Up 5.9%

Shares of NASDAQ:CRVL opened at $62.57 on Thursday. The firm has a fifty day moving average of $61.01 and a two-hundred day moving average of $57.88. The firm has a market capitalization of $3.19 billion, a P/E ratio of 29.24 and a beta of 0.98. CorVel Corp. has a 12-month low of $44.83 and a 12-month high of $93.71.

CorVel (NASDAQ:CRVL - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The business services provider reported $0.63 earnings per share for the quarter. CorVel had a net margin of 11.51% and a return on equity of 29.92%. The business had revenue of $259.93 million for the quarter.

Analysts Set New Price Targets

A number of brokerages have weighed in on CRVL. Wall Street Zen raised shares of CorVel from a "hold" rating to a "buy" rating in a report on Saturday, May 30th. Weiss Ratings upgraded CorVel from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, CorVel presently has an average rating of "Hold".

CorVel Profile

CorVel Corporation NASDAQ: CRVL is a technology-driven provider of workers' compensation, liability, and specialty risk management solutions. The company develops and deploys software and data analytics tools to streamline claims administration, medical cost containment, prescription drug management, and provider network access. CorVel's integrated platform connects employers, insurers, healthcare providers, and injured workers, aiming to improve outcomes and control costs through process automation and real-time decision support.

The company's product suite includes claims lifecycle management, bill review and negotiation, virtual care and telehealth services, pharmacy benefit management, and independent medical examinations (IMEs).

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