Empowered Funds LLC Takes Position in CorVel Corp. $CRVL

Key Points

• Empowered Funds LLC initiated a CorVel position of 19,147 shares valued at approximately $1.2 million in the second quarter. Institutional investors collectively own 51.36% of CorVel’s stock.
• CorVel reported quarterly earnings of $0.63 per share on revenue of $259.93 million, with an 11.72% net margin and 29.92% return on equity.
• Shares opened at $68.23, while insiders have sold 20,197 shares worth about $1.32 million over the past 90 days. Analyst sentiment remains largely neutral, with a consensus “Hold” rating.

Empowered Funds LLC bought a new position in shares of CorVel Corp. (NASDAQ:CRVL - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 19,147 shares of the business services provider's stock, valued at approximately $1,197,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Royal Bank of Canada lifted its position in CorVel by 12.5% during the 1st quarter. Royal Bank of Canada now owns 51,261 shares of the business services provider's stock worth $5,739,000 after buying an additional 5,703 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of CorVel by 4.0% in the 1st quarter. AQR Capital Management LLC now owns 26,468 shares of the business services provider's stock valued at $2,964,000 after acquiring an additional 1,013 shares in the last quarter. Integrated Wealth Concepts LLC grew its holdings in shares of CorVel by 11.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 3,800 shares of the business services provider's stock valued at $425,000 after acquiring an additional 389 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of CorVel by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,846 shares of the business services provider's stock valued at $1,774,000 after acquiring an additional 702 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in CorVel by 127.4% during the first quarter. Millennium Management LLC now owns 48,182 shares of the business services provider's stock worth $5,395,000 after acquiring an additional 26,990 shares in the last quarter. Institutional investors own 51.36% of the company's stock.

CorVel Stock Performance

Shares of NASDAQ CRVL opened at $68.23 on Friday. The stock has a market capitalization of $3.48 billion, a P/E ratio of 30.32 and a beta of 0.97. The stock's fifty day moving average is $64.25 and its 200 day moving average is $58.99. CorVel Corp. has a 52 week low of $44.83 and a 52 week high of $93.45.

CorVel (NASDAQ:CRVL - Get Free Report) last released its earnings results on Tuesday, August 4th. The business services provider reported $0.63 EPS for the quarter. The firm had revenue of $259.93 million for the quarter. CorVel had a net margin of 11.72% and a return on equity of 29.92%.

Insider Buying and Selling at CorVel

In other news, Director R. Jessup sold 4,023 shares of the firm's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $70.07, for a total transaction of $281,891.61. Following the completion of the transaction, the director owned 111,798 shares of the company's stock, valued at approximately $7,833,685.86. This trade represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeffrey Michael sold 9,000 shares of the company's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $60.98, for a total value of $548,820.00. Following the completion of the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 20,197 shares of company stock valued at $1,315,568. 39.72% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Wall Street Zen upgraded CorVel from a "hold" rating to a "buy" rating in a research note on Saturday, May 30th. Weiss Ratings raised shares of CorVel from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, CorVel currently has a consensus rating of "Hold".

CorVel Company 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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