Engineers Gate Manager LP Cuts Holdings in CorVel Corp. $CRVL

Key Points

• Engineers Gate Manager LP cut its CorVel stake by 58.4% in the second quarter, selling 41,179 shares and retaining 29,307 shares valued at approximately $1.83 million. Hedge funds and institutional investors collectively own 51.36% of CorVel.
• CorVel insiders sold 8,947 shares worth about $630,420 over the past 90 days, while insiders retain a substantial 39.72% ownership stake.
• CorVel reported quarterly EPS of $0.63 on revenue of $259.93 million. The stock opened at $71.65, and analysts maintain a consensus “Hold” rating despite one recent upgrade to “Buy.”

Engineers Gate Manager LP lowered its position in CorVel Corp. (NASDAQ:CRVL - Free Report) by 58.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 29,307 shares of the business services provider's stock after selling 41,179 shares during the period. Engineers Gate Manager LP owned about 0.06% of CorVel worth $1,832,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB increased its stake in shares of CorVel by 18.9% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,228 shares of the business services provider's stock valued at $77,000 after purchasing an additional 195 shares in the last quarter. Rockefeller Capital Management L.P. raised its holdings in CorVel by 66.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 574 shares of the business services provider's stock worth $39,000 after purchasing an additional 230 shares during the period. Empowered Funds LLC boosted its position in CorVel by 1.5% during the first quarter. Empowered Funds LLC now owns 15,815 shares of the business services provider's stock worth $864,000 after purchasing an additional 239 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in CorVel by 16.8% during the first quarter. PNC Financial Services Group Inc. now owns 2,346 shares of the business services provider's stock worth $128,000 after purchasing an additional 338 shares in the last quarter. Finally, Versant Capital Management Inc grew its holdings in CorVel by 59.7% in the second quarter. Versant Capital Management Inc now owns 907 shares of the business services provider's stock valued at $57,000 after purchasing an additional 339 shares during the period. 51.36% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Jennifer Yoss sold 2,100 shares of the business's stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $70.92, for a total transaction of $148,932.00. Following the completion of the sale, the vice president directly owned 2,173 shares in the company, valued at approximately $154,109.16. The trade was a 49.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director R. Jessup sold 4,023 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $70.07, for a total value of $281,891.61. Following the completion of the transaction, the director directly owned 111,798 shares of the company's stock, valued at approximately $7,833,685.86. This represents a 3.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 8,947 shares of company stock worth $630,420 over the last ninety days. Corporate insiders own 39.72% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Wall Street Zen upgraded CorVel from a "hold" rating to a "buy" rating in a research report on Saturday, May 30th. Weiss Ratings raised shares of CorVel from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, September 1st. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of "Hold".

CorVel Trading Down 0.7%

Shares of CorVel stock opened at $71.65 on Wednesday. CorVel Corp. has a twelve month low of $44.83 and a twelve month high of $83.92. The firm has a market capitalization of $3.65 billion, a PE ratio of 31.84 and a beta of 0.97. The firm's 50-day moving average price is $65.01 and its 200 day moving average price is $60.02.

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

CorVel Profile

CorVel Corporation is a provider of workers' compensation and liability claims management services. The company supports employers, insurance carriers, government entities and other organizations with technology-enabled solutions designed to manage claims, control costs and coordinate medical care.

Its services include third-party claims administration, medical bill review, utilization review, case management, pharmacy benefit management, provider-network services and claims-related analytics.

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