Fred Alger Management LLC Sells 10,069 Shares of CorVel Corp. $CRVL

Key Points

• Fred Alger Management LLC significantly decreased its stake in CorVel Corp. by 57.9%, now holding 7,321 shares valued at approximately $820,000.
• CorVel's stock opened at $87.56, reflecting a 3.1% decline, with a 12-month high of $128.61 and a market cap of $4.49 billion.
• Insider Maxim Shishin sold 12,000 shares for about $1.07 million, leading to a 62.99% reduction in their position.

Fred Alger Management LLC lessened its stake in shares of CorVel Corp. (NASDAQ:CRVL - Free Report) by 57.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,321 shares of the business services provider's stock after selling 10,069 shares during the quarter. Fred Alger Management LLC's holdings in CorVel were worth $820,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CRVL. Janus Henderson Group PLC lifted its stake in CorVel by 230.2% in the fourth quarter. Janus Henderson Group PLC now owns 136,908 shares of the business services provider's stock worth $15,233,000 after acquiring an additional 95,445 shares during the period. Jones Financial Companies Lllp lifted its position in CorVel by 23,616.8% during the first quarter. Jones Financial Companies Lllp now owns 78,977 shares of the business services provider's stock valued at $8,843,000 after buying an additional 78,644 shares during the period. GAMMA Investing LLC lifted its position in CorVel by 17,654.4% during the first quarter. GAMMA Investing LLC now owns 76,699 shares of the business services provider's stock valued at $8,588,000 after buying an additional 76,267 shares during the period. Nuveen LLC purchased a new position in CorVel during the first quarter valued at $8,533,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of 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 acquiring an additional 65,620 shares in the last quarter. Hedge funds and other institutional investors own 51.36% of the company's stock.

CorVel Stock Down 3.0%

Shares of CorVel stock traded down $2.62 during trading hours on Friday, reaching $85.59. 121,638 shares of the stock traded hands, compared to its average volume of 154,624. CorVel Corp. has a one year low of $84.68 and a one year high of $128.61. The firm has a market capitalization of $4.39 billion, a price-to-earnings ratio of 44.12 and a beta of 0.96. The company has a 50 day moving average price of $90.60 and a 200 day moving average price of $102.91.

CorVel (NASDAQ:CRVL - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The business services provider reported $0.52 earnings per share for the quarter. CorVel had a return on equity of 32.31% and a net margin of 10.98%.

Insider Transactions at CorVel

In other news, insider Maxim Shishin sold 12,000 shares of CorVel stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $89.16, for a total transaction of $1,069,920.00. Following the transaction, the insider directly owned 7,050 shares of the company's stock, valued at $628,578. The trade was a 62.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brandon O'brien sold 1,764 shares of CorVel stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $91.54, for a total value of $161,476.56. Following the transaction, the chief financial officer directly owned 8,948 shares in the company, valued at approximately $819,099.92. The trade was a 16.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 44.56% of the stock is owned by insiders.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded CorVel from a "buy" rating to a "hold" rating in a report on Saturday, August 30th.

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.