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

A number of other hedge funds and other institutional investors have also recently modified their holdings of CRVL. Ameriprise Financial Inc. boosted its stake in shares of CorVel by 182.1% in the 4th quarter. Ameriprise Financial Inc. now owns 76,228 shares of the business services provider's stock worth $8,481,000 after buying an additional 49,206 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of CorVel by 139.9% in the 4th quarter. Bank of America Corp DE now owns 41,787 shares of the business services provider's stock worth $4,649,000 after purchasing an additional 24,365 shares during the period. Balyasny Asset Management L.P. raised its holdings in shares of CorVel by 133.4% in the 4th quarter. Balyasny Asset Management L.P. now owns 13,123 shares of the business services provider's stock worth $1,460,000 after purchasing an additional 7,500 shares during the period. Brevan Howard Capital Management LP raised its holdings in shares of CorVel by 56.6% in the 4th quarter. Brevan Howard Capital Management LP now owns 1,939 shares of the business services provider's stock worth $216,000 after purchasing an additional 701 shares during the period. Finally, Cubist Systematic Strategies LLC raised its holdings in shares of CorVel by 518.6% in the 4th quarter. Cubist Systematic Strategies LLC now owns 10,349 shares of the business services provider's stock worth $1,151,000 after purchasing an additional 8,676 shares during the period. Hedge funds and other institutional investors own 51.36% of the company's stock.

Wall Street Analysts Forecast Growth

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

CorVel Stock Performance

CRVL stock traded down $1.26 during midday trading on Monday, reaching $84.33. 28,895 shares of the company's stock traded hands, compared to its average volume of 136,355. The company has a 50-day moving average price of $90.60 and a two-hundred day moving average price of $102.83. The firm has a market capitalization of $4.33 billion, a PE ratio of 43.47 and a beta of 0.96. CorVel Corp. has a 52 week low of $84.68 and a 52 week high of $128.61.

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

Insider Buying and Selling at CorVel

In other CorVel news, insider Maxim Shishin sold 12,000 shares of the company's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $89.16, for a total transaction of $1,069,920.00. Following the completion of the sale, the insider directly owned 7,050 shares in the company, valued at $628,578. This represents a 62.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Brandon O'brien sold 1,764 shares of the company's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $91.54, for a total transaction of $161,476.56. Following the sale, the chief financial officer owned 8,948 shares of the company's stock, 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 currently owned by insiders.

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.