Kayne Anderson Rudnick Investment Management LLC Sells 7,908 Shares of CorVel Corp. $CRVL

Key Points

• Kayne Anderson Rudnick Investment Management LLC reduced its stake in CorVel Corp. by 0.1%, now owning 5,706,443 shares, which constitutes 1.6% of their investment portfolio.
• Several large investors, including Allworth Financial LP, have significantly increased their positions in CorVel during the first quarter, indicating growing interest in the company.
• CorVel's stock is currently trading at $92.64, with significant fluctuations over the past year, marking a 12-month low of $85.13 and a high of $128.61.

Kayne Anderson Rudnick Investment Management LLC cut its holdings in shares of CorVel Corp. (NASDAQ:CRVL - Free Report) by 0.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,706,443 shares of the business services provider's stock after selling 7,908 shares during the period. CorVel comprises approximately 1.6% of Kayne Anderson Rudnick Investment Management LLC's holdings, making the stock its 11th largest holding. Kayne Anderson Rudnick Investment Management LLC owned approximately 11.11% of CorVel worth $638,950,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. raised its stake in shares of CorVel by 2.7% in the first quarter. Principal Financial Group Inc. now owns 143,654 shares of the business services provider's stock worth $16,085,000 after acquiring an additional 3,818 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in CorVel by 44.7% in the first quarter. Farther Finance Advisors LLC now owns 816 shares of the business services provider's stock valued at $93,000 after acquiring an additional 252 shares during the last quarter. GAMMA Investing LLC boosted its holdings in CorVel by 58.6% in the first quarter. GAMMA Investing LLC now owns 685 shares of the business services provider's stock valued at $77,000 after acquiring an additional 253 shares during the last quarter. KBC Group NV boosted its holdings in CorVel by 35.1% in the first quarter. KBC Group NV now owns 1,564 shares of the business services provider's stock valued at $175,000 after acquiring an additional 406 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in CorVel by 3.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 14,345 shares of the business services provider's stock valued at $1,606,000 after acquiring an additional 461 shares during the last quarter. 51.36% of the stock is owned by institutional investors.

CorVel Trading Up 0.4%

CorVel stock traded up $0.32 during mid-day trading on Friday, hitting $89.62. The stock had a trading volume of 20,845 shares, compared to its average volume of 133,323. The stock has a 50-day simple moving average of $94.02 and a two-hundred day simple moving average of $105.01. The stock has a market capitalization of $4.60 billion, a PE ratio of 46.20 and a beta of 0.95. CorVel Corp. has a 12 month low of $85.13 and a 12 month high of $128.61.

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

Insider Activity

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 owned 7,050 shares in the company, valued at $628,578. The trade was a 62.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Brandon O'brien sold 3,957 shares of CorVel stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $108.46, for a total value of $429,176.22. Following the completion of the sale, the chief financial officer directly owned 11,804 shares in the company, valued at approximately $1,280,261.84. This represents a 25.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,357 shares of company stock worth $1,758,512 in the last quarter. 44.56% of the stock is currently owned by company insiders.

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.