NewEdge Wealth LLC Makes New Investment in CorVel Corp. $CRVL

Key Points

• NewEdge Wealth purchased 31,288 CorVel shares worth approximately $1.96 million during the second quarter, while institutional investors collectively owned 51.36% of the company.
• CorVel insiders sold 13,249 shares valued at about $807,126 over the past three months, including sales by Vice President Jennifer Yoss and Director Jeffrey J. Michael.
• Analyst sentiment remains mixed but centered on a “Hold” consensus. CorVel recently reported quarterly EPS of $0.63 on revenue of $259.93 million, with the stock opening at $70.21 and a market capitalization of approximately $3.58 billion.

NewEdge Wealth LLC purchased a new stake in CorVel Corp. (NASDAQ:CRVL - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 31,288 shares of the business services provider's stock, valued at approximately $1,956,000. NewEdge Wealth LLC owned about 0.06% of CorVel at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. acquired a new position in shares of CorVel in the third quarter worth approximately $31,000. Los Angeles Capital Management LLC acquired a new position in shares of CorVel in the 4th quarter worth approximately $33,000. Rockefeller Capital Management L.P. boosted its stake in shares of CorVel by 66.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 574 shares of the business services provider's stock valued at $39,000 after purchasing an additional 230 shares during the last quarter. Quarry LP increased its position in shares of CorVel by 218.6% during the third quarter. Quarry LP now owns 513 shares of the business services provider's stock worth $40,000 after buying an additional 352 shares during the period. Finally, Torren Management LLC bought a new position in CorVel during the fourth quarter worth $46,000. Institutional investors and hedge funds own 51.36% of the company's stock.

Insider Buying and Selling

In other CorVel news, VP Jennifer Yoss sold 1,999 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $61.02, for a total value of $121,978.98. Following the transaction, the vice president owned 2,173 shares in the company, valued at approximately $132,596.46. This represents a 47.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey J. Michael sold 9,000 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $60.98, for a total value of $548,820.00. Following the sale, the director owned 559,721 shares of the company's stock, valued at approximately $34,131,786.58. This represents a 1.58% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 13,249 shares of company stock valued at $807,126. 39.72% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CRVL has been the topic of a number of research analyst reports. Weiss Ratings raised shares of CorVel from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, July 16th. Wall Street Zen raised CorVel from a "hold" rating to a "buy" rating in a research note on Saturday, May 30th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has a consensus rating of "Hold".

CorVel Stock Down 0.8%

CorVel stock opened at $70.21 on Friday. CorVel Corp. has a 12-month low of $44.83 and a 12-month high of $93.71. The firm's fifty day moving average is $62.08 and its 200 day moving average is $57.55. The company has a market capitalization of $3.58 billion, a PE ratio of 31.20 and a beta of 0.98.

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

CorVel 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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