Public Sector Pension Investment Board Increases Position in CorVel Corp. $CRVL

Key Points

• The Public Sector Pension Investment Board increased its stake in CorVel Corp. by 27.4%, acquiring an additional 18,576 shares, bringing its total ownership to approximately 86,307 shares.
• Wall Street analyst upgraded CorVel shares from a "hold" to a "buy" rating on April 18, indicating positive market sentiment towards the company's stock.
• CorVel reported quarterly earnings of $0.52 per share, with a net margin of 10.98% and a return on equity of 32.31% in its most recent earnings release.

Public Sector Pension Investment Board boosted its holdings in CorVel Corp. (NASDAQ:CRVL - Free Report) by 27.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 86,307 shares of the business services provider's stock after purchasing an additional 18,576 shares during the period. Public Sector Pension Investment Board owned approximately 0.17% of CorVel worth $9,664,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in CRVL. Xponance Inc. raised its stake in shares of CorVel by 4.9% during the first quarter. Xponance Inc. now owns 2,008 shares of the business services provider's stock valued at $225,000 after acquiring an additional 94 shares during the last quarter. Ballentine Partners LLC raised its stake in shares of CorVel by 4.2% during the first quarter. Ballentine Partners LLC now owns 2,531 shares of the business services provider's stock valued at $283,000 after acquiring an additional 102 shares during the last quarter. Mayfair Advisory Group LLC raised its stake in CorVel by 7.2% in the first quarter. Mayfair Advisory Group LLC now owns 2,212 shares of the business services provider's stock worth $248,000 after buying an additional 148 shares in the last quarter. LGT Financial Advisors LLC raised its stake in CorVel by 200.0% in the fourth quarter. LGT Financial Advisors LLC now owns 255 shares of the business services provider's stock worth $28,000 after buying an additional 170 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new position in CorVel in the first quarter worth about $25,000. 51.36% of the stock is owned by institutional investors.

CorVel Price Performance

CRVL stock traded up $0.78 during trading on Monday, reaching $89.00. The company had a trading volume of 36,989 shares, compared to its average volume of 133,263. CorVel Corp. has a 52 week low of $85.13 and a 52 week high of $128.61. The company has a market cap of $4.57 billion, a P/E ratio of 45.81 and a beta of 0.95. The business has a 50 day moving average of $96.75 and a 200 day moving average of $106.70.

CorVel (NASDAQ:CRVL - Get Free Report) last released 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 net margin of 10.98% and a return on equity of 32.31%.

Insider Buying and Selling

In related news, Director R Judd Jessup sold 935 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $113.50, for a total value of $106,122.50. Following the completion of the transaction, the director directly owned 129,519 shares of the company's stock, valued at $14,700,406.50. This represents a 0.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Brandon O'brien sold 3,957 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $108.46, for a total transaction of $429,176.22. Following the completion of the transaction, the chief financial officer directly owned 11,804 shares of the company's stock, valued at approximately $1,280,261.84. The trade was a 25.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,079 shares of company stock valued at $1,446,023 over the last quarter. 44.56% of the stock is currently owned by insiders.

CorVel Company 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.