Renaissance Technologies LLC Sells 68,500 Shares of CorVel Corp. $CRVL

Key Points

• Renaissance Technologies reduced its CorVel stake by 4.1% in the first quarter, selling 68,500 shares and ending with 1,617,830 shares worth about $88.4 million.
• Insider selling continued, with VP Jennifer Yoss and Director Jeffrey J. Michael both trimming holdings; insiders have sold 13,249 shares over the last 90 days.
• CorVel shares were trading around $59.86, and the stock has recently received mixed but generally cautious analyst coverage, with an overall average rating of Hold.

Renaissance Technologies LLC lowered its stake in CorVel Corp. (NASDAQ:CRVL - Free Report) by 4.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,617,830 shares of the business services provider's stock after selling 68,500 shares during the period. Renaissance Technologies LLC owned 3.16% of CorVel worth $88,414,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of CorVel in the 3rd quarter valued at $31,000. Los Angeles Capital Management LLC acquired a new position in shares of CorVel during the fourth quarter valued at $33,000. Eagle Bay Advisors LLC acquired a new position in shares of CorVel during the fourth quarter valued at $37,000. Rockefeller Capital Management L.P. boosted its holdings in CorVel by 66.9% in the fourth quarter. Rockefeller Capital Management L.P. now owns 574 shares of the business services provider's stock valued at $39,000 after acquiring an additional 230 shares during the last quarter. Finally, Quarry LP increased its position in CorVel by 218.6% in the third quarter. Quarry LP now owns 513 shares of the business services provider's stock worth $40,000 after purchasing an additional 352 shares during the period. 51.36% of the stock is currently owned by institutional investors.

Insider Activity at CorVel

In related news, VP Jennifer Yoss sold 1,999 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $61.02, for a total value of $121,978.98. Following the sale, the vice president directly owned 2,173 shares in the company, valued at $132,596.46. This trade represents a 47.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jeffrey J. Michael sold 9,000 shares of CorVel stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $60.98, for a total transaction of $548,820.00. Following the transaction, the director directly owned 559,721 shares in the company, valued at $34,131,786.58. The trade was a 1.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 13,249 shares of company stock worth $807,126 in the last ninety days. Company insiders own 39.72% of the company's stock.

Analyst Upgrades and Downgrades

CRVL has been the subject of several recent research reports. Weiss Ratings raised CorVel from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, July 16th. Wall Street Zen upgraded shares of CorVel from a "hold" rating to a "buy" rating in a report on Saturday, May 30th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock has an average rating of "Hold".

CorVel Stock Up 1.4%

Shares of CorVel stock opened at $59.86 on Friday. The business has a fifty day simple moving average of $61.08 and a 200 day simple moving average of $58.45. The stock has a market cap of $3.05 billion, a PE ratio of 27.97 and a beta of 0.98. CorVel Corp. has a 12 month low of $44.83 and a 12 month high of $93.71.

CorVel (NASDAQ:CRVL - Get Free Report) last released its earnings results on Tuesday, May 19th. The business services provider reported $0.61 earnings per share for the quarter. CorVel had a return on equity of 29.92% and a net margin of 11.51%.The firm had revenue of $248.55 million for 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).

Want to see what other hedge funds are holding CRVL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CorVel Corp. (NASDAQ:CRVL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.