Rhumbline Advisers Decreases Stake in CorVel Corp. $CRVL

Key Points

• Rhumbline Advisers reduced its holdings in CorVel Corp. by 5.1%, selling 4,292 shares and owning 80,432 shares worth approximately $9 million as of the last quarter.
• Several institutional investors increased their positions in CorVel, with Allworth Financial LP raising its holdings by 4,000% during the same quarter.
• CorVel's CFO recently sold a significant amount of stock, leading to a 16.47% decrease in their position, and this has prompted concern as it reflects potential insider selling trends.

Rhumbline Advisers reduced its stake in shares of CorVel Corp. (NASDAQ:CRVL - Free Report) by 5.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 80,432 shares of the business services provider's stock after selling 4,292 shares during the quarter. Rhumbline Advisers owned approximately 0.16% of CorVel worth $9,006,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Strs Ohio purchased a new stake in shares of CorVel during the first quarter valued at $1,030,000. Ellsworth Advisors LLC boosted its stake in shares of CorVel by 5.1% during the first quarter. Ellsworth Advisors LLC now owns 7,640 shares of the business services provider's stock valued at $855,000 after purchasing an additional 371 shares during the period. Jane Street Group LLC boosted its stake in shares of CorVel by 194.7% during the first quarter. Jane Street Group LLC now owns 46,920 shares of the business services provider's stock valued at $5,254,000 after purchasing an additional 31,000 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of CorVel by 5.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,570 shares of the business services provider's stock valued at $11,037,000 after purchasing an additional 4,964 shares during the period. Finally, Jones Financial Companies Lllp raised its holdings in shares of CorVel by 23,616.8% in the first quarter. Jones Financial Companies Lllp now owns 78,977 shares of the business services provider's stock valued at $8,843,000 after acquiring an additional 78,644 shares in the last quarter. 51.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

CorVel Stock Down 1.6%

Shares of CorVel stock traded down $1.34 on Tuesday, reaching $81.45. The stock had a trading volume of 42,968 shares, compared to its average volume of 136,499. The company has a 50 day moving average price of $90.25 and a 200 day moving average price of $102.64. CorVel Corp. has a 1 year low of $81.25 and a 1 year high of $128.61. The stock has a market capitalization of $4.18 billion, a P/E ratio of 41.98 and a beta of 0.96.

CorVel (NASDAQ:CRVL - Get Free Report) last posted its quarterly earnings data 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 Activity at CorVel

In related news, CFO Brandon O'brien sold 1,764 shares of the stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $91.54, for a total value of $161,476.56. Following the completion of the transaction, the chief financial officer directly owned 8,948 shares of the company's stock, valued at $819,099.92. This trade represents a 16.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Maxim Shishin sold 12,000 shares of the stock in a transaction that occurred on 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 transaction, the insider directly owned 7,050 shares of the company's stock, valued at $628,578. The trade was a 62.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 44.56% of the company's stock.

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.