CorVel Corp. (NASDAQ:CRVL) Shares Bought by Royce & Associates LP

Key Points

• Royce & Associates LP increased its stake in CorVel Corp. by 84.2%, owning 6,521 shares valued at $730,000 as of their latest SEC filing.
• Multiple institutional investors, including Principal Financial Group and Farther Finance Advisors, have also raised their stakes in CorVel, demonstrating growing interest from hedge funds.
• Wall Street Zen upgraded CorVel shares from a "hold" to a "buy" rating, indicating a positive outlook for the company moving forward.

Royce & Associates LP lifted its stake in CorVel Corp. (NASDAQ:CRVL - Free Report) by 84.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,521 shares of the business services provider's stock after purchasing an additional 2,981 shares during the period. Royce & Associates LP's holdings in CorVel were worth $730,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC lifted its position in CorVel by 193.7% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 5,714,351 shares of the business services provider's stock valued at $635,779,000 after buying an additional 3,768,440 shares during the period. Vanguard Group Inc. lifted its position in CorVel by 202.1% during the 4th quarter. Vanguard Group Inc. now owns 3,281,649 shares of the business services provider's stock valued at $365,116,000 after acquiring an additional 2,195,466 shares during the period. Renaissance Technologies LLC lifted its position in CorVel by 184.1% during the 4th quarter. Renaissance Technologies LLC now owns 1,858,830 shares of the business services provider's stock valued at $206,813,000 after acquiring an additional 1,204,611 shares during the period. Dimensional Fund Advisors LP boosted its stake in CorVel by 187.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,545,619 shares of the business services provider's stock worth $171,969,000 after acquiring an additional 1,007,651 shares in the last quarter. Finally, Neuberger Berman Group LLC grew its holdings in CorVel by 204.6% in the fourth quarter. Neuberger Berman Group LLC now owns 845,531 shares of the business services provider's stock worth $94,074,000 after purchasing an additional 567,984 shares during the period. 51.36% of the stock is owned by institutional investors.

CorVel Stock Down 2.1%

Shares of CorVel stock traded down $1.89 during trading hours on Friday, reaching $86.71. 176,963 shares of the stock traded hands, compared to its average volume of 132,811. The firm has a market capitalization of $4.46 billion, a price-to-earnings ratio of 47.21 and a beta of 0.98. The company has a 50 day moving average price of $101.83 and a 200 day moving average price of $108.63. CorVel Corp. has a one year low of $86.32 and a one year high of $128.61.

CorVel (NASDAQ:CRVL - Get Free Report) last posted its quarterly earnings data on Thursday, May 22nd. The business services provider reported $0.51 earnings per share for the quarter. The company had revenue of $231.51 million for the quarter. CorVel had a net margin of 10.63% and a return on equity of 32.55%.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded CorVel from a "hold" rating to a "buy" rating in a research note on Friday, April 18th.

Insider Activity at CorVel

In related news, Director R Judd Jessup sold 687 shares of the company's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $111.25, for a total transaction of $76,428.75. Following the transaction, the director directly owned 128,832 shares of the company's stock, valued at $14,332,560. This represents a 0.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Jennifer Yoss sold 1,050 shares of CorVel stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $111.39, for a total transaction of $116,959.50. Following the sale, the vice president owned 2,088 shares of the company's stock, valued at $232,582.32. The trade was a 33.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,079 shares of company stock valued at $1,446,023 over the last 90 days. Insiders own 44.56% of the company's stock.

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.