First Trust Advisors LP Purchases 53,707 Shares of CorVel Co. (NASDAQ:CRVL)

First Trust Advisors LP grew its stake in shares of CorVel Co. (NASDAQ:CRVL - Free Report) by 338.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 69,568 shares of the business services provider's stock after acquiring an additional 53,707 shares during the period. First Trust Advisors LP owned 0.14% of CorVel worth $7,740,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CRVL. Fifth Third Bancorp boosted its holdings in CorVel by 45.9% in the fourth quarter. Fifth Third Bancorp now owns 321 shares of the business services provider's stock worth $36,000 after purchasing an additional 101 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of CorVel by 9.9% in the third quarter. Franklin Resources Inc. now owns 1,917 shares of the business services provider's stock worth $614,000 after buying an additional 173 shares during the last quarter. Bessemer Group Inc. boosted its stake in shares of CorVel by 6,350.0% during the 4th quarter. Bessemer Group Inc. now owns 258 shares of the business services provider's stock worth $29,000 after acquiring an additional 254 shares in the last quarter. US Bancorp DE increased its holdings in shares of CorVel by 225.4% during the 4th quarter. US Bancorp DE now owns 384 shares of the business services provider's stock valued at $43,000 after acquiring an additional 266 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of CorVel by 175.2% in the 4th quarter. GAMMA Investing LLC now owns 432 shares of the business services provider's stock valued at $48,000 after acquiring an additional 275 shares in the last quarter. 51.36% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Brandon O'brien sold 1,523 shares of the stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $119.56, for a total value of $182,089.88. Following the completion of the sale, the chief financial officer now owns 17,142 shares in the company, valued at approximately $2,049,497.52. This trade represents a 8.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey J. Michael sold 16,523 shares of the business's stock in a transaction dated Wednesday, April 9th. The shares were sold at an average price of $116.99, for a total value of $1,933,025.77. Following the transaction, the director now owns 551,787 shares in the company, valued at $64,553,561.13. This represents a 2.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 48,723 shares of company stock valued at $5,757,140. 47.57% of the stock is owned by company insiders.

Analysts Set New Price Targets

Separately, StockNews.com upgraded CorVel from a "hold" rating to a "buy" rating in a report on Friday, April 18th.

CorVel Trading Up 2.8 %

CRVL traded up $3.06 during trading on Friday, hitting $112.03. The stock had a trading volume of 116,171 shares, compared to its average volume of 119,204. The firm has a market cap of $5.75 billion, a PE ratio of 65.90 and a beta of 0.94. CorVel Co. has a 12 month low of $76.53 and a 12 month high of $128.61. The company has a 50 day simple moving average of $110.38 and a 200-day simple moving average of $115.72.

CorVel (NASDAQ:CRVL - Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The business services provider reported $0.46 earnings per share for the quarter. CorVel had a return on equity of 32.22% and a net margin of 10.12%.

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.