CorVel (NASDAQ:CRVL) Reaches New 1-Year High - Time to Buy?

Key Points

• CorVel shares reached a new 52-week high of $79.43, with a market capitalization of approximately $4.03 billion and a P/E ratio of 35.19.
• The company reported quarterly EPS of $0.63 on revenue of $259.93 million, while its net margin was 11.72% and return on equity was 29.92%.
• Analyst sentiment remains cautious, with the sole analyst rating the stock “Hold.” Insiders sold 8,947 shares during the quarter, although institutional investors and hedge funds own 51.36% of the company.

CorVel Corp. (NASDAQ:CRVL - Get Free Report) shares hit a new 52-week high on Wednesday. The stock traded as high as $79.43 and last traded at $78.9150, with a volume of 7,907 shares traded. The stock had previously closed at $77.92.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded CorVel from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, September 1st. One analyst has rated the stock with a Hold rating. Based on data from MarketBeat.com, the company presently has an average rating of "Hold".

CorVel Price Performance

The company has a market capitalization of $4.03 billion, a price-to-earnings ratio of 35.19 and a beta of 1.05. The stock has a fifty day simple moving average of $70.38 and a 200-day simple moving average of $63.05.

CorVel (NASDAQ:CRVL - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The business services provider reported $0.63 EPS for the quarter. The business had revenue of $259.93 million for the quarter. CorVel had a net margin of 11.72% and a return on equity of 29.92%.

Insider Buying and Selling at CorVel

In related news, VP Jennifer Yoss sold 2,100 shares of the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $70.92, for a total transaction of $148,932.00. Following the sale, the vice president directly owned 2,173 shares of the company's stock, valued at approximately $154,109.16. This represents a 49.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director R. Jessup sold 4,023 shares of the firm's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $70.07, for a total transaction of $281,891.61. Following the sale, the director owned 111,798 shares in the company, valued at approximately $7,833,685.86. This represents a 3.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 8,947 shares of company stock valued at $630,420. Company insiders own 39.72% of the company's stock.

Institutional Investors Weigh In On CorVel

A number of institutional investors have recently modified their holdings of CRVL. BlackRock Inc. acquired a new stake in CorVel in the 2nd quarter valued at $321,316,000. Algert Global LLC increased its holdings in CorVel by 67.0% in the 2nd quarter. Algert Global LLC now owns 383,419 shares of the business services provider's stock worth $23,971,000 after acquiring an additional 153,877 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in CorVel by 14.7% in the 1st quarter. Assenagon Asset Management S.A. now owns 197,858 shares of the business services provider's stock worth $10,813,000 after acquiring an additional 25,366 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in CorVel by 0.5% in the 1st quarter. Bank of New York Mellon Corp now owns 184,425 shares of the business services provider's stock worth $10,079,000 after acquiring an additional 847 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in CorVel by 8.4% during the first quarter. Principal Financial Group Inc. now owns 179,600 shares of the business services provider's stock worth $9,815,000 after acquiring an additional 13,938 shares during the period. 51.36% of the stock is currently owned by institutional investors and hedge funds.

CorVel Company Profile

CorVel Corporation is a provider of technology-enabled risk management and healthcare administration services. The company helps employers, insurance carriers, third-party administrators and government entities manage workers' compensation, auto and liability claims, with an emphasis on controlling costs, coordinating care and improving claim outcomes.

Its services include claims administration, medical bill review, utilization review, case management, pharmacy benefit management, provider-network services and managed-care solutions.

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