CorVel (NASDAQ:CRVL) Issues Earnings Results

CorVel (NASDAQ:CRVL) announced its quarterly earnings results on Tuesday. The business services provider reported $1.25 earnings per share (EPS) for the quarter, reports. CorVel had a net margin of 9.55% and a return on equity of 33.26%. The company had revenue of $211.72 million during the quarter.

CorVel Price Performance

CRVL opened at $306.80 on Thursday. CorVel has a 1 year low of $187.92 and a 1 year high of $321.46. The company has a market capitalization of $5.26 billion, a price-to-earnings ratio of 69.73 and a beta of 1.08. The firm’s fifty day moving average price is $261.89 and its two-hundred day moving average price is $250.89.

Analysts Set New Price Targets

Separately, StockNews.com downgraded CorVel from a “buy” rating to a “hold” rating in a report on Tuesday, June 25th.

Insider Activity

In other CorVel news, Chairman V Gordon Clemons sold 2,000 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $277.00, for a total value of $554,000.00. Following the transaction, the chairman now directly owns 266,584 shares in the company, valued at $73,843,768. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Brandon O’brien sold 1,000 shares of the stock in a transaction on Friday, May 24th. The shares were sold at an average price of $276.95, for a total value of $276,950.00. Following the transaction, the chief financial officer now owns 7,305 shares of the company’s stock, valued at approximately $2,023,119.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman V Gordon Clemons sold 2,000 shares of CorVel stock in a transaction on Friday, May 24th. The shares were sold at an average price of $277.00, for a total transaction of $554,000.00. Following the completion of the sale, the chairman now owns 266,584 shares in the company, valued at approximately $73,843,768. The disclosure for this sale can be found here. Insiders sold a total of 58,738 shares of company stock valued at $15,532,417 over the last three months. Corporate insiders own 47.57% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Boston Trust Walden Corp raised its holdings in shares of CorVel by 1.0% during the fourth quarter. Boston Trust Walden Corp now owns 280,702 shares of the business services provider’s stock valued at $69,392,000 after purchasing an additional 2,675 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of CorVel by 41.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 115,876 shares of the business services provider’s stock valued at $29,464,000 after buying an additional 34,155 shares during the period. Norges Bank purchased a new position in shares of CorVel in the 4th quarter worth $19,974,000. Bank of New York Mellon Corp grew its holdings in shares of CorVel by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 73,617 shares of the business services provider’s stock worth $18,719,000 after acquiring an additional 1,479 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in CorVel by 3.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 73,569 shares of the business services provider’s stock valued at $18,187,000 after acquiring an additional 2,252 shares during the last quarter. 51.36% of the stock is owned by hedge funds and other institutional investors.

CorVel Company Profile

CorVel Corporation provides workers' compensation, auto, liability, and health solutions for employers, third party administrators, insurance companies, and government agencies to assist them in managing the medical costs and monitoring the quality of care associated with healthcare claims. 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.