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

CorVel Corp. (NASDAQ:CRVL) hit a new 52-week high during mid-day trading on Tuesday. The stock traded as high as $85.79 and last traded at $85.5550, with a volume of 47,890 shares. The stock had previously closed at $83.23.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded shares of CorVel from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, September 1st. One research analyst has rated the stock with a Hold rating. According to data from MarketBeat.com, CorVel has an average rating of “Hold”.

CorVel Price Performance

The stock has a market capitalization of $4.33 billion, a P/E ratio of 37.72 and a beta of 1.07. The business’s 50 day moving average price is $74.97 and its 200 day moving average price is $62.66.

CorVel (NASDAQ:CRVL) last issued its earnings results on Tuesday, November 3rd. The business services provider reported $0.67 earnings per share for the quarter. The firm had revenue of $267.13 million during the quarter. CorVel had a net margin of 11.72% and a return on equity of 29.92%.

Insider Transactions at CorVel

In related news, VP Jennifer Yoss sold 2,100 shares of CorVel stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $70.92, for a total transaction of $148,932.00. Following the completion of the transaction, the vice president directly owned 2,173 shares in the company, valued at approximately $154,109.16. This trade represents a 49.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director R. Jessup sold 4,023 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $70.07, for a total transaction of $281,891.61. Following the completion of the sale, the director owned 111,798 shares of the company’s stock, valued at approximately $7,833,685.86. The trade was a 3.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 8,947 shares of company stock valued at $630,420 in the last ninety days. Corporate insiders own 39.72% of the company’s stock.

Hedge Funds Weigh In On CorVel

Large investors have recently bought and sold shares of the stock. Bank of America Corp DE purchased a new stake in shares of CorVel during the 2nd quarter valued at about $8,073,000. Bank of New York Mellon Corp bought a new position in CorVel during the 2nd quarter valued at $11,439,000. Walleye Capital LLC purchased a new position in shares of CorVel in the second quarter worth approximately $3,308,000. Canada Pension Plan Investment Board acquired a new stake in CorVel during the 2nd quarter worth about $1,082,000. Finally, Legal & General Group Plc acquired a new position in CorVel in the 2nd quarter valued at approximately $4,263,000. Hedge funds and other institutional investors own 51.36% of the company’s stock.

About CorVel

CorVel Corporation is a technology-enabled provider of workers’ compensation, auto liability, liability, and health care management services. The company helps employers, insurance carriers, government agencies, and third-party administrators manage claims, control medical costs, and coordinate care.

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