Prudential Financial Inc. Lowers Holdings in CorVel Corp. $CRVL

Prudential Financial Inc. reduced its stake in shares of CorVel Corp. (NASDAQ:CRVL) by 30.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,893 shares of the business services provider’s stock after selling 26,760 shares during the quarter. Prudential Financial Inc.’s holdings in CorVel were worth $6,156,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. American Century Companies Inc. boosted its position in shares of CorVel by 280.7% during the second quarter. American Century Companies Inc. now owns 54,819 shares of the business services provider’s stock worth $5,634,000 after acquiring an additional 40,419 shares during the last quarter. Rhumbline Advisers increased its holdings in CorVel by 5.2% in the 2nd quarter. Rhumbline Advisers now owns 84,633 shares of the business services provider’s stock valued at $8,699,000 after acquiring an additional 4,201 shares during the last quarter. AXQ Capital LP lifted its stake in CorVel by 301.0% in the 2nd quarter. AXQ Capital LP now owns 7,418 shares of the business services provider’s stock worth $762,000 after purchasing an additional 5,568 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of CorVel by 8.5% during the 2nd quarter. Franklin Resources Inc. now owns 8,550 shares of the business services provider’s stock valued at $879,000 after purchasing an additional 668 shares during the last quarter. Finally, Legal & General Group Plc grew its position in shares of CorVel by 3.8% during the second quarter. Legal & General Group Plc now owns 80,193 shares of the business services provider’s stock valued at $8,242,000 after purchasing an additional 2,931 shares in the last quarter. Institutional investors own 51.36% of the company’s stock.

CorVel Price Performance

Shares of NASDAQ CRVL opened at $73.08 on Friday. CorVel Corp. has a 1-year low of $70.47 and a 1-year high of $128.61. The business’s 50 day moving average is $74.57 and its two-hundred day moving average is $89.19. The stock has a market capitalization of $3.74 billion, a P/E ratio of 37.67 and a beta of 0.98.

CorVel (NASDAQ:CRVL) last announced its earnings results on Tuesday, November 4th. The business services provider reported $0.54 EPS for the quarter. The firm had revenue of $239.64 million during the quarter. CorVel had a return on equity of 32.31% and a net margin of 10.98%.

Wall Street Analyst Weigh In

A number of research firms recently commented on CRVL. Wall Street Zen downgraded CorVel from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CorVel in a report on Tuesday, October 14th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Hold”.

Insiders Place Their Bets

In other CorVel news, CFO Brandon O’brien sold 1,764 shares of the business’s stock in a transaction on Monday, September 8th. The shares were sold at an average price of $91.54, for a total transaction of $161,476.56. Following the transaction, the chief financial officer owned 8,948 shares in the company, valued at $819,099.92. The trade was a 16.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark E. Bertels sold 1,200 shares of the stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $72.35, for a total transaction of $86,820.00. Following the completion of the sale, the executive vice president directly owned 2,594 shares in the company, valued at approximately $187,675.90. This represents a 31.63% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 13,497 shares of company stock valued at $1,056,162 over the last three months. 44.56% of the stock is owned by company insiders.

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.