CorVel (NASDAQ:CRVL) Raised to Strong-Buy at BidaskClub

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BidaskClub upgraded shares of CorVel (NASDAQ:CRVL) from a buy rating to a strong-buy rating in a research report report published on Friday morning, BidAskClub reports.

Shares of CRVL stock opened at $90.87 on Friday. CorVel has a fifty-two week low of $52.30 and a fifty-two week high of $93.30. The business has a 50-day moving average price of $83.93. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of 36.94 and a beta of 0.75.

CorVel (NASDAQ:CRVL) last issued its earnings results on Thursday, May 30th. The business services provider reported $0.63 earnings per share for the quarter. CorVel had a return on equity of 24.61% and a net margin of 7.84%. The company had revenue of $151.08 million for the quarter.

In other news, CEO Michael G. Combs sold 1,350 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $74.00, for a total transaction of $99,900.00. Following the transaction, the chief executive officer now owns 1,005 shares of the company’s stock, valued at approximately $74,370. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Corstar Holdings Inc sold 6,811 shares of the stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $68.59, for a total value of $467,166.49. Following the transaction, the insider now directly owns 6,853,419 shares in the company, valued at approximately $470,076,009.21. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 172,055 shares of company stock worth $12,714,793. Insiders own 50.70% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC acquired a new position in shares of CorVel during the 1st quarter valued at about $241,000. D. E. Shaw & Co. Inc. increased its holdings in shares of CorVel by 16.9% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 4,430 shares of the business services provider’s stock valued at $273,000 after acquiring an additional 639 shares during the last quarter. Millennium Management LLC increased its holdings in shares of CorVel by 380.9% during the 4th quarter. Millennium Management LLC now owns 48,418 shares of the business services provider’s stock valued at $2,988,000 after acquiring an additional 38,349 shares during the last quarter. Norges Bank acquired a new position in shares of CorVel during the 4th quarter valued at about $22,298,000. Finally, Principal Financial Group Inc. increased its holdings in shares of CorVel by 0.9% during the 4th quarter. Principal Financial Group Inc. now owns 78,855 shares of the business services provider’s stock valued at $4,867,000 after acquiring an additional 715 shares during the last quarter. 46.53% of the stock is currently owned by institutional investors and hedge funds.

About CorVel

CorVel Corporation provides workers' compensation solutions for employers, third party administrators, insurance companies, and government agencies seeking to control costs and promote positive outcomes. It applies technology, intelligence, and a human touch to the risk management process that enables its clients to intervene early and connected to the critical intelligence they need to proactively manage risk.

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