CorVel (NASDAQ:CRVL) Hits New 52-Week High – Here’s Why

CorVel Co. (NASDAQ:CRVL)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $367.84 and last traded at $367.49, with a volume of 3711 shares changing hands. The stock had previously closed at $362.32.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of CorVel from a “buy” rating to a “hold” rating in a report on Saturday, August 31st.

CorVel Price Performance

The stock has a market capitalization of $6.09 billion, a price-to-earnings ratio of 76.54 and a beta of 1.10. The company’s 50-day simple moving average is $316.34 and its 200-day simple moving average is $288.48.

Insider Transactions at CorVel

In other CorVel news, Director R Judd Jessup sold 2,500 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $311.60, for a total value of $779,000.00. Following the transaction, the director now directly owns 40,777 shares of the company’s stock, valued at $12,706,113.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CFO Brandon O’brien sold 1,000 shares of CorVel stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $314.98, for a total value of $314,980.00. Following the completion of the sale, the chief financial officer now directly owns 6,502 shares in the company, valued at approximately $2,047,999.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director R Judd Jessup sold 2,500 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $311.60, for a total value of $779,000.00. Following the sale, the director now directly owns 40,777 shares in the company, valued at $12,706,113.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 47.57% of the stock is owned by corporate insiders.

Institutional Trading of CorVel

A number of institutional investors have recently modified their holdings of the stock. Kayne Anderson Rudnick Investment Management LLC raised its stake in CorVel by 1.1% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,925,635 shares of the business services provider’s stock valued at $489,631,000 after purchasing an additional 21,673 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of CorVel by 41.8% in 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 in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of CorVel by 7.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 86,236 shares of the business services provider’s stock valued at $28,190,000 after buying an additional 6,061 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of CorVel by 2.1% during the 2nd 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, Raymond James & Associates boosted its position in shares of CorVel by 3.6% during the 3rd quarter. Raymond James & Associates now owns 60,358 shares of the business services provider’s stock worth $19,730,000 after acquiring an additional 2,110 shares in the last quarter. 51.36% of the stock is currently owned by institutional investors.

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.