CorVel (NASDAQ:CRVL) Sets New 1-Year High – Should You Buy?

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

Wall Street Analysts Forecast Growth

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

CorVel Trading Down 2.0%

The stock has a market cap of $4.37 billion, a P/E ratio of 35.99 and a beta of 1.07. The company’s fifty day simple moving average is $75.85 and its 200-day simple moving average is $62.91.

CorVel (NASDAQ:CRVL) last released its quarterly earnings data on Tuesday, November 3rd. The business services provider reported $0.67 EPS for the quarter. CorVel had a net margin of 12.02% and a return on equity of 30.20%. The company had revenue of $267.13 million during the quarter.

Insider Activity

In other CorVel 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 sale, the vice president directly owned 2,173 shares of the company’s stock, valued at approximately $154,109.16. The trade was a 49.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director R. Jessup sold 4,023 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $70.07, for a total value of $281,891.61. Following the completion of the sale, the director owned 111,798 shares in the company, valued at approximately $7,833,685.86. This represents a 3.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 8,947 shares of company stock valued at $630,420 in the last three months. Company insiders own 39.72% of the company’s stock.

Hedge Funds Weigh In On CorVel

Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in CorVel in the second quarter valued at $321,316,000. Bank of New York Mellon Corp acquired a new position in CorVel during the second quarter worth $11,439,000. Algert Global LLC raised its stake in CorVel by 67.0% during the second quarter. Algert Global LLC now owns 383,419 shares of the business services provider’s stock worth $23,971,000 after acquiring an additional 153,877 shares in the last quarter. Bank of America Corp DE bought a new position in shares of CorVel during the second quarter valued at $8,073,000. Finally, Legal & General Group Plc bought a new position in shares of CorVel during the second quarter valued at $4,263,000. 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.