Bank of Montreal Can Raises Holdings in CorVel Co. (NASDAQ:CRVL)

Bank of Montreal Can raised its position in CorVel Co. (NASDAQ:CRVL) by 235.7% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 5,136 shares of the business services provider’s stock after purchasing an additional 3,606 shares during the period. Bank of Montreal Can’s holdings in CorVel were worth $571,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of CorVel by 202.1% in the fourth quarter. Vanguard Group Inc. now owns 3,281,649 shares of the business services provider’s stock worth $365,116,000 after buying an additional 2,195,466 shares in the last quarter. Geode Capital Management LLC boosted its stake in CorVel by 205.1% during the fourth quarter. Geode Capital Management LLC now owns 774,653 shares of the business services provider’s stock worth $86,204,000 after buying an additional 520,783 shares during the last quarter. Boston Trust Walden Corp grew its holdings in CorVel by 196.8% in the 4th quarter. Boston Trust Walden Corp now owns 690,053 shares of the business services provider’s stock valued at $76,775,000 after buying an additional 457,538 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of CorVel by 169.3% during the 4th quarter. Wells Fargo & Company MN now owns 447,724 shares of the business services provider’s stock worth $49,814,000 after acquiring an additional 281,471 shares during the period. Finally, Norges Bank acquired a new position in shares of CorVel during the 4th quarter valued at about $41,393,000. Institutional investors and hedge funds own 51.36% of the company’s stock.

Insider Activity

In related news, Director Jeffrey J. Michael sold 16,523 shares of CorVel stock in a transaction on Wednesday, April 9th. The stock was sold at an average price of $116.99, for a total value of $1,933,025.77. Following the completion of the transaction, the director now directly owns 551,787 shares in the company, valued at approximately $64,553,561.13. This trade represents a 2.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Brandon O’brien sold 1,523 shares of the company’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $119.56, for a total value of $182,089.88. Following the sale, the chief financial officer now owns 17,142 shares in the company, valued at approximately $2,049,497.52. This trade represents a 8.16 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,723 shares of company stock valued at $5,757,140. 47.57% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of CorVel from a “hold” rating to a “buy” rating in a research note on Friday.

CorVel Stock Performance

Shares of CorVel stock opened at $115.09 on Monday. The stock has a 50 day moving average of $111.19 and a 200 day moving average of $115.44. The firm has a market capitalization of $5.91 billion, a price-to-earnings ratio of 67.70 and a beta of 0.94. CorVel Co. has a fifty-two week low of $76.53 and a fifty-two week high of $128.61.

CorVel (NASDAQ:CRVL) last posted its quarterly earnings data on Tuesday, February 4th. The business services provider reported $0.46 earnings per share for the quarter. CorVel had a net margin of 10.12% and a return on equity of 32.22%.

CorVel Profile

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.