KLP Kapitalforvaltning AS Boosts Stake in CorVel Corp. $CRVL

KLP Kapitalforvaltning AS grew its stake in CorVel Corp. (NASDAQ:CRVL) by 20.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,500 shares of the business services provider’s stock after buying an additional 1,100 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in CorVel were worth $668,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. State of Alaska Department of Revenue raised its stake in CorVel by 7.5% during the 2nd quarter. State of Alaska Department of Revenue now owns 16,209 shares of the business services provider’s stock worth $1,665,000 after acquiring an additional 1,126 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of CorVel by 720.9% in the second quarter. Assenagon Asset Management S.A. now owns 102,478 shares of the business services provider’s stock worth $10,533,000 after purchasing an additional 89,994 shares in the last quarter. Gallacher Capital Management LLC increased its stake in shares of CorVel by 50.0% in the second quarter. Gallacher Capital Management LLC now owns 2,999 shares of the business services provider’s stock worth $308,000 after purchasing an additional 999 shares in the last quarter. Strs Ohio bought a new position in CorVel in the 1st quarter worth $1,030,000. Finally, Ellsworth Advisors LLC boosted its holdings in CorVel by 5.1% in the 1st quarter. Ellsworth Advisors LLC now owns 7,640 shares of the business services provider’s stock worth $855,000 after buying an additional 371 shares during the period. 51.36% of the stock is owned by hedge funds and other institutional investors.

CorVel Stock Down 1.7%

CorVel stock opened at $70.58 on Friday. The company has a market cap of $3.62 billion, a price-to-earnings ratio of 36.38 and a beta of 0.95. The firm’s fifty day moving average is $82.71 and its 200 day moving average is $97.65. CorVel Corp. has a 52-week low of $70.47 and a 52-week high of $128.61.

CorVel (NASDAQ:CRVL) last posted its earnings results on Tuesday, August 5th. The business services provider reported $0.52 earnings per share for the quarter. CorVel had a net margin of 10.98% and a return on equity of 32.31%. The firm had revenue of $234.71 million for the quarter.

Insider Activity

In other news, CFO Brandon O’brien sold 1,764 shares of the firm’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $91.54, for a total value of $161,476.56. Following the completion of the sale, the chief financial officer directly owned 8,948 shares of the company’s stock, valued at $819,099.92. This trade represents a 16.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Maxim Shishin sold 12,000 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $89.16, for a total value of $1,069,920.00. Following the sale, the insider owned 7,050 shares in the company, valued at $628,578. The trade was a 62.99% decrease in their position. The disclosure for this sale can be found here. Company insiders own 44.56% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Weiss Ratings restated a “hold (c)” rating on shares of CorVel in a research report on Tuesday. Wall Street Zen raised CorVel from a “hold” rating to a “buy” rating in a research note on Sunday, October 12th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company currently has a consensus rating of “Hold”.

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.