Raymond James Financial Inc. Makes New Investment in CorVel Co. (NASDAQ:CRVL)

Raymond James Financial Inc. purchased a new position in shares of CorVel Co. (NASDAQ:CRVL) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 225,805 shares of the business services provider’s stock, valued at approximately $25,123,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of CRVL. Fifth Third Bancorp increased its stake in shares of CorVel by 45.9% during the fourth quarter. Fifth Third Bancorp now owns 321 shares of the business services provider’s stock worth $36,000 after buying an additional 101 shares during the period. Jones Financial Companies Lllp purchased a new stake in shares of CorVel during the fourth quarter worth approximately $37,000. US Bancorp DE increased its stake in shares of CorVel by 225.4% during the fourth quarter. US Bancorp DE now owns 384 shares of the business services provider’s stock worth $43,000 after buying an additional 266 shares during the period. GAMMA Investing LLC increased its stake in shares of CorVel by 175.2% during the fourth quarter. GAMMA Investing LLC now owns 432 shares of the business services provider’s stock worth $48,000 after buying an additional 275 shares during the period. Finally, Exchange Traded Concepts LLC increased its stake in shares of CorVel by 216.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 532 shares of the business services provider’s stock worth $59,000 after buying an additional 364 shares during the period. 51.36% of the stock is currently owned by hedge funds and other institutional investors.

CorVel Stock Up 3.1 %

Shares of CorVel stock opened at $106.65 on Friday. The firm has a market capitalization of $5.48 billion, a P/E ratio of 62.74 and a beta of 1.06. CorVel Co. has a 52 week low of $76.20 and a 52 week high of $128.61. The firm’s 50 day moving average is $112.21 and its two-hundred day moving average is $114.15.

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

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at CorVel

In other CorVel news, Director Steven J. Hamerslag sold 10,000 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $123.48, for a total value of $1,234,800.00. Following the transaction, the director now directly owns 314,000 shares in the company, valued at $38,772,720. This represents a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Alan Hoops sold 10,200 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $116.39, for a total transaction of $1,187,178.00. Following the completion of the transaction, the director now owns 118,213 shares in the company, valued at $13,758,811.07. This represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,200 shares of company stock worth $3,824,115 over the last three months. Insiders own 47.57% of the company’s stock.

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.