On September 13, 2023, it was reported that KB Financial Partners LLC had acquired a new position in shares of CorVel Co. (NASDAQ:CRVL) during the first quarter of the year. According to the company’s recent 13F filing with the Securities and Exchange Commission (SEC), the institutional investor purchased 3,294 shares of CorVel’s stock, which were valued at approximately $627,000.
CorVel, a business services provider listed on NASDAQ under the ticker symbol CRVL, recently released its quarterly earnings results on August 1st. During this period, the company reported earnings per share (EPS) of $1.14. Additionally, CorVel generated $190.25 million in revenue for the same quarter.
When analyzing CorVel’s financial performance, it is worth noting that the company exhibited a net margin of 9.49% and a return on equity of 34.66%. These figures highlight CorVel’s ability to effectively manage costs while generating substantial returns on investment.
In other news related to CorVel, StockNews.com initiated coverage on the company in a research report published on Thursday, August 17th. The report assigned a “buy” rating to CorVel’s stock.
The acquisition made by KB Financial Partners LLC signifies their confidence in CorVel’s growth potential and strong performance in its industry sector. As an institutional investor, KB Financial Partners LLC is likely attracted to the consistent profitability demonstrated by CorVel and its ability to generate favorable returns for shareholders.
CorVel offers an array of business services that contribute to its success and financial stability. By providing solutions across multiple sectors such as healthcare management services and risk management solutions, it has established itself as a reliable partner for businesses seeking efficient operational support.
As always with investments in the stock market or any financial endeavor, there are inherent risks involved. Investors should thoroughly assess their own risk tolerance and seek guidance from financial professionals before making any investment decisions.
The recent activities of KB Financial Partners LLC, the positive quarterly earnings report from CorVel, and the “buy” rating assigned by StockNews.com all indicate an optimistic outlook for the company. However, it is crucial to remember that market conditions can change rapidly, and it is essential for investors to remain informed and make well-informed decisions based on their own financial objectives.
Updated on: 14/09/2023
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CorVel Co. Attracts Hedge Fund and Institutional Investor Interest with Recent Acquisition and Insider Sales
CorVel Co., a business services provider, has attracted the attention of various hedge funds and institutional investors, leading to modifications in their holdings of the company. One notable hedge fund, Altshuler Shaham Ltd, recently purchased a new stake in CorVel. The acquisition was made during the fourth quarter and was estimated to be worth $26,000.
Another hedge fund that increased its holdings in CorVel is Quadrant Capital Group LLC. Their ownership of CorVel shares rose by an impressive 170.8% during the fourth quarter. This resulted from an additional purchase of 123 shares, bringing their total holdings to 195 shares valued at $28,000.
Eagle Bay Advisors LLC also recognized the potential in CorVel and bought a new stake during the second quarter for approximately $34,000. Similarly, Federated Hermes Inc. increased its holdings in CorVel by 55.3% during the third quarter with an additional acquisition of 121 shares amounting to $47,000.
The most substantial increase in holdings among all these hedge funds was demonstrated by Point72 Hong Kong Ltd which raised its ownership in CorVel by a staggering 327.6%. Their investment grew significantly as they acquired an additional 249 shares amounting to $48,000 during the second quarter.
Overall, it is worth noting that around 51.36% of CorVel’s stock is now owned by hedge funds and other institutional investors collectively.
In other news related to CorVel, insider Maxim Shishin carried out a sale transaction involving 2,800 shares of the company’s stock on June 15th. These shares were sold at an average price of $191.10 per share for a total transaction value of $535,080. After completing this sale, Shishin now holds 600 shares valued at approximately $114,660.
Furthermore, EVP Mark E. Bertels also sold 250 shares of CorVel stock on August 4th at an average price of $215.00 per share. This transaction amounted to $53,750 and reduced Bertels’ holdings to 853 shares valued at $183,395.
These insider sales have collectively resulted in a total of 26,067 shares being sold over the last 90 days, with a combined value of $5,649,987. Remarkably, company insiders own approximately 48.71% of CorVel’s stock.
As for the current state of CorVel in the stock market, shares opened at $198.14 on September 13th. The company’s fifty-day moving average stands at $209.99, while the 200-day moving average is slightly lower at $200.78. With a market capitalization of around $3.40 billion and a PE ratio of 49.91, CorVel has shown resilience within its industry. Additionally, it exhibits a beta of 1.04 which suggests that its stock is less volatile compared to the overall market.
CorVel’s performance over the past year has been notable as its share price fluctuated between a low point of $135.81 and a high point of $228.94 during the 52-week period.
In conclusion, CorVel Co.’s recent acquisition by hedge funds and institutional investors has stirred considerable interest throughout the financial sector. While key insiders have also sold substantial amounts of shares, their stake in the company remains significant. As investors closely observe CorVel’s stock performance amidst an ever-changing market landscape, its unique offerings within the business services sector continue to attract attention from both individual and institutional investors alike.