CorVel (CRVL) Downgraded by BidaskClub to Hold

BidaskClub lowered shares of CorVel (NASDAQ:CRVL) from a buy rating to a hold rating in a report released on Tuesday morning.

CorVel (CRVL) traded down $0.05 during midday trading on Tuesday, hitting $50.00. The stock had a trading volume of 54,357 shares, compared to its average volume of 35,214. The company has a market capitalization of $938.37, a P/E ratio of 29.76 and a beta of 0.73. CorVel has a 1 year low of $36.00 and a 1 year high of $61.20.

CorVel (NASDAQ:CRVL) last issued its earnings results on Tuesday, October 31st. The business services provider reported $0.44 earnings per share (EPS) for the quarter. The company had revenue of $136.43 million for the quarter. CorVel had a return on equity of 22.68% and a net margin of 6.01%.

In related news, insider Maxim Shishin sold 1,000 shares of CorVel stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $57.26, for a total transaction of $57,260.00. Following the sale, the insider now owns 1,000 shares of the company’s stock, valued at approximately $57,260. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 50.96% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC raised its stake in CorVel by 0.7% during the 2nd quarter. Renaissance Technologies LLC now owns 1,474,000 shares of the business services provider’s stock valued at $69,941,000 after purchasing an additional 9,847 shares during the period. Dimensional Fund Advisors LP raised its stake in CorVel by 1.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 780,106 shares of the business services provider’s stock valued at $37,016,000 after purchasing an additional 9,196 shares during the period. State Street Corp raised its stake in CorVel by 5.2% during the 2nd quarter. State Street Corp now owns 253,625 shares of the business services provider’s stock valued at $12,030,000 after purchasing an additional 12,529 shares during the period. Russell Investments Group Ltd. raised its stake in CorVel by 1.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 129,894 shares of the business services provider’s stock valued at $7,065,000 after purchasing an additional 1,454 shares during the period. Finally, Principal Financial Group Inc. raised its stake in CorVel by 0.8% during the 2nd quarter. Principal Financial Group Inc. now owns 77,822 shares of the business services provider’s stock valued at $3,693,000 after purchasing an additional 607 shares during the period. 43.66% of the stock is currently owned by institutional investors.

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About CorVel

CorVel Corporation (Corvel) is a provider of workers’ compensation solutions for employers, third party administrators, insurance companies and government agencies. The Company offers its services as a bundled solution, which includes claims management, as a standalone service, or as add-on services to existing customers.

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