CorVel (CRVL) Upgraded to “Strong-Buy” at BidaskClub

BidaskClub upgraded shares of CorVel (NASDAQ:CRVL) from a buy rating to a strong-buy rating in a research note published on Tuesday morning.

NASDAQ:CRVL traded up $0.22 during midday trading on Tuesday, reaching $59.54. 816 shares of the company traded hands, compared to its average volume of 37,059. CorVel has a twelve month low of $46.45 and a twelve month high of $60.95. The firm has a market capitalization of $1.10 billion, a P/E ratio of 25.85 and a beta of 0.61.

CorVel (NASDAQ:CRVL) last released its quarterly earnings data on Tuesday, July 31st. The business services provider reported $0.62 earnings per share (EPS) for the quarter. CorVel had a return on equity of 24.51% and a net margin of 7.39%. The business had revenue of $150.40 million during the quarter.

In other CorVel news, Chairman V Gordon Clemons sold 1,000 shares of CorVel stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $58.34, for a total transaction of $58,340.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Corstar Holdings Inc sold 4,741 shares of CorVel stock in a transaction on Friday, August 24th. The shares were sold at an average price of $60.30, for a total value of $285,882.30. Following the sale, the insider now directly owns 7,121,322 shares in the company, valued at approximately $429,415,716.60. The disclosure for this sale can be found here. Insiders have sold a total of 97,274 shares of company stock valued at $5,765,874 in the last 90 days. Insiders own 51.40% of the company’s stock.

A number of institutional investors have recently made changes to their positions in CRVL. BlackRock Inc. raised its stake in CorVel by 7.4% during the 2nd quarter. BlackRock Inc. now owns 1,438,498 shares of the business services provider’s stock valued at $77,679,000 after acquiring an additional 98,761 shares in the last quarter. TD Asset Management Inc. bought a new stake in CorVel during the 2nd quarter valued at $1,480,000. First Trust Advisors LP raised its stake in CorVel by 78.0% during the 3rd quarter. First Trust Advisors LP now owns 54,626 shares of the business services provider’s stock valued at $3,291,000 after acquiring an additional 23,938 shares in the last quarter. United Services Automobile Association raised its stake in CorVel by 16.3% during the 2nd quarter. United Services Automobile Association now owns 121,449 shares of the business services provider’s stock valued at $6,558,000 after acquiring an additional 17,035 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in CorVel during the 3rd quarter valued at $893,000. 44.89% of the stock is currently owned by hedge funds and other institutional investors.

CorVel Company Profile

CorVel Corporation provides medical cost containment and managed care services to address the medical costs of workers' compensation benefits, automobile insurance claims, and group health insurance benefits. The company offers network solutions, including automated medical fee auditing, preferred provider management and reimbursement services, retrospective utilization review, facility claim review, professional review, pharmacy services, directed care services, medicare solutions, clearinghouse services, independent medical examinations, and inpatient medical bill review.

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