Cibc World Markets Corp Invests $277,000 in CorVel Co. (NASDAQ:CRVL)

Cibc World Markets Corp acquired a new stake in CorVel Co. (NASDAQ:CRVL - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,489 shares of the business services provider's stock, valued at approximately $277,000.

A number of other institutional investors have also recently made changes to their positions in the business. Advisors Asset Management Inc. grew its stake in CorVel by 121.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 204 shares of the business services provider's stock worth $67,000 after purchasing an additional 112 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of CorVel by 7.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 86,236 shares of the business services provider's stock worth $28,190,000 after buying an additional 6,061 shares in the last quarter. Citigroup Inc. grew its holdings in CorVel by 68.5% during the 3rd quarter. Citigroup Inc. now owns 11,662 shares of the business services provider's stock worth $3,812,000 after acquiring an additional 4,742 shares in the last quarter. Cerity Partners LLC acquired a new stake in CorVel in the third quarter valued at $773,000. Finally, FMR LLC increased its holdings in shares of CorVel by 193.1% in the 3rd quarter. FMR LLC now owns 4,306 shares of the business services provider's stock valued at $1,408,000 after acquiring an additional 2,837 shares during the last quarter. Institutional investors and hedge funds own 51.36% of the company's stock.

Insider Activity

In related news, CFO Brandon O'brien sold 1,523 shares of the business's stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $119.56, for a total value of $182,089.88. Following the transaction, the chief financial officer now owns 17,142 shares in the company, valued at $2,049,497.52. The trade was a 8.16 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Jeffrey J. Michael sold 10,477 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $116.45, for a total value of $1,220,046.65. Following the sale, the director now directly owns 568,310 shares of the company's stock, valued at approximately $66,179,699.50. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,200 shares of company stock valued at $3,824,115. 47.57% of the stock is currently owned by company insiders.

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CorVel Stock Down 1.3 %

CRVL traded down $1.47 on Friday, reaching $110.49. The company had a trading volume of 25,808 shares, compared to its average volume of 111,514. CorVel Co. has a 1 year low of $76.20 and a 1 year high of $128.61. The stock has a market capitalization of $5.67 billion, a PE ratio of 64.99 and a beta of 1.06. The stock has a 50-day moving average price of $112.20 and a 200-day moving average price of $114.34.

CorVel (NASDAQ:CRVL - Get Free Report) last posted its earnings results on Tuesday, February 4th. The business services provider reported $0.46 earnings per share for the quarter. CorVel had a return on equity of 32.22% and a net margin of 10.12%.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut shares of CorVel from a "buy" rating to a "hold" rating in a report on Thursday, March 13th.

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.