Principal Financial Group Inc. Cuts Position in CorVel Co. (NASDAQ:CRVL)

Principal Financial Group Inc. decreased its position in shares of CorVel Co. (NASDAQ:CRVL - Free Report) by 3.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 45,085 shares of the business services provider's stock after selling 1,829 shares during the quarter. Principal Financial Group Inc. owned about 0.26% of CorVel worth $14,738,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CRVL. Janus Henderson Group PLC lifted its holdings in CorVel by 997.8% in the first quarter. Janus Henderson Group PLC now owns 46,975 shares of the business services provider's stock valued at $12,351,000 after buying an additional 42,696 shares during the period. Assenagon Asset Management S.A. grew its stake in CorVel by 41.8% during the second quarter. Assenagon Asset Management S.A. now owns 115,876 shares of the business services provider's stock worth $29,464,000 after purchasing an additional 34,155 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its stake in CorVel by 1.1% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,925,635 shares of the business services provider's stock worth $489,631,000 after purchasing an additional 21,673 shares during the period. Sei Investments Co. lifted its stake in CorVel by 65.8% in the first quarter. Sei Investments Co. now owns 21,003 shares of the business services provider's stock valued at $5,523,000 after buying an additional 8,338 shares during the period. Finally, State of New Jersey Common Pension Fund D bought a new position in shares of CorVel during the 2nd quarter worth approximately $1,937,000. Institutional investors and hedge funds own 51.36% of the company's stock.

CorVel Stock Performance

Shares of NASDAQ CRVL traded down $1.93 during trading on Friday, hitting $344.74. 31,411 shares of the company traded hands, compared to its average volume of 36,590. The firm has a market capitalization of $5.90 billion, a price-to-earnings ratio of 73.19 and a beta of 1.10. The business's fifty day moving average is $318.73 and its 200 day moving average is $290.07. CorVel Co. has a fifty-two week low of $203.90 and a fifty-two week high of $367.84.

Insider Activity at CorVel

In other news, CFO Brandon O'brien sold 1,000 shares of CorVel stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $314.98, for a total transaction of $314,980.00. Following the completion of the transaction, the chief financial officer now directly owns 6,502 shares in the company, valued at $2,047,999.96. This trade represents a 13.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director R Judd Jessup sold 2,500 shares of the company's stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $311.60, for a total transaction of $779,000.00. Following the completion of the sale, the director now owns 40,777 shares in the company, valued at $12,706,113.20. This represents a 5.78 % decrease in their position. The disclosure for this sale can be found here. 47.57% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered shares of CorVel from a "buy" rating to a "hold" rating in a research note on Saturday, August 31st.

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.