Prudential Financial Inc. Increases Stock Holdings in CorVel Co. (NASDAQ:CRVL)

Prudential Financial Inc. raised its stake in shares of CorVel Co. (NASDAQ:CRVL - Free Report) by 176.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 90,468 shares of the business services provider's stock after buying an additional 57,795 shares during the quarter. Prudential Financial Inc. owned about 0.18% of CorVel worth $10,065,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Advisors Asset Management Inc. increased its holdings 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 acquiring an additional 112 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of CorVel by 7.6% in 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 purchasing an additional 6,061 shares during the period. Citigroup Inc. raised its position in shares of CorVel by 68.5% in the third quarter. Citigroup Inc. now owns 11,662 shares of the business services provider's stock worth $3,812,000 after buying an additional 4,742 shares in the last quarter. Cerity Partners LLC bought a new stake in CorVel during the third quarter valued at $773,000. Finally, FMR LLC grew its position in CorVel by 193.1% during the third quarter. FMR LLC now owns 4,306 shares of the business services provider's stock worth $1,408,000 after buying an additional 2,837 shares in the last quarter. 51.36% of the stock is currently owned by institutional investors.

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Insider Activity at CorVel

In related news, Director Steven J. Hamerslag sold 10,000 shares of the firm's stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $123.48, for a total transaction of $1,234,800.00. Following the transaction, the director now directly owns 314,000 shares in the company, valued at $38,772,720. This trade represents a 3.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brandon O'brien sold 1,523 shares of the business's stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $119.56, for a total value of $182,089.88. Following the completion of the sale, the chief financial officer now owns 17,142 shares of the company's stock, valued at $2,049,497.52. The trade was a 8.16 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,200 shares of company stock valued at $3,824,115. Insiders own 47.57% of the company's stock.

Analyst Upgrades and Downgrades

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

CorVel Trading Down 1.1 %

Shares of CorVel stock traded down $1.29 on Wednesday, hitting $112.13. 28,902 shares of the company traded hands, compared to its average volume of 111,579. The company has a market cap of $5.76 billion, a P/E ratio of 65.95 and a beta of 1.06. CorVel Co. has a 12-month low of $76.20 and a 12-month high of $128.61. The firm's 50-day simple moving average is $112.38 and its 200 day simple moving average is $114.75.

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

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.