Raymond James Financial Inc. Takes $25.12 Million Position in CorVel Co. (NASDAQ:CRVL)

Raymond James Financial Inc. purchased a new stake in CorVel Co. (NASDAQ:CRVL - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 225,805 shares of the business services provider's stock, valued at approximately $25,123,000. Raymond James Financial Inc. owned approximately 0.44% of CorVel as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Martingale Asset Management L P grew its position in shares of CorVel by 192.0% in the 4th quarter. Martingale Asset Management L P now owns 26,115 shares of the business services provider's stock valued at $2,906,000 after acquiring an additional 17,170 shares during the period. Renaissance Technologies LLC grew its holdings in CorVel by 184.1% during the fourth quarter. Renaissance Technologies LLC now owns 1,858,830 shares of the business services provider's stock worth $206,813,000 after purchasing an additional 1,204,611 shares during the period. Legal & General Group Plc increased its position in CorVel by 195.4% during the fourth quarter. Legal & General Group Plc now owns 79,161 shares of the business services provider's stock worth $8,807,000 after buying an additional 52,367 shares during the last quarter. Invesco Ltd. raised its stake in CorVel by 225.8% in the fourth quarter. Invesco Ltd. now owns 284,766 shares of the business services provider's stock valued at $31,683,000 after buying an additional 197,358 shares during the period. Finally, Bank of Montreal Can lifted its position in shares of CorVel by 235.7% in the fourth quarter. Bank of Montreal Can now owns 5,136 shares of the business services provider's stock valued at $571,000 after buying an additional 3,606 shares during the last quarter. Institutional investors own 51.36% of the company's stock.

CorVel Stock Up 1.9 %

Shares of CRVL traded up $2.13 during midday trading on Wednesday, reaching $115.00. 52,461 shares of the stock were exchanged, compared to its average volume of 114,803. The stock's 50 day simple moving average is $110.94 and its 200 day simple moving average is $115.46. The company has a market cap of $5.91 billion, a P/E ratio of 67.50 and a beta of 0.94. CorVel Co. has a twelve month low of $76.53 and a twelve month high of $128.61.

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

Insiders Place Their Bets

In other news, Director Alan Hoops sold 10,200 shares of the firm's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $116.39, for a total transaction of $1,187,178.00. Following the completion of the transaction, the director now directly owns 118,213 shares in the company, valued at $13,758,811.07. This trade represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey J. Michael sold 16,523 shares of the company's stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $116.99, for a total value of $1,933,025.77. Following the completion of the sale, the director now owns 551,787 shares in the company, valued at $64,553,561.13. The trade was a 2.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,723 shares of company stock valued at $5,757,140. 47.57% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of CorVel from a "hold" rating to a "buy" rating in a report on Friday, April 18th.

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.