Fred Alger Management LLC Buys Shares of 17,390 CorVel Co. (NASDAQ:CRVL)

Fred Alger Management LLC purchased a new position in shares of CorVel Co. (NASDAQ:CRVL) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 17,390 shares of the business services provider’s stock, valued at approximately $1,935,000.

Other large investors have also modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC increased its position in CorVel by 193.7% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 5,714,351 shares of the business services provider’s stock valued at $635,779,000 after acquiring an additional 3,768,440 shares during the period. Vanguard Group Inc. grew its position in CorVel by 202.1% in the 4th quarter. Vanguard Group Inc. now owns 3,281,649 shares of the business services provider’s stock valued at $365,116,000 after buying an additional 2,195,466 shares in the last quarter. Renaissance Technologies LLC increased its stake in CorVel by 184.1% during the 4th quarter. Renaissance Technologies LLC now owns 1,858,830 shares of the business services provider’s stock valued at $206,813,000 after buying an additional 1,204,611 shares during the period. Dimensional Fund Advisors LP raised its position in shares of CorVel by 187.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,545,619 shares of the business services provider’s stock worth $171,969,000 after buying an additional 1,007,651 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its stake in shares of CorVel by 204.6% in the 4th quarter. Neuberger Berman Group LLC now owns 845,531 shares of the business services provider’s stock worth $94,074,000 after acquiring an additional 567,984 shares during the period. Institutional investors and hedge funds own 51.36% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com raised CorVel from a “hold” rating to a “buy” rating in a report on Friday, April 18th.

CorVel Stock Up 0.3 %

NASDAQ:CRVL opened at $112.51 on Friday. CorVel Co. has a 52-week low of $76.53 and a 52-week high of $128.61. The firm has a market cap of $5.78 billion, a P/E ratio of 66.18 and a beta of 1.10. The business’s 50-day moving average price is $110.67 and its 200 day moving average price is $115.97.

CorVel (NASDAQ:CRVL) last released its 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%.

Insider Buying and Selling

In other news, CFO Brandon O’brien sold 1,523 shares of the firm’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $119.56, for a total transaction of $182,089.88. Following the completion of the sale, the chief financial officer now directly owns 17,142 shares of the company’s stock, valued at $2,049,497.52. This trade represents a 8.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jeffrey J. Michael sold 10,477 shares of the business’s stock in a transaction on Thursday, February 20th. The stock was 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 in the company, valued at $66,179,699.50. This trade 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 38,723 shares of company stock worth $4,522,340. Corporate insiders own 47.57% of the company’s stock.

CorVel Company 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.