Renaissance Technologies LLC Buys 1,204,611 Shares of CorVel Co. (NASDAQ:CRVL)

Renaissance Technologies LLC grew its position in CorVel Co. (NASDAQ:CRVL) by 184.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,858,830 shares of the business services provider’s stock after purchasing an additional 1,204,611 shares during the period. Renaissance Technologies LLC owned approximately 3.64% of CorVel worth $206,813,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Fifth Third Bancorp boosted its stake in shares of CorVel by 45.9% during the 4th quarter. Fifth Third Bancorp now owns 321 shares of the business services provider’s stock worth $36,000 after acquiring an additional 101 shares during the period. Jones Financial Companies Lllp acquired a new position in CorVel during the fourth quarter valued at approximately $37,000. US Bancorp DE lifted its holdings in shares of CorVel by 225.4% in the fourth quarter. US Bancorp DE now owns 384 shares of the business services provider’s stock worth $43,000 after acquiring an additional 266 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of CorVel by 175.2% during the fourth quarter. GAMMA Investing LLC now owns 432 shares of the business services provider’s stock worth $48,000 after buying an additional 275 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of CorVel by 300.0% in the 4th quarter. CIBC Private Wealth Group LLC now owns 480 shares of the business services provider’s stock valued at $53,000 after acquiring an additional 360 shares during the last quarter. Institutional investors and hedge funds own 51.36% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded CorVel from a “buy” rating to a “hold” rating in a research note on Thursday, March 13th.

CorVel Trading Down 1.5 %

Shares of CRVL stock opened at $108.81 on Tuesday. The stock has a 50-day moving average of $112.12 and a 200-day moving average of $114.89. The stock has a market cap of $5.59 billion, a price-to-earnings ratio of 64.01 and a beta of 0.94. CorVel Co. has a 1-year low of $76.20 and a 1-year high of $128.61.

CorVel (NASDAQ:CRVL) last posted its quarterly earnings data 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 Activity

In other news, CFO Brandon O’brien sold 1,523 shares of the business’s stock in a transaction dated Tuesday, February 11th. The shares were 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. The trade was a 8.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jeffrey J. Michael sold 10,477 shares of the firm’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $116.45, for a total transaction of $1,220,046.65. Following the completion of the transaction, the director now directly owns 568,310 shares in the company, valued at approximately $66,179,699.50. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,200 shares of company stock worth $3,824,115 in the last quarter. 47.57% of the stock is owned by corporate insiders.

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.