NewEdge Wealth LLC Makes New Investment in CorVel Corp. $CRVL

NewEdge Wealth LLC purchased a new stake in shares of CorVel Corp. (NASDAQ:CRVL) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 31,288 shares of the business services provider’s stock, valued at approximately $1,956,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of CorVel during the 3rd quarter worth approximately $31,000. Los Angeles Capital Management LLC purchased a new position in shares of CorVel in the fourth quarter worth about $33,000. Quarry LP raised its position in shares of CorVel by 218.6% in the third quarter. Quarry LP now owns 513 shares of the business services provider’s stock valued at $40,000 after purchasing an additional 352 shares during the period. Rockefeller Capital Management L.P. lifted its stake in shares of CorVel by 66.9% during the 4th quarter. Rockefeller Capital Management L.P. now owns 574 shares of the business services provider’s stock valued at $39,000 after buying an additional 230 shares in the last quarter. Finally, Torren Management LLC purchased a new stake in shares of CorVel during the fourth quarter worth $46,000. 51.36% of the stock is owned by hedge funds and other institutional investors.

CorVel Stock Down 0.8%

Shares of CorVel stock opened at $70.21 on Friday. CorVel Corp. has a 12-month low of $44.83 and a 12-month high of $93.71. The firm has a market cap of $3.58 billion, a PE ratio of 31.20 and a beta of 0.98. The company’s fifty day simple moving average is $62.08 and its two-hundred day simple moving average is $57.55.

CorVel (NASDAQ:CRVL) last released its quarterly earnings results on Tuesday, August 4th. The business services provider reported $0.63 EPS for the quarter. The business had revenue of $259.93 million during the quarter. CorVel had a return on equity of 29.92% and a net margin of 11.72%.

Analyst Upgrades and Downgrades

CRVL has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of CorVel from a “hold” rating to a “buy” rating in a report on Saturday, May 30th. Weiss Ratings upgraded CorVel from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, CorVel currently has an average rating of “Hold”.

Insiders Place Their Bets

In other CorVel news, Director Jeffrey J. Michael sold 9,000 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $60.98, for a total value of $548,820.00. Following the completion of the sale, the director directly owned 559,721 shares in the company, valued at $34,131,786.58. This trade represents a 1.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Maxim Shishin sold 2,250 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $60.59, for a total value of $136,327.50. Following the completion of the sale, the insider directly owned 7,050 shares in the company, valued at approximately $427,159.50. The trade was a 24.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 13,249 shares of company stock worth $807,126 over the last three months. Company insiders own 39.72% of the company’s stock.

CorVel Profile

CorVel Corporation (NASDAQ: CRVL) is a technology-driven provider of workers’ compensation, liability, and specialty risk management solutions. The company develops and deploys software and data analytics tools to streamline claims administration, medical cost containment, prescription drug management, and provider network access. CorVel’s integrated platform connects employers, insurers, healthcare providers, and injured workers, aiming to improve outcomes and control costs through process automation and real-time decision support.

The company’s product suite includes claims lifecycle management, bill review and negotiation, virtual care and telehealth services, pharmacy benefit management, and independent medical examinations (IMEs).