Corstar Holdings Inc, a significant shareholder in Corvel Corp (NASDAQ:CRVL), has executed a series of stock sales totaling over $12.9 million. The transactions, which took place between July 12 and July 16, involved the sale of Corvel Corp common stock at prices ranging from $262.77 to $271.77 per share.
The filings indicate that on July 12, Corstar Holdings Inc sold 3,429 shares at $262.77 each, followed by multiple transactions of 5,000 shares each at progressively higher prices, culminating in sales at $270.77 and $271.77 per share on July 16. The final two transactions on July 16 included a sale of 1,540 shares and another batch of 5,000 shares at the highest reported price of $271.77.
These sales were made pursuant to a Rule 10b5-1 trading plan, which was adopted on February 6, 2024. Such plans allow company insiders to set up a predetermined schedule for buying or selling stocks at a time when they are not in possession of material non-public information. This can help to facilitate the orderly sale of shares and provide a defense against claims of insider trading.
The SEC filings reveal that after the series of transactions, Corstar Holdings Inc's ownership in Corvel Corp has been adjusted, yet they remain a significant shareholder with millions of shares still under their control. The precise amount of shares owned following the transactions is detailed in the filings, indicating a substantial remaining stake in the company.
Investors and market watchers often monitor insider transactions as they can provide valuable insights into the company's financial health and insider perspectives on the stock's value. The recent sales by Corstar Holdings Inc represent a notable change in their investment in Corvel Corp, and could be of interest to those following the company's stock performance.
In other recent news, CorVel Corporation has unveiled plans to bolster its managed care offerings with advanced AI technology. The company's new platform, designed to enhance program outcomes and ease IT constraints, will provide a comprehensive view of customer data, automate tasks, and improve analytics. This move is part of CorVel's ongoing commitment to innovation within the managed care sector.
The platform will also feature a Generative AI Document Viewer, a tool designed to augment document summaries and offer actionable insights to claims and clinical staff. The technology will utilize predictive AI, generative AI, and large language models tailored to the industry, aiming to keep professionals informed with crucial claim and treatment information.
These developments are part of CorVel's new campaign, "Managed Care, Your Way," which addresses the unique challenges of their partners with strategic solutions. These recent advancements demonstrate CorVel's dedication to providing a unique connected experience in the market and improving patient care.
InvestingPro Insights
In light of Corstar Holdings Inc's recent sale of Corvel Corp (NASDAQ:CRVL) shares, investors may find the following InvestingPro Insights particularly informative. Corvel Corp is currently trading near its 52-week high, with the price at the previous close standing at $267.7, representing 99.95% of its 52-week high. This aligns with the transaction prices reported in the insider sales, indicating a strong market valuation.
From a performance standpoint, Corvel has demonstrated a significant return over the last week, with a 12.66% price total return. This momentum extends over the last month and three months, with returns of 15.14% and 23.91% respectively. These metrics suggest that the market has responded positively to Corvel's recent performance, which may have influenced Corstar Holdings Inc's decision to sell at this time.
The company's financial health, as reflected in real-time data from InvestingPro, shows a robust P/E ratio of 63.77 and an adjusted P/E ratio for the last twelve months as of Q4 2024 of 64.79. While these metrics indicate a high earnings multiple, they could be justified by the company's solid revenue growth of 10.68% over the same period. The InvestingPro Tips also highlight that Corvel operates with a moderate level of debt, which could be a stabilizing factor for potential investors considering the company's stock.
For those interested in a deeper analysis, there are additional InvestingPro Tips available that shed light on various aspects of Corvel's valuation and performance. For example, Corvel does not pay a dividend to shareholders, which may influence investment strategies focused on income generation. To explore these insights further, investors can visit https://www.investing.com/pro/CRVL, and by using the coupon code PRONEWS24, they can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. In total, there are 16 additional InvestingPro Tips available that could provide valuable context for the recent insider transactions and the company's current market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.