Corstar Holdings Inc, a major shareholder in Corvel Corp (NASDAQ:CRVL), has recently sold a portion of its holdings in the company. The transaction, which took place on July 11, 2024, involved the sale of 922 shares of common stock at a price of $262.77 per share, resulting in a total value of $242,273.
The sale was made in accordance with a pre-arranged trading plan set up on February 6, 2024, known as a Rule 10b5-1 trading plan. These plans are commonly used by company insiders to sell shares over a predetermined period of time, to avoid any accusations of trading on non-public, material information.
Following the transaction, Corstar Holdings Inc's ownership in Corvel Corp has been adjusted to 6,284,036 shares of common stock. It's notable that Corstar Holdings is not listed as a director, officer, or otherwise affiliated with Corvel Corp other than being a significant shareholder, owning more than ten percent of the company's stock.
Investors often keep a close eye on insider transactions as they can provide valuable insights into the company's performance and insider perspectives. The sale by Corstar Holdings may be of interest to those following Corvel Corp's stock and financial developments.
Corvel Corp, headquartered in Irvine, California, specializes in providing a range of services within the insurance industry, including claims management and health care management services. The company has been a player in the insurance agents, brokers, and services industry, operating under the standard industrial classification code 6411.
The transaction was officially filed with the Securities and Exchange Commission on July 26, 2024, and the details are publicly accessible for those interested in reviewing the formal documentation.
InvestingPro Insights
In light of the recent insider transaction involving Corstar Holdings and Corvel Corp (NASDAQ:CRVL), investors may be seeking additional context to understand the company's current market position. Corvel Corp's market capitalization stands at a significant $5.27 billion, reflecting the weight of the company in the industry. With a high P/E ratio of 68.65, Corvel Corp is trading at a premium relative to its earnings, which may suggest investor confidence in its future growth or potential overvaluation depending on one's perspective. Moreover, the company's stock is hovering near its 52-week high, with the price at 99.75% of this peak, indicating a strong market performance in the recent period.
InvestingPro Tips highlight that Corvel Corp has experienced a significant return over the last week, with a price total return of 8.2%. Additionally, the company's strong performance extends over the last month and three months, with total returns of 22.34% and 28.91%, respectively. This robust short-term growth could be a key point of interest for investors evaluating the company's momentum.
For those considering a deeper dive into Corvel Corp's financials and performance metrics, InvestingPro offers a comprehensive set of additional tips. There are 15 more InvestingPro Tips available, which can provide further insights into aspects such as the company's earnings multiple, debt levels, and valuation multiples. To access these insights, visit InvestingPro and consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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