Gordon V. Clemons, Chairman of the Board at CorVel Corp (NASDAQ:CRVL), recently sold a significant portion of the company's common stock. According to a recent SEC filing, Clemons disposed of a total of 11,200 shares over three separate transactions between November 22 and November 26, 2024.
The sales were executed at prices ranging from $367.3061 to $375.004 per share, amounting to a total value of approximately $4.13 million. Following these transactions, Clemons holds 249,584 shares indirectly through a Spouse Living Trust. Additionally, he retains direct ownership of 834,492 shares. The transactions were conducted as part of a trust arrangement, with Clemons disclaiming beneficial ownership of the securities sold.
InvestingPro Insights
The recent stock sales by CorVel Corp's Chairman Gordon V. Clemons come at a time when the company's shares are trading near their 52-week high, as indicated by InvestingPro data. With a current price of $366.02, CorVel is trading at 97.09% of its 52-week high, reflecting strong market performance.
This robust performance is further underscored by CorVel's impressive returns, with InvestingPro Tips highlighting a strong return over the last month (21.91%) and a substantial 73.34% return over the past year. The company's market capitalization stands at $6.33 billion, indicating its significant presence in the industry.
However, investors should note that CorVel is trading at a high P/E ratio of 77.83, which suggests a premium valuation compared to earnings. This aligns with an InvestingPro Tip indicating that the company is trading at a high earnings multiple. Additionally, CorVel operates with a moderate level of debt, which could provide financial flexibility for future growth initiatives.
For those seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for CorVel Corp, providing deeper insights into the company's financial health and market position. These additional tips can be particularly valuable for investors looking to contextualize the recent insider selling activity within the broader financial landscape of CorVel Corp.
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