Exploring CorVel Corporation (CRVL) Investor Profile: Who’s Buying and Why?

You're looking at CorVel Corporation (CRVL) and wondering why institutions are piling in, especially when the stock price is trading around $71.59 as of November 2025, down from its 52-week high. The quick answer is a classic 'growth at a reasonable price' thesis, but with a tech twist. CorVel's fiscal year 2025 results showed a solid, defensible business, pulling in $896 million in annual revenue and delivering diluted earnings per share (EPS) of $1.83, a clear jump from the prior year. Honestly, those are the numbers that get big money interested. We've seen major players like BlackRock, Inc. increase their stake in the third quarter of 2025, adding 271,531 shares worth an estimated $21,021,930, betting on the company's push into integrating generative artificial intelligence (AI) to optimize its risk management solutions. Still, with institutional ownership already over 51% and insiders selling shares, the question is whether the smart money is buying a long-term compounder or just a near-term efficiency story. Let's dig into who owns CorVel and what they see that you might be missing.

Who Invests in CorVel Corporation (CRVL) and Why?

If you're looking at CorVel Corporation (CRVL), you're looking at a unique ownership structure that tells you a lot about the company's stability and its long-term appeal. The direct takeaway is this: CorVel is a stock largely held by its own people and major institutions, which signals a strong conviction in its specialized market position and consistent financial performance.

The ownership breakdown isn't a typical institutional-heavy split. You see a significant alignment of interest because CorVel's insiders-executives, directors, and related private companies like Corstar Holdings Inc.-hold a massive stake, sitting around 43.71% of the company's stock as of late 2025. That's a huge vote of confidence, but it also means the public float (the shares available for trading) is relatively small, which can sometimes lead to higher stock price volatility. Institutional investors, including mutual funds and exchange-traded funds (ETFs), own the largest portion, around 53.3%.

Here's the quick ownership map:

• Institutional Investors: Approximately 53.3%. These are the big players like BlackRock and Vanguard.
• Insiders (Management/Affiliates): Roughly 43.71%. They are defintely in it for the long haul.
• Retail/Individual Investors: The remaining portion, around 2.82% of the general public float.

What Motivates CorVel's Core Investors?

The primary driver for institutional and growth-focused investors is CorVel's ability to deliver consistent, double-digit growth in a niche market-workers' compensation and risk management services. They are the only independent, publicly traded claims management and cost containment provider, which gives them a distinct edge. This isn't a high-growth tech startup, but a steady, profitable engine.

The 2025 fiscal year data confirms this stability and growth. For instance, in Q3 FY2025, the company reported revenues of $228 million, a solid 13% increase year-over-year. Even more compelling was the diluted earnings per share (EPS) growth, which jumped 39% to $0.46 in the same quarter. Plus, management is keenly focused on technology, investing in generative AI to streamline claim processing, which is a clear path to future cost containment and margin expansion.

The balance sheet is also a huge draw for value-minded institutions. CorVel ended Q3 FY2025 with a fortress-like position of $163 million in cash and, critically, no debt. This financial strength gives them strategic flexibility, and they actively return capital to shareholders, repurchasing $9.6 million of common stock during that same quarter. That's a strong signal of management's confidence in the stock's intrinsic value.

Investment Strategies: Long-Term Growth with a Value Anchor

Given the ownership structure and financial profile, the dominant strategy is a blend of long-term holding and quality-at-a-reasonable-price (GARP) investing. The high insider ownership practically mandates a long-term view. Passive funds, like those run by Vanguard and BlackRock, are simply holding CorVel because it's a stable component of various indices.

For active managers, the strategy looks like this:

• Long-Term Holding: Anchor on the high insider ownership and debt-free balance sheet.
• Growth-at-a-Reasonable-Price (GARP): Focus on the double-digit revenue and EPS growth, coupled with investments in AI technology.
• Opportunistic Value: Use the company's active share repurchase program as a sign of management's belief that the stock is undervalued at times.

To be fair, there is some short-term trading activity. You see hedge funds like Entrypoint Capital, Llc. and Royce & Associates Llc. making moves in their positions, as seen in Q3 2025 filings, which is typical for any publicly traded stock. But the core money is sticky. If you want to understand the foundation of this company's stability, start with its history, ownership, and mission, which you can read more about here: CorVel Corporation (CRVL): History, Ownership, Mission, How It Works & Makes Money.

The table below shows the top institutional holders, which are primarily passive managers, reflecting the 'set it and forget it' nature of a large part of the institutional money.

Institutional Ownership and Major Shareholders of CorVel Corporation (CRVL)

If you're looking at CorVel Corporation (CRVL), the first thing to understand is that it's an institutionally-backed company, not one driven primarily by retail traders. As of late 2025, institutional investors-think massive mutual funds, pension funds, and hedge funds-own a significant chunk, holding between 51.36% and 54.55% of the company's outstanding shares. That high percentage means the big money has a lot of conviction here, but it also means the stock price can move sharply based on their collective decisions.

The company's high institutional ownership is noteworthy, especially when you consider its insider ownership is also substantial, sitting around 44.56%. That combination of strong internal and external backing suggests a stable, long-term outlook, but it also limits the public float (the number of shares available for trading). CorVel's total shares outstanding were 51,359,544 as of March 31, 2025, which gives it a market capitalization of roughly $5.68 billion.

Here's the quick math on why institutional moves matter: when a firm like BlackRock, Inc. buys or sells, it can easily dwarf the trading volume of individual investors. Their investment thesis becomes a major factor in the stock's direction.

Recent Shifts: Who's Buying and Selling CorVel Corporation (CRVL)?

The investor profile for CorVel Corporation (CRVL) is not static; we've seen some major repositioning in the second and third quarters of fiscal year 2025, indicating a split in sentiment among the big players. Overall, the trend is a slight increase in institutional holdings, rising from 53.74% to 53.86% in the period ending September 2025.

In the last 12 months, the inflow from institutional buyers totaled approximately $1.86 billion, significantly outweighing the $210.65 million in outflows from sellers. This net buying pressure is a bullish signal, but you need to look closer at the specific players to understand the nuance. For example, some large funds are making huge bets while others are trimming their positions dramatically.

The table below shows some of the most impactful institutional moves during Q2 and Q3 of 2025, highlighting the recent conviction-or lack thereof-in the stock:

The Role of Large Investors in CRVL's Strategy and Stock

Institutional investors are not just passive holders; their capital and expectations directly influence CorVel Corporation's (CRVL) strategy and stock performance. Their focus is clearly on the company's ability to execute on its technology-driven growth strategy, especially in the claims management and cost containment space. You can read more about their core focus in the Mission Statement, Vision, & Core Values of CorVel Corporation (CRVL).

The large institutional backing acts as a vote of confidence in the company's direction, particularly its heavy investment in automation and generative artificial intelligence (AI) functionality. This tech push is designed to enhance operational efficiency and improve outcomes for injured workers, which is the core value proposition. The strong financial performance in the quarter ending September 2025-with revenue growth of 7% to $240 million and a 15% increase in gross profit to $58.2 million-defintely validates this strategy for many investors.

Their influence on the stock price is twofold:

• Stability: Large, long-term holders like pension and index funds provide a floor for the stock price, reducing volatility.
• Strategic Alignment: Their presence encourages management to focus on long-term, high-growth initiatives, such as the AI-driven CERIS service, which drives sustained value.

The three-for-one stock split executed during fiscal year 2025, which broadened share accessibility, was a direct action reflecting a desire to appeal to a wider base, including more institutional and individual investors. This move, coupled with a cash position of $163 million and no debt as of Q3 2025, shows a management team confident in its financial strength and committed to shareholder value. The next step for you is to map these institutional movements against CorVel's next earnings report to see if this conviction holds up.

Key Investors and Their Impact on CorVel Corporation (CRVL)

You need to know who is driving the bus at CorVel Corporation (CRVL) and why the stock moves. The direct takeaway is that CRVL's investor profile is unique, defined by a rare balance: institutional money holds the majority of the float, but a massive insider stake ensures management's interests are defintely aligned with long-term performance.

Institutional investors own 51.36% of the company, but company insiders still hold a substantial 44.56% of the stock. This dual structure means the company is influenced by the quarterly demands of large funds, but the management team, including the executive officers and directors, maintains significant voting power and control over the strategic direction. This is a crucial point for any investor to grasp: the founders and long-term executives are still very much in charge.

Here's the quick math: with nearly half the stock owned by those running the business, there is a powerful incentive to focus on sustainable growth, not just short-term quarterly blips. If you want a deeper dive into the company's fundamentals, you should check out Breaking Down CorVel Corporation (CRVL) Financial Health: Key Insights for Investors.

Notable Institutional Investors and Recent Moves

The institutional buyer base for CorVel Corporation (CRVL) is a mix of major index funds and active managers making significant, conviction-driven trades in fiscal year 2025. You see the big names like Vanguard Group Inc., which holds a top position at 6.41% of the shares, providing a stable, passive floor for the stock. But the real action is in the active shifts, which tell you where the smart money sees near-term opportunity or risk.

The third quarter of 2025 saw some dramatic shifts. For example, THRIVENT FINANCIAL FOR LUTHERANS made a massive bet, adding 455,796 shares, representing an increase of over 18,000% in their position, valued at an estimated $35,287,726. On the other side, NEUBERGER BERMAN GROUP LLC removed its entire holding of 389,682 shares, a move estimated to be worth $30,169,180. That kind of complete exit signals a sharp change in conviction, and you need to understand why they left.

Also, even the behemoths are adjusting their positions. BLACKROCK, INC. added 271,531 shares in Q3 2025, a purchase valued at approximately $21,021,930. This shows a major institutional vote of confidence in the company's strategic direction, particularly its focus on technology and AI integration.

Recent institutional activity highlights:

• THRIVENT FINANCIAL FOR LUTHERANS: Bought 455,796 shares (Q3 2025).
• BLACKROCK, INC.: Added 271,531 shares (Q3 2025).
• Connor Clark & Lunn Investment Management Ltd.: Boosted stake by 337.7% (Q2 2025).
• NEUBERGER BERMAN GROUP LLC: Sold 389,682 shares (Q3 2025 exit).

Insider Ownership and Corporate Strategy Alignment

The high insider ownership-44.56%-is the single most important factor shaping CorVel Corporation's (CRVL) governance. This concentration of shares among executives and directors, including the family of the founder, V. Gordon Clemons, means the company operates with a long-term, conservative strategic focus. They don't have to bow to every activist demand because their control is effectively locked in.

The corporate moves in fiscal year 2025 reflect this insider-led stability. The company executed a three-for-one forward stock split in December 2024 to enhance share accessibility, a move often favored by management to broaden the investor base without ceding control. Also, the company's recent US$134 million shelf registration for an Employee Stock Ownership Plan (ESOP)-related common stock offering is a clear signal: they are doubling down on aligning employee interests with shareholder returns.

To be fair, you have to look at the insider selling, too. In the last three months of 2025, insiders sold a total of 21,050 shares worth roughly $1.79 million. While this sounds like a lot, it is typical for compensation-related selling, especially after the retirement of founder V. Gordon Clemons in fiscal 2025 and subsequent executive changes. For instance, Mark E. Bertels, Executive Vice President of Risk Management Services, sold 1,200 shares for $86,820 in November 2025 after exercising options. It's important to differentiate between routine sales and a mass exodus.

The table below summarizes some of the largest institutional movements from Q2 and Q3 of the 2025 fiscal year, showing the capital flowing in and out.

Your next step is to monitor the Q4 2025 filings to see if the recent strong buying trend from active funds like Thrivent and BlackRock continues, or if the analyst consensus of 'Hold' after recent downgrades starts to push more institutional money to the sidelines.

Market Impact and Investor Sentiment

The investor sentiment toward CorVel Corporation (CRVL) is best described as cautiously positive, driven by strong 2025 fiscal year financial performance but tempered by high insider ownership and mixed institutional flows. The market is rewarding the company's execution, but the stock's valuation-a P/E of about 38.2 as of November 2025-suggests growth expectations are already quite high.

Here's the quick math: CorVel's full fiscal year 2025 revenue hit a robust $896 million, up from $795 million in FY2024, showing clear commercial momentum. This performance, coupled with a debt-free balance sheet and $171 million in cash as of March 31, 2025, is the core reason institutions are generally holding or increasing their positions.

Still, the ownership structure is unique. A significant portion, around 44%, is held by insiders, which is a double-edged sword: it aligns management's interests with shareholders, but it also limits the public float (the number of shares available for trading), which can amplify stock price volatility.

Who's Buying and Who's Selling CorVel Stock?

Institutional ownership remains high at approximately 54% of the company's 51,359,544 total shares outstanding, confirming that professional money managers view CorVel as a core holding in the risk management and claims processing space.

The largest institutional holders are heavyweights like Kayne Anderson Rudnick Investment Management LLC, with holdings valued at approximately $638.95 million, and Vanguard Group Inc., holding around $254.54 million. These passive and active managers are essentially betting on the long-term stability and continued growth of CorVel's integrated model.

However, a closer look at recent 13F filings reveals a tug-of-war. For every buyer, there's a seller, which is defintely a sign of a stock that has run up and is facing a valuation check.

• Major Buyer: THRIVENT FINANCIAL FOR LUTHERANS added a massive 455,796 shares in Q3 2025, valued at an estimated $35.28 million.
• Major Seller: NEUBERGER BERMAN GROUP LLC significantly cut its stake in Q2 2025, removing 448,951 shares, a 53.5% reduction.

This institutional divergence maps perfectly to a mature growth company: some funds are taking profits, while others are initiating or significantly scaling up positions based on the belief that CorVel's AI-driven technology adoption will accelerate market share gains, as detailed in CorVel Corporation (CRVL): History, Ownership, Mission, How It Works & Makes Money.

Recent Market Reactions to Ownership Shifts

The stock market has responded very clearly to CorVel's recent financial results, which is the primary driver of near-term sentiment. When the company reported Q3 2025 revenues of $240 million and earnings per share (EPS) of $0.54 (a 20% year-over-year increase), the stock price immediately rose by 4.44% to $76.37.

This positive reaction signals that the market is prioritizing operational performance and profitability over minor shifts in institutional ownership. The company's consistent share repurchase program-buying back $9.6 million of common stock during the quarter ending December 31, 2024-also acts as a strong, tangible signal of management's confidence, which investors value highly.

The main risk the market is pricing in is the persistent insider selling. Over the last three months leading up to November 2025, insiders sold a total of 21,050 shares worth approximately $1.79 million. While some selling is normal for diversification, a consistent pattern can be a headwind, suggesting that those closest to the business see less upside at current prices.

Analyst Perspectives and Key Investor Impact

Analyst coverage on CorVel Corporation is surprisingly thin for a company with a market capitalization of roughly $5.68 billion, which can sometimes lead to greater price swings. The current consensus among those who do cover it is a 'Hold' rating, which comes after some recent downgrades.

The analyst view boils down to two factors:

1. Growth Premium: The company's impressive 39% EPS growth to $0.46 in the December 2024 quarter is undeniable, but the stock's valuation already reflects much of that success.
2. Execution Risk: Analysts are focused on whether the company can sustain its high-margin growth by successfully rolling out its Generative-AI-based functionality and other technology enhancements, which are key to future cost containment.

The impact of key investors is twofold. The large, stable holdings by passive giants like Vanguard and State Street provide a solid floor for the stock, reducing downside volatility. Conversely, the aggressive buying by funds like THRIVENT FINANCIAL FOR LUTHERANS suggests a belief in a new, higher growth trajectory driven by the company's technology investments, essentially providing the fuel for any upward price movement. The table below summarizes the key data points driving this perspective:

Your next step should be to model a sensitivity analysis on CorVel's future cash flows, specifically testing how a 100-basis-point improvement in gross margin-due to the new AI-driven efficiencies-impacts the discounted cash flow (DCF) valuation, to see if the current 'Hold' rating is justified.