Arthur B Cohen And Joseph Healey’s HealthCor Management filed SEC 13G on December 7th that the firm has increased its stake in Corvel Corp (CRVL). According to the filing, HealthCor Management now takes 633,122 shares or 5.54% passive stake in CRVL. This is a 7% increase from the firm’s 592,686 shares position at the end of September. It’s possible that HealthCor Management regarded CRVL’s recent downtrend as an opportunity, and bought the shares in late November at about $44. Now CRVL is trading at $46.41, losing 6% in 2011.
There are some other hedge funds which were also bullish about CRVL in the third quarter. Jim Simons’ Renaissance Technologies reported 485 thousand shares in CRVL in its 13F filing. Chuck Royce’s Royce & Associates had 193 thousand shares at the end of September.
HealthCor Management is a $3 billion healthcare hedge fund founded by Arthur Cohen and Joseph Healey. Cohen graduated from the University of Virginia in 1983 with a B.A. degree in Commerce and received his M.B.A. in Banking and Finance from Hofstra University in 1986. He worked for Julian Robertson between 1995 and 2000. He was responsible for healthcare investments as a Managing Director at Tiger Management. He partnered with Joseph P. Healey in September 2005. The duo worked at Steven Cohen’s SAC until 2005. (See the full entry)
Per Google Finance, CorVel Corporation is “a provider of risk management solutions to employers, third party administrators, insurance companies and government agencies. CorVel specializes in applying advanced communication and information technology to improve healthcare management for workers’ compensation, group health, auto and liability claims management. The Company’s services include claims management, bill review, preferred provider networks, utilization management, claims management, case management, pharmacy services, directed care and Medicare services. CorVel offers its services as a bundled solution (such as claims management), as a standalone service, or as add-on services to existing customers. The Company offer services in two categories: network solutions and patient management. In December 2010, the Company’s wholly owned subsidiary, CorVel Enterprise Comp, Inc., acquired 100% interest of Safety Risk Services, LLC (SRS).”