Irvine’s CorVel Expands Stock-Repurchase Plan by 300,000 Shares
- Share via
IRVINE — CorVel Corp. said Monday it has expanded its stock-repurchase plan by 300,000 shares and is now authorized to buy back a total of 850,000 of its 4.2 million publicly traded shares.
Since the repurchase plan was authorized by its board of directors last year, CorVel has acquired 536,000 shares, or 11.5% of its outstanding stock, at a cost $14.5 million.
The health-care management company’s stock closed at $30.50 a share on the Nasdaq market Monday, down 38 cents for the day. The company repurchases its stock when it accumulates more cash than it needs to finance ongoing operations and expansion plans.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
