Irvine’s CorVel Buys Back 200,000 Shares
IRVINE — CorVel Corp. said it completed the purchase of 200,000 shares of its common stock Friday, after buying 78,000 shares during the fourth quarter. The Irvine health care network manager’s board of directors also approved the future repurchase of an additional 70,000 shares.
The company spent $5.15 million in its stock purchase Friday, acquiring the shares at $25.75 apiece from North Star Universal Inc. The Minneapolis investment fund still holds 1.025 million shares.
CorVel Chairman Gordon Clemons said the company has been generating more cash than it needs to meet operating costs and has opted to repurchase shares as a means of boosting the stock’s value to shareholders.
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