Form 4: Corstar Holdings Sells Shares of Corvel Corp Under 10b5-1 Trading Plan

Corstar Holdings, a 10% owner of Corvel Corp, executed multiple sales of common stock between July 12 and July 16, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Corstar Holdings Inc., a 10% owner of Corvel Corp (CRVL), reported the sale of shares of common stock.
• The transactions occurred between July 12, 2024, and July 16, 2024.
• The sales were executed under a Rule 10b5-1 trading plan adopted on February 6, 2024.
• On July 12, 2024, Corstar Holdings sold 3,429 shares at $262.77, 5,000 shares at $263.77, 5,000 shares at $264.77, 5,000 shares at $265.77 and 5,000 shares at $266.77.
• On July 15, 2024, Corstar Holdings sold 5,000 shares at $267.77, 5,000 shares at $268.77, 5,000 shares at $269.77 and 3,460 shares at $270.77.
• On July 16, 2024, Corstar Holdings sold 1,540 shares at $270.77 and 5,000 shares at $271.77.
• Following these transactions, Corstar Holdings directly owns 6,284,958 shares of Corvel Corp.
• Jeffrey Michael signed the report on behalf of Corstar Holdings, Inc.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing share sales. It doesn't inherently convey positive or negative sentiment, as it simply reports transactions under a pre-existing plan.

Industry Context

Sales by major shareholders are common and can be driven by various factors, including portfolio diversification or personal financial needs. The use of a 10b5-1 plan suggests the sales were pre-planned and not based on inside information.

Stakeholder Impact

• The share sales by a major shareholder could create temporary downward pressure on the stock price.
• The use of a 10b5-1 plan provides transparency and reduces concerns about insider trading.

Key Dates