CorVel plans to repurchase up to $14M shares

CorVel plans to buy back up to $14M of its stock between June 26 and August 21

Associated Press

IRVINE, Calif. (AP) -- CorVel plans to buy back up to $14 million of its common stock between June 26 and Aug. 21.

Since 1996, the Irvine, Calif., company has spent $301 million on the repurchase of approximately 15.7 million shares.

Corvel Corp. had about 10.8 million outstanding shares as of March 31.

Last month the company's board declared a two-for-one stock split that will be distributed as a dividend. The dividend will be paid on June 26 to shareholders of record on June 12.

CorVel said that the shares mentioned in the buyback are before the stock split.

Its shares finished at $58.95 on Thursday. They have traded in a 52-week range of $40.31 to $59.31.

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