CorVel Repurchases 200,000 More Shares
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CorVel Corp. directors approved the repurchase of an additional 200,000 common shares, boosting the total number of shares in its buyback program to 2.4 million.
In a press release Wednesday, the Irvine managed care company said it has repurchased 2.17 million shares for a total of $36 million since beginning the program in 1996.
Shares of CorVel closed Wednesday at $24, down 38 cents in Nasdaq trading. The company has 7.85 million shares outstanding.
CorVel plans to make the purchases from time to time in open-market and unsolicited negotiated transactions. The company said it will use the shares for general purposes, including stock options and stock purchase plans.
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