CorVel Repurchases 200,000 More Shares

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.