SG Americas Securities LLC decreased its holdings in Magellan Health, Inc. (NASDAQ:MGLN) by 61.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,935 shares of the company’s stock after selling 11,145 shares during the quarter. SG Americas Securities LLC’s holdings in Magellan Health were worth $506,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MGLN. BlackRock Inc. raised its holdings in Magellan Health by 53,778.2% in the 1st quarter. BlackRock Inc. now owns 3,012,867 shares of the company’s stock worth $208,038,000 after purchasing an additional 3,007,275 shares during the period. Renaissance Technologies LLC raised its holdings in Magellan Health by 11.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,213,099 shares of the company’s stock worth $83,764,000 after purchasing an additional 122,999 shares during the period. Vanguard Group Inc. raised its holdings in Magellan Health by 4.9% in the 1st quarter. Vanguard Group Inc. now owns 2,118,487 shares of the company’s stock worth $146,282,000 after purchasing an additional 98,314 shares during the period. Victory Capital Management Inc. raised its holdings in Magellan Health by 11.2% in the 1st quarter. Victory Capital Management Inc. now owns 663,705 shares of the company’s stock worth $45,829,000 after purchasing an additional 66,819 shares during the period. Finally, Bank of Montreal Can raised its holdings in Magellan Health by 39.6% in the 2nd quarter. Bank of Montreal Can now owns 206,671 shares of the company’s stock worth $15,066,000 after purchasing an additional 58,632 shares during the period. 93.54% of the stock is owned by institutional investors.
Shares of Magellan Health, Inc. (NASDAQ MGLN) opened at 81.95 on Monday. Magellan Health, Inc. has a 1-year low of $49.50 and a 1-year high of $84.71. The stock has a market capitalization of $1.94 billion, a price-to-earnings ratio of 23.33 and a beta of 0.57. The firm’s 50-day moving average price is $78.03 and its 200 day moving average price is $72.47.
Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings results on Friday, July 28th. The company reported $0.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.94 by $0.48. Magellan Health had a net margin of 1.59% and a return on equity of 8.88%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the business posted $0.58 earnings per share. Magellan Health’s revenue was up 21.9% on a year-over-year basis. Equities research analysts expect that Magellan Health, Inc. will post $5.13 earnings per share for the current fiscal year.
A number of equities analysts recently weighed in on MGLN shares. Leerink Swann reaffirmed an “outperform” rating and issued a $73.00 price target (up previously from $68.00) on shares of Magellan Health in a report on Sunday, June 25th. Zacks Investment Research raised Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 price target for the company in a report on Tuesday, July 18th. BidaskClub lowered Magellan Health from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, KeyCorp upgraded Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 price objective for the company in a research note on Thursday, July 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $82.20.
In other news, SVP Jeffrey N. West sold 28,514 shares of Magellan Health stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $80.07, for a total transaction of $2,283,115.98. Following the completion of the sale, the senior vice president now directly owns 17,085 shares in the company, valued at approximately $1,367,995.95. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Mostafa Kamal sold 2,190 shares of Magellan Health stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $81.07, for a total transaction of $177,543.30. Following the sale, the chief executive officer now owns 157 shares of the company’s stock, valued at $12,727.99. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 100,133 shares of company stock valued at $8,024,301. Insiders own 3.60% of the company’s stock.
About Magellan Health
Magellan Health, Inc is engaged in the healthcare management business. The Company’s segments include Healthcare, Pharmacy Management and Corporate. It is focused on managing special populations, complete pharmacy benefits and other specialty areas of healthcare. Its Healthcare includes its management of behavioral healthcare services and employee assistance program (EAP) services, management of other specialty areas, including diagnostic imaging and musculoskeletal management, and the integrated management of physical, behavioral and pharmaceutical healthcare for special populations, delivered through Magellan Complete Care (MCC).
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