Magellan Health, Inc. (NASDAQ:MGLN) CEO Mostafa Kamal sold 6,267 shares of the company’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $81.53, for a total transaction of $510,948.51. Following the sale, the chief executive officer now directly owns 6,267 shares in the company, valued at approximately $510,948.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Mostafa Kamal also recently made the following trade(s):
- On Thursday, September 7th, Mostafa Kamal sold 2,190 shares of Magellan Health stock. The shares were sold at an average price of $81.07, for a total transaction of $177,543.30.
Magellan Health, Inc. (MGLN) opened at 82.80 on Tuesday. Magellan Health, Inc. has a 52-week low of $49.50 and a 52-week high of $84.71. The stock’s 50 day moving average is $77.98 and its 200-day moving average is $72.31. The company has a market cap of $1.96 billion, a PE ratio of 23.58 and a beta of 0.57.
Magellan Health (NASDAQ:MGLN) last announced its quarterly earnings results on Friday, July 28th. The company reported $0.46 earnings per share (EPS) for the quarter, missing the 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 analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the firm earned $0.58 EPS. Magellan Health’s quarterly revenue was up 21.9% compared to the same quarter last year. Equities research analysts predict that Magellan Health, Inc. will post $5.13 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. purchased a new position in shares of Magellan Health during the first quarter valued at about $136,000. Advisory Services Network LLC purchased a new position in shares of Magellan Health during the second quarter valued at about $165,000. Eqis Capital Management Inc. purchased a new position in shares of Magellan Health during the second quarter valued at about $210,000. HighTower Advisors LLC purchased a new position in shares of Magellan Health during the second quarter valued at about $210,000. Finally, Pacad Investment Ltd. increased its position in shares of Magellan Health by 34.8% during the second quarter. Pacad Investment Ltd. now owns 3,100 shares of the company’s stock valued at $226,000 after buying an additional 800 shares during the period. Institutional investors own 93.54% of the company’s stock.
A number of analysts have commented on MGLN shares. Zacks Investment Research raised shares of Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 price target on the stock in a research report on Tuesday, July 18th. ValuEngine raised shares of Magellan Health from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. BidaskClub raised shares of Magellan Health from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Leerink Swann reissued an “outperform” rating and set a $73.00 price objective (up previously from $68.00) on shares of Magellan Health in a research report on Sunday, June 25th. Finally, KeyCorp raised shares of Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 price objective on the stock in a research report on Thursday, July 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the stock. Magellan Health currently has a consensus rating of “Buy” and an average target price of $82.20.
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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