Public Employees Retirement System of Ohio decreased its position in Magellan Health, Inc. (NASDAQ:MGLN) by 66.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,297 shares of the company’s stock after selling 12,605 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Magellan Health were worth $459,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in MGLN. Ameritas Investment Partners Inc. raised its position in shares of Magellan Health by 6.1% in the second quarter. Ameritas Investment Partners Inc. now owns 2,087 shares of the company’s stock valued at $152,000 after purchasing an additional 120 shares during the period. Eqis Capital Management Inc. bought a new position in shares of Magellan Health in the second quarter valued at approximately $210,000. HighTower Advisors LLC bought a new position in shares of Magellan Health in the second quarter valued at approximately $210,000. Pacad Investment Ltd. raised its position in shares of Magellan Health by 34.8% in the second quarter. Pacad Investment Ltd. now owns 3,100 shares of the company’s stock valued at $226,000 after purchasing an additional 800 shares during the period. Finally, Amalgamated Bank raised its position in shares of Magellan Health by 5.1% in the second quarter. Amalgamated Bank now owns 3,265 shares of the company’s stock valued at $238,000 after purchasing an additional 159 shares during the period. 93.15% of the stock is currently owned by institutional investors.
MGLN has been the topic of a number of recent analyst reports. KeyCorp reissued a “buy” rating and issued a $89.00 price target on shares of Magellan Health in a research report on Friday, September 22nd. ValuEngine upgraded shares of Magellan Health from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Zacks Investment Research upgraded shares of Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 price objective on the stock in a research note on Tuesday, July 18th. Jefferies Group LLC restated a “buy” rating and issued a $94.00 price objective on shares of Magellan Health in a research note on Friday, October 13th. Finally, BidaskClub upgraded shares of Magellan Health from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $83.00.
In other Magellan Health news, SVP Jeffrey N. West sold 25,316 shares of Magellan Health stock in a transaction on Thursday, September 28th. The shares were sold at an average price of $85.85, for a total transaction of $2,173,378.60. Following the sale, the senior vice president now owns 29,243 shares in the company, valued at $2,510,511.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mostafa Kamal sold 6,267 shares of Magellan Health stock in a transaction on Friday, September 8th. The stock was sold at an average price of $81.53, for a total transaction of $510,948.51. Following the sale, the chief executive officer now owns 6,267 shares in the company, valued at approximately $510,948.51. The disclosure for this sale can be found here. Insiders have sold 245,059 shares of company stock worth $20,965,135 in the last quarter. Corporate insiders own 5.00% of the company’s stock.
Shares of Magellan Health, Inc. (NASDAQ:MGLN) opened at $83.30 on Monday. The stock has a market cap of $2,002.72, a price-to-earnings ratio of 18.98, a PEG ratio of 1.08 and a beta of 0.55. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.28 and a quick ratio of 2.21. Magellan Health, Inc. has a 52 week low of $64.05 and a 52 week high of $92.00.
Magellan Health (NASDAQ:MGLN) last announced its quarterly earnings data on Wednesday, November 1st. The company reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.24. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.49 billion. Magellan Health had a net margin of 1.68% and a return on equity of 9.20%. Magellan Health’s quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter last year, the company posted $1.39 earnings per share. research analysts expect that Magellan Health, Inc. will post 5.16 EPS for the current year.
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Magellan Health Company Profile
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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