Shell Asset Management Co. maintained its stake in Magellan Health, Inc. (NASDAQ:MGLN) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,187 shares of the company’s stock at the end of the second quarter. Shell Asset Management Co. owned approximately 0.06% of Magellan Health worth $961,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in the stock. Aviance Capital Partners LLC raised its stake in Magellan Health by 2.9% in the second quarter. Aviance Capital Partners LLC now owns 22,662 shares of the company’s stock worth $1,652,000 after buying an additional 637 shares during the period. First Midwest Bank Trust Division raised its stake in Magellan Health by 21.4% in the second quarter. First Midwest Bank Trust Division now owns 9,763 shares of the company’s stock worth $712,000 after buying an additional 1,720 shares during the period. Peregrine Capital Management LLC raised its stake in Magellan Health by 2.0% in the second quarter. Peregrine Capital Management LLC now owns 155,856 shares of the company’s stock worth $11,362,000 after buying an additional 3,122 shares during the period. Aperio Group LLC raised its stake in Magellan Health by 14.4% in the second quarter. Aperio Group LLC now owns 12,901 shares of the company’s stock worth $940,000 after buying an additional 1,627 shares during the period. Finally, Alpha Windward LLC raised its stake in Magellan Health by 7.8% in the second quarter. Alpha Windward LLC now owns 6,600 shares of the company’s stock worth $481,000 after buying an additional 480 shares during the period. Hedge funds and other institutional investors own 92.28% of the company’s stock.
Shares of Magellan Health, Inc. (NASDAQ:MGLN) traded down 0.90% during midday trading on Friday, hitting $77.20. The company had a trading volume of 148,231 shares. Magellan Health, Inc. has a 52 week low of $49.50 and a 52 week high of $84.71. The company has a market capitalization of $1.83 billion, a P/E ratio of 21.98 and a beta of 0.59. The firm’s 50 day moving average is $76.65 and its 200 day moving average is $72.22.
Magellan Health (NASDAQ:MGLN) last announced its quarterly earnings data on Friday, July 28th. The company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by $0.48. Magellan Health had a return on equity of 8.88% and a net margin of 1.59%. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the firm earned $0.58 earnings per share. Magellan Health’s revenue was up 21.9% on a year-over-year basis. Equities research analysts anticipate that Magellan Health, Inc. will post $5.13 EPS for the current year.
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A number of research firms have commented on MGLN. BidaskClub upgraded Magellan Health from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Zacks Investment Research upgraded 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. KeyCorp upgraded Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 price target on the stock in a research report on Thursday, July 13th. Finally, Leerink Swann reiterated an “outperform” rating and issued a $73.00 price target (up previously from $68.00) on shares of Magellan Health in a research report on Sunday, June 25th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $82.20.
In related news, SVP Jeffrey N. West sold 1,109 shares of the business’s stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $80.01, for a total value of $88,731.09. Following the completion of the transaction, the senior vice president now directly owns 15,040 shares in the company, valued at approximately $1,203,350.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Daniel N. Gregoire sold 14,114 shares of the business’s stock in a transaction that occurred on Friday, July 14th. The stock was sold at an average price of $80.11, for a total transaction of $1,130,672.54. Following the completion of the transaction, the general counsel now owns 27,573 shares of the company’s stock, valued at $2,208,873.03. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 97,943 shares of company stock valued at $7,846,757. 3.60% of the stock is owned by company insiders.
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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