Magellan Health, Inc. (MGLN) SVP Jeffrey N. West Sells 30,021 Shares
Magellan Health, Inc. (NASDAQ:MGLN) SVP Jeffrey N. West sold 30,021 shares of the business’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $87.31, for a total value of $2,621,133.51. The sale was disclosed in a filing with the SEC, which is available through this link.
Shares of Magellan Health, Inc. (NASDAQ MGLN) traded down 0.11% during mid-day trading on Wednesday, reaching $87.90. The company’s stock had a trading volume of 115,398 shares. Magellan Health, Inc. has a 12 month low of $49.50 and a 12 month high of $88.10. The company has a 50-day moving average of $81.23 and a 200-day moving average of $74.14. The company has a market cap of $2.08 billion, a P/E ratio of 25.03 and a beta of 0.58.
Magellan Health (NASDAQ:MGLN) last announced its earnings results on Friday, July 28th. The company reported $0.46 earnings per share 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 business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the prior year, the business posted $0.58 EPS. Magellan Health’s revenue for the quarter was up 21.9% on a year-over-year basis. Equities research analysts forecast that Magellan Health, Inc. will post $5.13 earnings per share for the current fiscal year.
MGLN has been the subject of a number of recent research reports. BidaskClub raised Magellan Health from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. KeyCorp raised Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 price objective for the company in a report on Thursday, July 13th. Zacks Investment Research lowered Magellan Health from a “buy” rating to a “hold” rating in a report on Wednesday. ValuEngine raised Magellan Health from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Finally, Leerink Swann reissued an “outperform” rating and set a $73.00 price objective (up from $68.00) on shares of Magellan Health in a report on Sunday, June 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. Magellan Health has an average rating of “Buy” and a consensus price target of $81.80.
Several institutional investors and hedge funds have recently made changes to their positions in MGLN. BlackRock Inc. increased its position in shares of Magellan Health by 53,778.2% during the first quarter. BlackRock Inc. now owns 3,012,867 shares of the company’s stock valued at $208,038,000 after acquiring an additional 3,007,275 shares in the last quarter. LSV Asset Management bought a new stake in shares of Magellan Health during the second quarter valued at approximately $44,282,000. Hood River Capital Management LLC bought a new stake in shares of Magellan Health during the second quarter valued at approximately $25,387,000. Renaissance Technologies LLC increased its position in shares of Magellan Health by 11.3% during the first quarter. Renaissance Technologies LLC now owns 1,213,099 shares of the company’s stock valued at $83,764,000 after acquiring an additional 122,999 shares in the last quarter. Finally, Thrivent Financial For Lutherans increased its position in shares of Magellan Health by 81.7% during the second quarter. Thrivent Financial For Lutherans now owns 228,546 shares of the company’s stock valued at $16,661,000 after acquiring an additional 102,736 shares in the last quarter. 93.54% of the stock is owned by institutional investors.
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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