State of Alaska Department of Revenue raised its stake in shares of Magellan Health, Inc. (NASDAQ:MGLN) by 78.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,667 shares of the company’s stock after buying an additional 2,047 shares during the period. State of Alaska Department of Revenue’s holdings in Magellan Health were worth $340,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Howe & Rusling Inc. raised its stake in Magellan Health by 27.7% in the first quarter. Howe & Rusling Inc. now owns 1,845 shares of the company’s stock worth $127,000 after buying an additional 400 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Magellan Health during the first quarter worth about $136,000. Laurion Capital Management LP purchased a new stake in Magellan Health during the first quarter worth about $245,000. Envestnet Asset Management Inc. raised its stake in Magellan Health by 1.5% in the first quarter. Envestnet Asset Management Inc. now owns 3,733 shares of the company’s stock worth $258,000 after buying an additional 54 shares in the last quarter. Finally, Suntrust Banks Inc. increased its stake in Magellan Health by 0.7% in the first quarter. Suntrust Banks Inc. now owns 3,934 shares of the company’s stock worth $271,000 after buying an additional 27 shares during the last quarter. Institutional investors own 93.48% of the company’s stock.

Shares of Magellan Health, Inc. (MGLN) traded up 3.79% during trading on Monday, hitting $78.00. The stock had a trading volume of 221,239 shares. The company has a market cap of $1.85 billion, a PE ratio of 22.21 and a beta of 0.59. Magellan Health, Inc. has a 1-year low of $49.50 and a 1-year high of $84.71. The firm’s 50 day moving average is $75.03 and its 200 day moving average is $72.02.

Magellan Health (NASDAQ:MGLN) last issued its 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 during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the company posted $0.58 EPS. The company’s quarterly 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 fiscal year.

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A number of research firms have recently weighed in on MGLN. BidaskClub downgraded shares of Magellan Health from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. KeyCorp upgraded Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 target price on the stock in a research note on Thursday, July 13th. 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. Finally, Leerink Swann restated an “outperform” rating and set a $73.00 price objective (up from $68.00) on shares of Magellan Health in a research note on Sunday, June 25th. Two analysts have rated the stock with a sell rating and five have assigned a buy rating to the company. Magellan Health has a consensus rating of “Hold” and a consensus target price of $82.20.

In related news, General Counsel Daniel N. Gregoire sold 14,114 shares of the stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $80.11, for a total value of $1,130,672.54. Following the sale, the general counsel now directly owns 27,573 shares of the company’s stock, valued at approximately $2,208,873.03. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Daniel N. Gregoire sold 4,559 shares of the stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $80.68, for a total transaction of $367,820.12. Following the transaction, the general counsel now owns 18,016 shares in the company, valued at $1,453,530.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 97,943 shares of company stock valued at $7,846,757. 3.60% of the stock is owned by insiders.

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).

Institutional Ownership by Quarter for Magellan Health (NASDAQ:MGLN)

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