Ramsey Quantitative Systems Invests $323,000 in Magellan Health, Inc. (MGLN) Stock
Ramsey Quantitative Systems purchased a new position in Magellan Health, Inc. (NASDAQ:MGLN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 4,425 shares of the company’s stock, valued at approximately $323,000.
A number of other institutional investors have also bought and sold shares of the business. Parametric Portfolio Associates LLC grew its position in Magellan Health by 3.8% in the second quarter. Parametric Portfolio Associates LLC now owns 115,765 shares of the company’s stock worth $8,439,000 after buying an additional 4,227 shares during the last quarter. Suntrust Banks Inc. grew its position in Magellan Health by 2.1% in the second quarter. Suntrust Banks Inc. now owns 4,018 shares of the company’s stock worth $292,000 after buying an additional 84 shares during the last quarter. California Public Employees Retirement System grew its position in Magellan Health by 0.6% in the second quarter. California Public Employees Retirement System now owns 80,700 shares of the company’s stock worth $5,883,000 after buying an additional 500 shares during the last quarter. Vanguard Group Inc. grew its position in Magellan Health by 3.3% in the second quarter. Vanguard Group Inc. now owns 2,189,293 shares of the company’s stock worth $159,600,000 after buying an additional 70,806 shares during the last quarter. Finally, Northern Trust Corp grew its position in Magellan Health by 7.7% in the second quarter. Northern Trust Corp now owns 751,341 shares of the company’s stock worth $54,773,000 after buying an additional 53,434 shares during the last quarter. Hedge funds and other institutional investors own 93.54% of the company’s stock.
Magellan Health, Inc. (NASDAQ MGLN) opened at 82.65 on Monday. The firm’s 50-day moving average is $78.85 and its 200 day moving average is $72.93. The stock has a market capitalization of $1.96 billion, a PE ratio of 23.53 and a beta of 0.57. Magellan Health, Inc. has a 52-week low of $49.50 and a 52-week high of $84.71.
Magellan Health (NASDAQ:MGLN) last posted its earnings results on Friday, July 28th. The company reported $0.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.94 by ($0.48). The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. Magellan Health had a return on equity of 8.88% and a net margin of 1.59%. The company’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same quarter last year, the business posted $0.58 earnings per share. On average, equities analysts forecast that Magellan Health, Inc. will post $5.13 earnings per share for the current year.
In other Magellan Health news, General Counsel Daniel N. Gregoire sold 14,114 shares of the stock in a transaction on 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 in the company, valued at $2,208,873.03. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Mostafa Kamal sold 2,961 shares of the stock in a transaction on Friday, September 15th. The stock was sold at an average price of $84.00, for a total transaction of $248,724.00. Following the completion of the sale, the chief executive officer now owns 2,961 shares in the company, valued at $248,724. The disclosure for this sale can be found here. Over the last quarter, insiders sold 147,596 shares of company stock worth $11,959,347. Company insiders own 3.60% of the company’s stock.
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Several research analysts have issued reports on MGLN shares. Zacks Investment Research upgraded 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. KeyCorp restated a “buy” rating and issued a $89.00 price target on shares of Magellan Health in a research report on Friday. ValuEngine upgraded shares of Magellan Health from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. BidaskClub upgraded shares of Magellan Health from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Finally, Leerink Swann restated 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 research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. Magellan Health currently has an average rating of “Buy” and a consensus target price of $81.80.
Magellan Health 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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