Magellan Health, Inc. (MGLN) SVP Jeffrey N. West Sells 19,921 Shares of Stock
Magellan Health, Inc. (NASDAQ:MGLN) SVP Jeffrey N. West sold 19,921 shares of Magellan Health stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $85.30, for a total transaction of $1,699,261.30. Following the transaction, the senior vice president now owns 19,511 shares in the company, valued at $1,664,288.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.
Magellan Health, Inc. (MGLN) traded up 0.70% during trading on Friday, hitting $86.30. 134,759 shares of the stock traded hands. Magellan Health, Inc. has a one year low of $49.50 and a one year high of $86.72. The company’s 50 day moving average is $78.85 and its 200 day moving average is $72.93. The company has a market capitalization of $2.04 billion, a P/E ratio of 24.57 and a beta of 0.57.
Magellan Health (NASDAQ:MGLN) last issued its quarterly earnings data on Friday, July 28th. The company reported $0.46 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.94 by ($0.48). Magellan Health had a return on equity of 8.88% and a net margin of 1.59%. The company 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 company earned $0.58 EPS. The firm’s revenue was up 21.9% on a year-over-year basis. On average, equities analysts forecast that Magellan Health, Inc. will post $5.13 EPS for the current fiscal year.
Hedge funds have recently modified their holdings of the company. Alpha Windward LLC increased its position in shares of Magellan Health by 7.8% during the second quarter. Alpha Windward LLC now owns 6,600 shares of the company’s stock worth $481,000 after acquiring an additional 480 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Magellan Health by 6.1% during the first quarter. Geode Capital Management LLC now owns 305,624 shares of the company’s stock worth $21,103,000 after acquiring an additional 17,460 shares in the last quarter. Great West Life Assurance Co. Can increased its position in shares of Magellan Health by 3.4% during the second quarter. Great West Life Assurance Co. Can now owns 33,815 shares of the company’s stock worth $2,463,000 after acquiring an additional 1,100 shares in the last quarter. Legal & General Group Plc increased its position in shares of Magellan Health by 4.5% during the second quarter. Legal & General Group Plc now owns 68,542 shares of the company’s stock worth $4,998,000 after acquiring an additional 2,962 shares in the last quarter. Finally, State of Tennessee Treasury Department increased its position in shares of Magellan Health by 17.8% during the first quarter. State of Tennessee Treasury Department now owns 21,809 shares of the company’s stock worth $1,506,000 after acquiring an additional 3,291 shares in the last quarter. 93.54% of the stock is owned by institutional investors.
Several research firms have weighed in on MGLN. KeyCorp upgraded shares of Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 price objective on the stock in a research report 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 target on the stock in a report on Tuesday, July 18th. BidaskClub upgraded shares of Magellan Health from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Leerink Swann restated an “outperform” rating and set a $73.00 price target (up from $68.00) on shares of Magellan Health in a report on Sunday, June 25th. Finally, ValuEngine upgraded shares of Magellan Health from a “hold” rating to a “buy” rating in a report on Friday, September 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $81.80.
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).
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