GSA Capital Partners LLP Sells 2,614 Shares of Magellan Health, Inc. (MGLN)
GSA Capital Partners LLP lessened its stake in shares of Magellan Health, Inc. (NASDAQ:MGLN) by 17.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,026 shares of the company’s stock after selling 2,614 shares during the quarter. GSA Capital Partners LLP owned about 0.05% of Magellan Health worth $877,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the business. Ameritas Investment Partners Inc. purchased a new position in Magellan Health during the first quarter worth $136,000. Eqis Capital Management Inc. acquired a new position in shares of Magellan Health in the second quarter worth $210,000. Pacad Investment Ltd. raised its holdings in shares of Magellan Health by 34.8% in the second quarter. Pacad Investment Ltd. now owns 3,100 shares of the company’s stock worth $226,000 after acquiring an additional 800 shares during the last quarter. Amalgamated Bank raised its holdings in shares of Magellan Health by 5.1% in the second quarter. Amalgamated Bank now owns 3,265 shares of the company’s stock worth $238,000 after acquiring an additional 159 shares during the last quarter. Finally, Laurion Capital Management LP acquired a new position in shares of Magellan Health in the first quarter worth $245,000. Hedge funds and other institutional investors own 93.54% of the company’s stock.
Magellan Health, Inc. (NASDAQ:MGLN) opened at 86.65 on Tuesday. The firm has a 50-day moving average price of $80.98 and a 200 day moving average price of $74.00. Magellan Health, Inc. has a one year low of $49.50 and a one year high of $86.75. The firm has a market capitalization of $2.05 billion, a P/E ratio of 24.67 and a beta of 0.57.
Magellan Health (NASDAQ:MGLN) last issued its quarterly 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). The company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the prior year, the business posted $0.58 EPS. Equities research analysts anticipate that Magellan Health, Inc. will post $5.13 earnings per share for the current year.
Several brokerages have recently issued reports on MGLN. KeyCorp restated a “buy” rating and issued a $89.00 price objective on shares of Magellan Health in a research report on Friday, September 22nd. Leerink Swann reiterated an “outperform” rating and set a $73.00 price objective (up previously from $68.00) on shares of Magellan Health in a research report on Sunday, June 25th. ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Zacks Investment Research raised shares of Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a research note on Tuesday, July 18th. Finally, BidaskClub downgraded shares of Magellan Health from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. Magellan Health has a consensus rating of “Buy” and a consensus target price of $81.80.
In other news, SVP Jeffrey N. West sold 25,316 shares of Magellan Health stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $85.85, for a total value of $2,173,378.60. Following the transaction, the senior vice president now directly owns 29,243 shares of the company’s stock, valued at $2,510,511.55. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Daniel N. Gregoire sold 35,658 shares of Magellan Health stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $85.17, for a total transaction of $3,036,991.86. Following the completion of the transaction, the general counsel now directly owns 49,115 shares in the company, valued at $4,183,124.55. The disclosure for this sale can be found here. Insiders have sold 252,465 shares of company stock valued at $20,916,765 over the last ninety days. Insiders own 3.60% of the company’s stock.
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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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