Teachers Retirement System of The State of Kentucky Holds Holdings in Magellan Health, Inc. (MGLN)
Teachers Retirement System of The State of Kentucky maintained its stake in Magellan Health, Inc. (NASDAQ:MGLN) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,982 shares of the company’s stock at the close of the 2nd quarter. Teachers Retirement System of The State of Kentucky’s holdings in Magellan Health were worth $655,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently modified their holdings of MGLN. UBS Asset Management Americas Inc. increased its holdings in Magellan Health by 10.4% during the 1st quarter. UBS Asset Management Americas Inc. now owns 19,167 shares of the company’s stock worth $1,323,000 after purchasing an additional 1,802 shares in the last quarter. Ameritas Investment Partners Inc. bought a new position in shares of Magellan Health in the first quarter valued at approximately $136,000. Mason Street Advisors LLC grew its holdings in shares of Magellan Health by 8.6% in the first quarter. Mason Street Advisors LLC now owns 5,518 shares of the company’s stock valued at $381,000 after acquiring an additional 439 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Magellan Health by 1.5% in the first quarter. Envestnet Asset Management Inc. now owns 3,733 shares of the company’s stock valued at $258,000 after acquiring an additional 54 shares in the last quarter. Finally, Arizona State Retirement System grew its holdings in shares of Magellan Health by 2.5% in the first quarter. Arizona State Retirement System now owns 12,312 shares of the company’s stock valued at $850,000 after acquiring an additional 300 shares in the last quarter. 93.55% of the stock is owned by hedge funds and other institutional investors.
In related news, General Counsel Daniel N. Gregoire sold 35,658 shares of Magellan Health stock in a transaction on Wednesday, September 27th. The shares were sold at an average price of $85.17, for a total transaction of $3,036,991.86. Following the transaction, the general counsel now owns 49,115 shares in the company, valued at approximately $4,183,124.55. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Daniel N. Gregoire sold 12,475 shares of Magellan Health stock in a transaction on Wednesday, October 4th. The shares were sold at an average price of $88.02, for a total transaction of $1,098,049.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 289,851 shares of company stock worth $24,456,221. 3.60% of the stock is owned by corporate insiders.
MGLN has been the subject of several recent analyst reports. Leerink Swann reaffirmed an “outperform” rating and issued a $73.00 target price (up from $68.00) on shares of Magellan Health in a report on Sunday, June 25th. Zacks Investment Research raised Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a report on Tuesday, July 18th. ValuEngine raised Magellan Health from a “hold” rating to a “buy” rating in a report on Friday, September 1st. BidaskClub lowered Magellan Health from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Finally, KeyCorp reaffirmed a “buy” rating and issued a $89.00 target price on shares of Magellan Health in a report on Friday, September 22nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $83.00.
Magellan Health, Inc. (MGLN) opened at 83.90 on Monday. Magellan Health, Inc. has a 1-year low of $49.50 and a 1-year high of $88.10. The company has a 50-day moving average price of $83.14 and a 200 day moving average price of $75.30. The stock has a market cap of $1.99 billion, a P/E ratio of 23.89 and a beta of 0.57.
Magellan Health (NASDAQ:MGLN) last released its earnings results on Friday, July 28th. The company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.48). Magellan Health had a net margin of 1.59% and a return on equity of 8.88%. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the firm posted $0.58 EPS. The firm’s quarterly revenue was up 21.9% compared to the same quarter last year. Equities analysts expect that Magellan Health, Inc. will post $5.13 earnings per share for the current fiscal year.
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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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