Magellan Health Inc (MGLN) Holdings Cut by Orbimed Advisors LLC
Orbimed Advisors LLC lessened its holdings in Magellan Health Inc (NASDAQ:MGLN) by 27.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 882,600 shares of the company’s stock after selling 332,500 shares during the quarter. Orbimed Advisors LLC owned 3.67% of Magellan Health worth $76,168,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently bought and sold shares of the company. Ameritas Investment Partners Inc. grew its stake in shares of Magellan Health by 6.1% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,087 shares of the company’s stock worth $152,000 after acquiring an additional 120 shares during the period. Advisory Services Network LLC bought a new position in shares of Magellan Health during the 2nd quarter worth $165,000. HighTower Advisors LLC bought a new position in shares of Magellan Health during the 2nd quarter worth $210,000. Pacad Investment Ltd. grew its stake in shares of Magellan Health by 34.8% during the 2nd 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 period. Finally, Amalgamated Bank grew its stake in shares of Magellan Health by 5.1% during the 2nd quarter. Amalgamated Bank now owns 3,265 shares of the company’s stock worth $238,000 after acquiring an additional 159 shares during the period. Institutional investors own 94.96% of the company’s stock.
MGLN has been the subject of several research reports. ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. KeyCorp reiterated a “buy” rating and set a $89.00 price target on shares of Magellan Health in a research note on Friday, September 22nd. Zacks Investment Research downgraded Magellan Health from a “buy” rating to a “hold” rating in a research note on Wednesday, October 4th. Jefferies Group reiterated a “buy” rating and set a $94.00 price target on shares of Magellan Health in a research note on Friday, October 13th. Finally, Raymond James Financial reiterated a “hold” rating on shares of Magellan Health in a research note on Saturday, December 2nd. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $90.50.
Magellan Health (NASDAQ:MGLN) last issued its quarterly earnings data on Wednesday, November 1st. The company reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.24. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Magellan Health had a return on equity of 9.20% and a net margin of 1.68%. The firm’s quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.39 EPS. analysts expect that Magellan Health Inc will post 5.19 earnings per share for the current fiscal year.
In related news, CEO Mostafa Kamal sold 604 shares of the stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $83.00, for a total transaction of $50,132.00. Following the sale, the chief executive officer now owns 19 shares of the company’s stock, valued at approximately $1,577. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Clapper Caskie Lewis sold 59,313 shares of the stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $93.99, for a total value of $5,574,828.87. Following the sale, the insider now directly owns 48,474 shares in the company, valued at approximately $4,556,071.26. The disclosure for this sale can be found here. Insiders have sold a total of 306,370 shares of company stock worth $26,789,169 in the last three months. 3.60% of the stock is currently owned by insiders.
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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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