Victory Capital Management Inc. raised its holdings in Magellan Health Inc (NASDAQ:MGLN) by 33.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 559,368 shares of the company’s stock after purchasing an additional 141,628 shares during the period. Victory Capital Management Inc. owned about 2.28% of Magellan Health worth $53,672,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Northern Trust Corp increased its holdings in shares of Magellan Health by 0.4% in the 1st quarter. Northern Trust Corp now owns 748,667 shares of the company’s stock valued at $80,183,000 after acquiring an additional 3,158 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Magellan Health by 0.3% in the 1st quarter. JPMorgan Chase & Co. now owns 693,237 shares of the company’s stock valued at $74,246,000 after acquiring an additional 2,301 shares during the last quarter. Wells Fargo & Company MN increased its holdings in shares of Magellan Health by 114.9% in the 1st quarter. Wells Fargo & Company MN now owns 332,461 shares of the company’s stock valued at $35,607,000 after acquiring an additional 177,745 shares during the last quarter. Prudential Financial Inc. increased its holdings in shares of Magellan Health by 6.3% in the 1st quarter. Prudential Financial Inc. now owns 219,887 shares of the company’s stock valued at $23,550,000 after acquiring an additional 13,075 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Magellan Health by 3.6% in the 1st quarter. Principal Financial Group Inc. now owns 199,504 shares of the company’s stock valued at $21,367,000 after acquiring an additional 6,850 shares during the last quarter. 94.16% of the stock is currently owned by institutional investors.

Shares of Magellan Health opened at $75.60 on Friday, according to MarketBeat. The firm has a market cap of $1.86 billion, a P/E ratio of 13.16, a P/E/G ratio of 1.66 and a beta of 0.40. The company has a quick ratio of 1.58, a current ratio of 1.63 and a debt-to-equity ratio of 0.56. Magellan Health Inc has a 12 month low of $71.03 and a 12 month high of $112.25.

Magellan Health (NASDAQ:MGLN) last issued its quarterly earnings data on Friday, July 27th. The company reported $0.91 EPS for the quarter, missing the Zacks’ consensus estimate of $1.06 by ($0.15). The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.88 billion. Magellan Health had a return on equity of 11.29% and a net margin of 1.66%. Magellan Health’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.59 earnings per share. equities analysts forecast that Magellan Health Inc will post 4.55 earnings per share for the current fiscal year.

In related news, CEO Barry M. Smith sold 13,375 shares of the company’s stock in a transaction on Monday, July 2nd. The stock was sold at an average price of $95.86, for a total transaction of $1,282,127.50. Following the completion of the transaction, the chief executive officer now directly owns 43,914 shares in the company, valued at approximately $4,209,596.04. The sale was disclosed in a document filed with the SEC, which is available through this link. 4.60% of the stock is owned by corporate insiders.

MGLN has been the subject of a number of research analyst reports. Zacks Investment Research upgraded Magellan Health from a “strong sell” rating to a “buy” rating and set a $108.00 price target for the company in a report on Wednesday, July 4th. ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a research note on Thursday, May 17th. BidaskClub downgraded Magellan Health from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 28th. Finally, Raymond James lowered their price objective on Magellan Health from $105.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, July 30th. Two analysts have rated the stock with a sell rating, four have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $98.00.

Magellan Health Company Profile

Magellan Health, Inc provides healthcare management services in the United States. It operates in Healthcare and Pharmacy Management segments. The Healthcare segment offers carve-out management services for behavioral health; employee assistance plans (EAP); and other areas of specialty healthcare, including diagnostic imaging, musculoskeletal management, cardiac, and physical medicine for health plans, care organizations, and employers.

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Institutional Ownership by Quarter for Magellan Health (NASDAQ:MGLN)

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