Wells Fargo & Company MN cut its holdings in Magellan Health Inc (NASDAQ:MGLN) by 36.6% in the 2nd quarter, HoldingsChannel reports. The fund owned 210,695 shares of the company’s stock after selling 121,766 shares during the period. Wells Fargo & Company MN’s holdings in Magellan Health were worth $20,216,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in MGLN. Natixis bought a new position in shares of Magellan Health in the first quarter valued at approximately $213,000. Trexquant Investment LP bought a new position in shares of Magellan Health in the first quarter valued at approximately $260,000. WINTON GROUP Ltd bought a new position in shares of Magellan Health in the first quarter valued at approximately $275,000. Suntrust Banks Inc. bought a new position in shares of Magellan Health in the first quarter valued at approximately $283,000. Finally, ARP Americas LP bought a new position in shares of Magellan Health in the second quarter valued at approximately $326,000. 97.90% of the stock is owned by institutional investors.

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

Magellan Health stock opened at $75.10 on Wednesday. Magellan Health Inc has a 12 month low of $71.03 and a 12 month high of $112.25. The company has a current ratio of 1.63, a quick ratio of 1.58 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $1.84 billion, a P/E ratio of 13.65, a PEG ratio of 1.65 and a beta of 0.40.

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

Several research firms have recently issued reports on MGLN. Zacks Investment Research raised Magellan Health from a “strong sell” rating to a “buy” rating and set a $108.00 target price for the company in a report on Wednesday, July 4th. BidaskClub upgraded Magellan Health from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 31st. ValuEngine downgraded Magellan Health from a “buy” rating to a “hold” rating in a research note on Friday, July 20th. Finally, Raymond James upgraded Magellan Health from a “market perform” rating to an “outperform” rating in a research note on Tuesday, May 1st. Two equities research analysts have rated the stock with a sell rating, four have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $98.00.

About Magellan Health

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.

See Also: Google Finance Portfolio

Want to see what other hedge funds are holding MGLN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magellan Health Inc (NASDAQ:MGLN).

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

Receive News & Ratings for Magellan Health Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Health and related companies with MarketBeat.com's FREE daily email newsletter.