Piedmont Investment Advisors LLC acquired a new stake in Magellan Health, Inc. (NASDAQ:MGLN) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 5,128 shares of the company’s stock, valued at approximately $374,000.
Other hedge funds also recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. bought a new stake in shares of Magellan Health in the 1st quarter valued at approximately $136,000. Eqis Capital Management Inc. bought a new stake in shares of Magellan Health in the 2nd quarter valued at approximately $210,000. HighTower Advisors LLC bought a new stake in shares of Magellan Health in the 2nd quarter valued at approximately $210,000. Pacad Investment Ltd. grew its stake in shares of Magellan Health by 34.8% in the 2nd quarter. Pacad Investment Ltd. now owns 3,100 shares of the company’s stock valued at $226,000 after purchasing an additional 800 shares during the period. Finally, Amalgamated Bank grew its stake in shares of Magellan Health by 5.1% in the 2nd quarter. Amalgamated Bank now owns 3,265 shares of the company’s stock valued at $238,000 after purchasing an additional 159 shares during the period. Institutional investors own 93.55% of the company’s stock.
Shares of Magellan Health, Inc. (MGLN) opened at 86.95 on Friday. The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of 24.76 and a beta of 0.58. Magellan Health, Inc. has a 1-year low of $49.50 and a 1-year high of $88.10. The stock has a 50 day moving average price of $84.03 and a 200 day moving average price of $75.81.
Magellan Health (NASDAQ:MGLN) last released its quarterly 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 business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the firm posted $0.58 earnings per share. The firm’s quarterly revenue was up 21.9% on a year-over-year basis. Analysts forecast that Magellan Health, Inc. will post $5.13 earnings per share for the current year.
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In related news, General Counsel Daniel N. Gregoire sold 35,658 shares of Magellan Health stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $85.17, for a total value of $3,036,991.86. Following the transaction, the general counsel now directly owns 49,115 shares of the company’s stock, valued at $4,183,124.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mostafa Kamal sold 2,190 shares of Magellan Health stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $81.07, for a total transaction of $177,543.30. Following the completion of the transaction, the chief executive officer now directly owns 157 shares in the company, valued at $12,727.99. The disclosure for this sale can be found here. Over the last quarter, insiders sold 272,669 shares of company stock valued at $23,080,685. 3.60% of the stock is owned by company insiders.
Several equities research analysts have recently weighed in on MGLN shares. Zacks Investment Research upgraded Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 price objective on the stock in a research note on Tuesday, July 18th. Jefferies Group LLC reiterated a “buy” rating and issued a $94.00 price objective on shares of Magellan Health in a research note on Friday, October 13th. KeyCorp reiterated a “buy” rating and issued a $89.00 price objective on shares of Magellan Health in a research note on Friday, September 22nd. ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, BidaskClub upgraded Magellan Health from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $83.00.
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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