Magellan Health, Inc. (NASDAQ:MGLN) General Counsel Daniel N. Gregoire sold 14,096 shares of the business’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $83.06, for a total value of $1,170,813.76. Following the sale, the general counsel now directly owns 27,553 shares of the company’s stock, valued at approximately $2,288,552.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Magellan Health, Inc. (MGLN) traded up 0.78% during midday trading on Friday, hitting $83.75. The company had a trading volume of 240,325 shares. Magellan Health, Inc. has a 1-year low of $49.50 and a 1-year high of $84.71. The company has a 50 day moving average price of $78.33 and a 200 day moving average price of $72.60. The firm has a market capitalization of $1.98 billion, a P/E ratio of 23.85 and a beta of 0.57.
Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings data on Friday, July 28th. The company reported $0.46 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.94 by ($0.48). Magellan Health had a return on equity of 8.88% and a net margin of 1.59%. The firm 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 company’s quarterly revenue was up 21.9% on a year-over-year basis. Equities research analysts forecast that Magellan Health, Inc. will post $5.13 earnings per share for the current fiscal year.
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Several analysts have issued reports on the company. Leerink Swann reissued an “outperform” rating and set a $73.00 price target (up previously from $68.00) on shares of Magellan Health in a report on Sunday, June 25th. ValuEngine raised Magellan Health from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Zacks Investment Research raised Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 price objective for the company in a research note on Tuesday, July 18th. BidaskClub lowered Magellan Health from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, KeyCorp raised Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 price objective for the company in a research note on Thursday, July 13th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $82.20.
Hedge funds have recently bought and sold shares of the stock. Alpha Windward LLC boosted its holdings in Magellan Health by 7.8% in the 2nd quarter. Alpha Windward LLC now owns 6,600 shares of the company’s stock worth $481,000 after buying an additional 480 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Magellan Health by 6.1% during the 1st quarter. Geode Capital Management LLC now owns 305,624 shares of the company’s stock worth $21,103,000 after purchasing an additional 17,460 shares during the last quarter. Strs Ohio boosted its holdings in shares of Magellan Health by 2.0% during the 1st quarter. Strs Ohio now owns 15,100 shares of the company’s stock worth $1,042,000 after purchasing an additional 300 shares during the last quarter. Great West Life Assurance Co. Can boosted its holdings in shares of Magellan Health by 3.4% during the 2nd quarter. Great West Life Assurance Co. Can now owns 33,815 shares of the company’s stock worth $2,463,000 after purchasing an additional 1,100 shares during the last quarter. Finally, State of Tennessee Treasury Department boosted its holdings in shares of Magellan Health by 17.8% during the 1st quarter. State of Tennessee Treasury Department now owns 21,809 shares of the company’s stock worth $1,506,000 after purchasing an additional 3,291 shares during the last quarter. Institutional investors own 93.54% of the company’s stock.
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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