Magellan Health, Inc. (NASDAQ:MGLN) General Counsel Daniel N. Gregoire sold 20,465 shares of the business’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $83.05, for a total value of $1,699,618.25. Following the sale, the general counsel now directly owns 31,520 shares of the company’s stock, valued at approximately $2,617,736. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Shares of Magellan Health, Inc. (NASDAQ MGLN) traded down 0.42% on Monday, hitting $83.40. The company’s stock had a trading volume of 47,985 shares. Magellan Health, Inc. has a 52 week low of $49.50 and a 52 week high of $84.71. The stock’s 50 day moving average price is $78.48 and its 200 day moving average price is $72.69. The stock has a market capitalization of $1.98 billion, a P/E ratio of 23.75 and a beta of 0.57.
Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings results on Friday, July 28th. The company reported $0.46 earnings per share for the quarter, missing the Zacks’ 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 company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the company posted $0.58 earnings per share. The company’s revenue was up 21.9% compared to the same quarter last year. On average, analysts forecast that Magellan Health, Inc. will post $5.13 earnings per share for the current fiscal year.
A number of research firms have issued reports on MGLN. KeyCorp raised Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 price target for the company in a research report on Thursday, July 13th. BidaskClub raised Magellan Health from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. ValuEngine raised Magellan Health from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Zacks Investment Research raised Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 price target for the company in a research report on Tuesday, July 18th. Finally, 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 research report on Sunday, June 25th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $82.20.
A number of institutional investors have recently bought and sold shares of MGLN. BlackRock Inc. increased its position in Magellan Health by 53,778.2% during the first quarter. BlackRock Inc. now owns 3,012,867 shares of the company’s stock worth $208,038,000 after buying an additional 3,007,275 shares during the last quarter. LSV Asset Management acquired a new position in Magellan Health during the second quarter worth $44,282,000. Hood River Capital Management LLC acquired a new position in Magellan Health during the second quarter worth $25,387,000. Renaissance Technologies LLC increased its position in Magellan Health by 11.3% during the first quarter. Renaissance Technologies LLC now owns 1,213,099 shares of the company’s stock worth $83,764,000 after buying an additional 122,999 shares during the last quarter. Finally, Thrivent Financial For Lutherans increased its position in Magellan Health by 81.7% during the second quarter. Thrivent Financial For Lutherans now owns 228,546 shares of the company’s stock worth $16,661,000 after buying an additional 102,736 shares during the last quarter. 93.54% of the stock is currently owned by hedge funds and other institutional investors.
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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