Russell Investments Group Ltd. trimmed its holdings in Magellan Health Inc (NASDAQ:MGLN) by 75.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,246 shares of the company’s stock after selling 19,530 shares during the period. Russell Investments Group Ltd.’s holdings in Magellan Health were worth $539,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in the business. Rhumbline Advisers lifted its stake in shares of Magellan Health by 1.6% in the third quarter. Rhumbline Advisers now owns 50,493 shares of the company’s stock valued at $4,358,000 after buying an additional 773 shares in the last quarter. Hillcrest Asset Management LLC bought a new position in shares of Magellan Health in the third quarter valued at $8,822,000. Los Angeles Capital Management & Equity Research Inc. lifted its stake in shares of Magellan Health by 33.5% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 10,876 shares of the company’s stock valued at $939,000 after buying an additional 2,730 shares in the last quarter. Municipal Employees Retirement System of Michigan lifted its stake in shares of Magellan Health by 18.8% in the third quarter. Municipal Employees Retirement System of Michigan now owns 20,810 shares of the company’s stock valued at $1,796,000 after buying an additional 3,300 shares in the last quarter. Finally, Breton Hill Capital Ltd. bought a new position in shares of Magellan Health in the third quarter valued at $276,000. 94.94% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on MGLN shares. ValuEngine raised shares of Magellan Health from a “hold” rating to a “buy” rating in a research note on Sunday. BidaskClub lowered shares of Magellan Health from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, December 19th. KeyCorp set a $105.00 price target on shares of Magellan Health and gave the company a “buy” rating in a research report on Friday, December 1st. Jefferies Group reissued a “buy” rating and set a $94.00 price target on shares of Magellan Health in a research report on Friday, October 13th. Finally, Raymond James Financial reissued a “hold” rating on shares of Magellan Health in a research report on Saturday, December 2nd. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $96.00.
Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings data on Wednesday, November 1st. The company reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.24. Magellan Health had a net margin of 1.68% and a return on equity of 9.20%. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter last year, the company posted $1.39 earnings per share. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. analysts forecast that Magellan Health Inc will post 5.19 EPS for the current fiscal year.
In other news, CFO Jonathan N. Rubin sold 17,443 shares of Magellan Health stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $96.07, for a total value of $1,675,749.01. Following the completion of the transaction, the chief financial officer now owns 43,890 shares in the company, valued at $4,216,512.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Clapper Caskie Lewis sold 59,313 shares of Magellan Health stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $93.99, for a total transaction of $5,574,828.87. Following the completion of the transaction, the insider now owns 48,474 shares of the company’s stock, valued at approximately $4,556,071.26. The disclosure for this sale can be found here. Insiders have sold 111,101 shares of company stock valued at $10,412,588 in the last 90 days. 5.00% of the stock is currently owned by corporate insiders.
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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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