Summit X LLC bought a new position in shares of Magellan Health Inc (NASDAQ:MGLN) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 4,557 shares of the company’s stock, valued at approximately $284,000.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Parallel Advisors LLC increased its holdings in Magellan Health by 221.0% in the second quarter. Parallel Advisors LLC now owns 382 shares of the company’s stock valued at $28,000 after buying an additional 263 shares during the last quarter. Destination Wealth Management acquired a new position in shares of Magellan Health during the second quarter worth approximately $45,000. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Magellan Health during the first quarter worth approximately $73,000. Meeder Asset Management Inc. acquired a new position in shares of Magellan Health during the second quarter worth approximately $178,000. Finally, Magnus Financial Group LLC acquired a new position in shares of Magellan Health during the second quarter worth approximately $217,000. 97.77% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have recently issued reports on MGLN. BidaskClub downgraded Magellan Health from a “sell” rating to a “strong sell” rating in a research report on Friday, September 6th. ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. Magellan Health presently has an average rating of “Hold” and an average price target of $74.80.
Shares of NASDAQ MGLN traded up $0.51 during midday trading on Wednesday, hitting $60.94. 2,701 shares of the company’s stock were exchanged, compared to its average volume of 213,031. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.71 and a quick ratio of 1.66. The stock’s 50 day moving average price is $61.66 and its 200-day moving average price is $66.42. The firm has a market cap of $1.45 billion, a P/E ratio of 24.89, a PEG ratio of 0.63 and a beta of 0.61. Magellan Health Inc has a twelve month low of $51.88 and a twelve month high of $75.87.
Magellan Health (NASDAQ:MGLN) last released its earnings results on Tuesday, July 30th. The company reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.06). The firm had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.75 billion. Magellan Health had a return on equity of 3.68% and a net margin of 0.18%. The business’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter last year, the company earned $0.92 earnings per share. On average, analysts expect that Magellan Health Inc will post 3.96 EPS for the current fiscal year.
Magellan Health Profile
Magellan Health, Inc provides healthcare management services in the United States. The company 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.
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