Oregon Public Employees Retirement Fund trimmed its position in shares of Magellan Health Inc (NASDAQ:MGLN) by 10.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,793 shares of the company’s stock after selling 1,000 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Magellan Health were worth $642,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently made changes to their positions in the company. Mutual of America Capital Management LLC lifted its holdings in shares of Magellan Health by 21.2% during the 1st quarter. Mutual of America Capital Management LLC now owns 949 shares of the company’s stock valued at $46,000 after buying an additional 166 shares during the last quarter. Amundi Pioneer Asset Management Inc. acquired a new stake in shares of Magellan Health during the 1st quarter valued at about $73,000. IndexIQ Advisors LLC acquired a new stake in shares of Magellan Health during the 1st quarter valued at about $194,000. Magnus Financial Group LLC lifted its holdings in shares of Magellan Health by 60.0% during the 1st quarter. Magnus Financial Group LLC now owns 4,316 shares of the company’s stock valued at $208,000 after buying an additional 1,619 shares during the last quarter. Finally, Cullen Capital Management LLC lifted its holdings in shares of Magellan Health by 89.6% during the 1st quarter. Cullen Capital Management LLC now owns 4,900 shares of the company’s stock valued at $236,000 after buying an additional 2,315 shares during the last quarter. Institutional investors and hedge funds own 99.29% of the company’s stock.
MGLN has been the subject of several analyst reports. ValuEngine lowered Magellan Health from a “hold” rating to a “sell” rating in a report on Tuesday, July 14th. Jefferies Financial Group boosted their target price on Magellan Health from $85.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday. Finally, BidaskClub upgraded Magellan Health from a “sell” rating to a “hold” rating in a report on Friday, July 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $81.50.
Shares of NASDAQ MGLN opened at $74.17 on Friday. The company has a quick ratio of 1.71, a current ratio of 2.05 and a debt-to-equity ratio of 0.42. The business’s 50 day moving average is $72.02 and its two-hundred day moving average is $65.28. The company has a market cap of $1.88 billion, a P/E ratio of 12.94, a P/E/G ratio of 4.73 and a beta of 1.22. Magellan Health Inc has a 12 month low of $30.60 and a 12 month high of $81.04.
Magellan Health (NASDAQ:MGLN) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.84 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.34. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.03 billion. Magellan Health had a return on equity of 7.74% and a net margin of 2.20%. The company’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.86 EPS. Sell-side analysts expect that Magellan Health Inc will post 0.87 earnings per share for the current fiscal year.
In other Magellan Health news, COO James E. Murray purchased 4,500 shares of the company’s stock in a transaction on Friday, May 15th. The shares were bought at an average cost of $67.63 per share, with a total value of $304,335.00. Following the transaction, the chief operating officer now directly owns 4,500 shares in the company, valued at approximately $304,335. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Jeffrey N. West sold 1,415 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $78.50, for a total value of $111,077.50. Following the sale, the senior vice president now owns 24,430 shares in the company, valued at $1,917,755. The disclosure for this sale can be found here. Insiders own 14.10% of the company’s stock.
About Magellan Health
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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