Breton Hill Capital Ltd. acquired a new stake in Magellan Health, Inc. (NASDAQ:MGLN) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 3,200 shares of the company’s stock, valued at approximately $276,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. 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 valued at $481,000 after purchasing an additional 480 shares during the period. Great West Life Assurance Co. Can boosted its holdings in Magellan Health by 3.4% in the 2nd quarter. Great West Life Assurance Co. Can now owns 33,815 shares of the company’s stock valued at $2,463,000 after purchasing an additional 1,100 shares during the period. LSV Asset Management bought a new stake in Magellan Health in the 2nd quarter valued at about $44,282,000. Legal & General Group Plc boosted its holdings in Magellan Health by 4.5% in the 2nd quarter. Legal & General Group Plc now owns 68,542 shares of the company’s stock valued at $4,998,000 after purchasing an additional 2,962 shares during the period. Finally, State Street Corp boosted its holdings in Magellan Health by 5.1% in the 1st quarter. State Street Corp now owns 674,286 shares of the company’s stock valued at $46,563,000 after purchasing an additional 32,723 shares during the period. 93.31% of the stock is owned by hedge funds and other institutional investors.
Shares of Magellan Health, Inc. (MGLN) traded down $0.55 during trading hours on Friday, hitting $83.30. 76,300 shares of the stock traded hands, compared to its average volume of 146,869. The firm has a market cap of $2,002.70, a PE ratio of 18.97, a PEG ratio of 1.08 and a beta of 0.55. The company has a quick ratio of 2.21, a current ratio of 2.28 and a debt-to-equity ratio of 0.62. Magellan Health, Inc. has a one year low of $64.05 and a one year high of $92.00.
Magellan Health (NASDAQ:MGLN) last issued its earnings results on Wednesday, November 1st. The company reported $1.64 EPS for the quarter, beating the consensus estimate of $1.40 by $0.24. The company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Magellan Health had a net margin of 1.68% and a return on equity of 9.20%. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.39 EPS. sell-side analysts forecast that Magellan Health, Inc. will post 5.16 EPS for the current fiscal year.
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A number of analysts have issued reports on the stock. Zacks Investment Research downgraded shares of Magellan Health from a “buy” rating to a “hold” rating in a report on Wednesday, October 4th. Jefferies Group LLC reissued a “buy” rating and issued a $94.00 price objective on shares of Magellan Health in a report on Friday, October 13th. KeyCorp reissued a “buy” rating and issued a $89.00 price objective on shares of Magellan Health in a report on Friday, September 22nd. ValuEngine raised shares of Magellan Health from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Finally, BidaskClub raised shares of Magellan Health from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $83.00.
In other news, General Counsel Daniel N. Gregoire sold 2,400 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $83.00, for a total value of $199,200.00. Following the completion of the transaction, the general counsel now directly owns 15,857 shares in the company, valued at approximately $1,316,131. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Mostafa Kamal sold 2,190 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $81.07, for a total transaction of $177,543.30. Following the completion of the transaction, the chief executive officer now owns 157 shares of the company’s stock, valued at $12,727.99. The disclosure for this sale can be found here. Insiders sold a total of 245,059 shares of company stock valued at $20,965,135 over the last 90 days. Corporate insiders own 3.60% of the company’s stock.
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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