State of Tennessee Treasury Department decreased its holdings in Magellan Health, Inc. (NASDAQ:MGLN) by 5.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,513 shares of the company’s stock after selling 1,296 shares during the period. State of Tennessee Treasury Department owned about 0.09% of Magellan Health worth $1,770,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the business. Suntrust Banks Inc. increased its holdings in shares of Magellan Health by 2.1% in the 2nd quarter. Suntrust Banks Inc. now owns 4,018 shares of the company’s stock worth $292,000 after purchasing an additional 84 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Magellan Health by 1.0% in the 2nd quarter. Louisiana State Employees Retirement System now owns 9,700 shares of the company’s stock worth $707,000 after purchasing an additional 100 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Magellan Health by 0.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 20,210 shares of the company’s stock worth $1,473,000 after purchasing an additional 100 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Magellan Health by 0.8% in the 2nd quarter. Arizona State Retirement System now owns 12,412 shares of the company’s stock worth $905,000 after purchasing an additional 100 shares in the last quarter. Finally, Ameritas Investment Partners Inc. increased its holdings in shares of Magellan Health by 6.1% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,087 shares of the company’s stock worth $152,000 after purchasing an additional 120 shares in the last quarter. 93.21% of the stock is owned by institutional investors and hedge funds.
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In related news, General Counsel Daniel N. Gregoire sold 2,400 shares of Magellan Health stock in a transaction on Monday, September 11th. The stock was sold at an average price of $83.00, for a total transaction of $199,200.00. Following the transaction, the general counsel now directly owns 15,857 shares in the company, valued at $1,316,131. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mostafa Kamal sold 604 shares of Magellan Health stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $83.00, for a total value of $50,132.00. Following the transaction, the chief executive officer now owns 19 shares in the company, valued at $1,577. The disclosure for this sale can be found here. Insiders sold 245,059 shares of company stock valued at $20,965,135 in the last ninety days. 5.00% of the stock is currently owned by corporate insiders.
Shares of Magellan Health, Inc. (MGLN) opened at $82.70 on Tuesday. 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 fifty-two week low of $64.05 and a fifty-two week high of $92.00. The company has a market capitalization of $1,990.00, a price-to-earnings ratio of 18.68, a P/E/G ratio of 1.06 and a beta of 0.55.
Magellan Health (NASDAQ:MGLN) last issued its quarterly earnings data on Wednesday, November 1st. The company reported $1.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.24. Magellan Health had a return on equity of 9.20% and a net margin of 1.68%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the previous year, the company posted $1.39 earnings per share. Magellan Health’s revenue was up 9.9% compared to the same quarter last year. analysts forecast that Magellan Health, Inc. will post 5.16 EPS for the current fiscal year.
A number of analysts have commented on MGLN shares. KeyCorp reissued a “buy” rating and issued a $89.00 target price on shares of Magellan Health in a report on Friday, September 22nd. ValuEngine raised Magellan Health from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Jefferies Group LLC reissued a “buy” rating and issued a $94.00 target price on shares of Magellan Health in a report on Friday, October 13th. Zacks Investment Research lowered Magellan Health from a “buy” rating to a “hold” rating in a report on Wednesday, October 4th. Finally, BidaskClub raised 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 stock. The stock has an average rating of “Buy” and an average price target of $83.00.
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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