Convergence Investment Partners LLC acquired a new stake in shares of Magellan Health Inc (NASDAQ:MGLN) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 15,185 shares of the company’s stock, valued at approximately $1,466,000. Convergence Investment Partners LLC owned approximately 0.06% of Magellan Health as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also modified their holdings of MGLN. Ameritas Investment Partners Inc. grew its holdings in Magellan Health by 6.1% during the second quarter. Ameritas Investment Partners Inc. now owns 2,087 shares of the company’s stock valued at $152,000 after purchasing an additional 120 shares during the last quarter. Advisory Services Network LLC acquired a new position in Magellan Health during the second quarter valued at approximately $165,000. HighTower Advisors LLC acquired a new position in Magellan Health during the second quarter valued at approximately $210,000. Amalgamated Bank grew its holdings in Magellan Health by 5.1% during the second quarter. Amalgamated Bank now owns 3,265 shares of the company’s stock valued at $238,000 after purchasing an additional 159 shares during the last quarter. Finally, Parametrica Management Ltd acquired a new position in Magellan Health during the third quarter valued at approximately $244,000. 94.94% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have commented on MGLN shares. KeyCorp set a $105.00 price target on Magellan Health and gave the company a “buy” rating in a report on Friday, December 1st. Zacks Investment Research upgraded Magellan Health from a “hold” rating to a “strong-buy” rating and set a $112.00 price target on the stock in a report on Wednesday, December 13th. Jefferies Group reiterated a “buy” rating and set a $94.00 price target on shares of Magellan Health in a report on Friday, October 13th. Raymond James Financial reiterated a “hold” rating on shares of Magellan Health in a report on Saturday, December 2nd. Finally, BidaskClub downgraded Magellan Health from a “strong-buy” rating to a “buy” rating in a report on Tuesday, December 19th. One equities research 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. Magellan Health presently has a consensus rating of “Buy” and an average target price of $96.00.
In other news, CEO Mostafa Kamal sold 1,154 shares of the firm’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $92.00, for a total value of $106,168.00. Following the sale, the chief executive officer now owns 1,154 shares in the company, valued at $106,168. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Barry M. Smith sold 13,367 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $95.94, for a total transaction of $1,282,429.98. Following the completion of the sale, the chief executive officer now owns 42,799 shares in the company, valued at approximately $4,106,136.06. The disclosure for this sale can be found here. In the last 90 days, insiders sold 111,101 shares of company stock worth $10,412,588. 3.60% of the stock is currently owned by corporate insiders.
Shares of Magellan Health Inc (NASDAQ:MGLN) opened at $98.15 on Friday. The stock has a market cap of $2,360.00, a price-to-earnings ratio of 25.97, a PEG ratio of 1.17 and a beta of 0.53. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.28 and a quick ratio of 2.21. Magellan Health Inc has a 52 week low of $64.05 and a 52 week high of $99.95.
Magellan Health (NASDAQ:MGLN) last announced its quarterly earnings data on Wednesday, November 1st. The company reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.24. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.49 billion. Magellan Health had a net margin of 1.68% and a return on equity of 9.20%. Magellan Health’s quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter last year, the company posted $1.39 earnings per share. research analysts expect that Magellan Health Inc will post 5.19 EPS for the current year.
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Magellan Health 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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