California Public Employees Retirement System lowered its position in shares of Magellan Health (NASDAQ:MGLN) by 9.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 75,314 shares of the company’s stock after selling 7,511 shares during the quarter. California Public Employees Retirement System owned 0.31% of Magellan Health worth $8,066,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in MGLN. Gotham Asset Management LLC bought a new position in Magellan Health during the fourth quarter valued at about $201,000. Trexquant Investment LP acquired a new position in shares of Magellan Health in the 1st quarter valued at $260,000. Xact Kapitalforvaltning AB acquired a new position in shares of Magellan Health in the 4th quarter valued at $275,000. Meadow Creek Investment Management LLC boosted its position in shares of Magellan Health by 20.8% in the 4th quarter. Meadow Creek Investment Management LLC now owns 3,416 shares of the company’s stock valued at $330,000 after purchasing an additional 588 shares during the period. Finally, Ellington Management Group LLC boosted its position in shares of Magellan Health by 44.0% in the 4th quarter. Ellington Management Group LLC now owns 3,600 shares of the company’s stock valued at $348,000 after purchasing an additional 1,100 shares during the period. 96.03% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts recently weighed in on the company. Zacks Investment Research upgraded Magellan Health from a “hold” rating to a “buy” rating and set a $118.00 price target for the company in a research report on Thursday, March 22nd. BidaskClub upgraded Magellan Health from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 31st. ValuEngine upgraded Magellan Health from a “hold” rating to a “buy” rating in a research report on Thursday, May 17th. Raymond James upgraded Magellan Health from a “market perform” rating to an “outperform” rating in a research report on Tuesday, May 1st. Finally, Leerink Swann upgraded Magellan Health from a “market perform” rating to an “outperform” rating in a research report on Thursday, March 15th. One investment analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $97.50.
Magellan Health opened at $97.90 on Wednesday, Marketbeat Ratings reports. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.64 and a quick ratio of 1.60. Magellan Health has a 1-year low of $70.70 and a 1-year high of $112.25. The firm has a market capitalization of $2.31 billion, a P/E ratio of 17.74, a P/E/G ratio of 1.10 and a beta of 0.53.
Magellan Health (NASDAQ:MGLN) last released its quarterly earnings results on Thursday, April 26th. The company reported $0.81 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.01 by ($0.20). The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.83 billion. Magellan Health had a net margin of 1.64% and a return on equity of 10.72%. The company’s revenue for the quarter was up 38.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.09 EPS. research analysts expect that Magellan Health will post 5.51 EPS for the current fiscal year.
In related news, CEO Barry M. Smith sold 13,375 shares of the stock in a transaction dated Tuesday, May 1st. The stock was sold at an average price of $86.02, for a total value of $1,150,517.50. Following the completion of the sale, the chief executive officer now directly owns 57,605 shares of the company’s stock, valued at approximately $4,955,182.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders sold 40,125 shares of company stock valued at $3,768,406. Company insiders own 4.60% of the company’s stock.
About Magellan Health
Magellan Health, Inc provides healthcare management services in the United States. It 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 for health plans, care organizations, and employers.
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