Morgan Stanley decreased its stake in Magellan Health, Inc. (NASDAQ:MGLN) by 4.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 58,908 shares of the company’s stock after selling 2,717 shares during the period. Morgan Stanley’s holdings in Magellan Health were worth $4,465,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently made changes to their positions in MGLN. Point72 Hong Kong Ltd grew its stake in shares of Magellan Health by 180.4% in the second quarter. Point72 Hong Kong Ltd now owns 457 shares of the company’s stock worth $33,000 after acquiring an additional 294 shares during the last quarter. Macquarie Group Ltd. acquired a new stake in Magellan Health during the second quarter worth $55,000. Amundi Pioneer Asset Management Inc. acquired a new stake in Magellan Health during the first quarter worth $73,000. Acadian Asset Management LLC acquired a new stake in Magellan Health during the third quarter worth $122,000. Finally, GSA Capital Partners LLP acquired a new stake in Magellan Health during the third quarter worth $204,000. Institutional investors and hedge funds own 89.85% of the company’s stock.
A number of equities research analysts have weighed in on the stock. Zacks Investment Research downgraded shares of Magellan Health from a “buy” rating to a “hold” rating and set a $79.00 price target on the stock. in a research note on Tuesday, November 3rd. Bank of America lifted their price objective on Magellan Health from $86.00 to $90.00 and gave the company a “buy” rating in a report on Thursday, September 10th. Finally, Stephens raised Magellan Health from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $83.00 to $98.00 in a report on Friday, November 13th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $90.75.
In other Magellan Health news, SVP Jeffrey N. West sold 1,500 shares of the business’s stock in a transaction dated Wednesday, October 7th. The stock was sold at an average price of $78.50, for a total transaction of $117,750.00. Following the completion of the sale, the senior vice president now directly owns 33,452 shares of the company’s stock, valued at approximately $2,625,982. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mostafa Kamal sold 2,793 shares of the business’s stock in a transaction dated Wednesday, December 9th. The stock was sold at an average price of $79.69, for a total value of $222,574.17. Following the sale, the chief executive officer now directly owns 2,824 shares of the company’s stock, valued at $225,044.56. The disclosure for this sale can be found here. Insiders sold 46,052 shares of company stock valued at $3,759,522 over the last ninety days. 14.10% of the stock is currently owned by company insiders.
Magellan Health stock opened at $82.84 on Friday. The stock has a 50-day simple moving average of $80.86 and a 200 day simple moving average of $76.16. The company has a quick ratio of 2.05, a current ratio of 2.08 and a debt-to-equity ratio of 0.40. Magellan Health, Inc. has a 12-month low of $30.60 and a 12-month high of $87.52. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of 15.54 and a beta of 1.22.
Magellan Health (NASDAQ:MGLN) last released its quarterly earnings results on Thursday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.12) by $0.20. Magellan Health had a return on equity of 5.57% and a net margin of 2.28%. The business had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the previous year, the business posted $1.23 earnings per share. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Magellan Health, Inc. will post 0.92 EPS for the current year.
About Magellan Health
Magellan Health, Inc, together with its subsidiaries, 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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