Aviance Capital Partners LLC boosted its stake in shares of Magellan Health, Inc. (NASDAQ:MGLN) by 2.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 22,662 shares of the company’s stock after buying an additional 637 shares during the period. Aviance Capital Partners LLC owned about 0.10% of Magellan Health worth $1,652,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Howe & Rusling Inc. increased its stake in Magellan Health by 27.7% in the first quarter. Howe & Rusling Inc. now owns 1,845 shares of the company’s stock valued at $127,000 after buying an additional 400 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Magellan Health during the first quarter valued at about $136,000. State of Alaska Department of Revenue increased its stake in Magellan Health by 4.4% in the first quarter. State of Alaska Department of Revenue now owns 2,620 shares of the company’s stock valued at $180,000 after buying an additional 110 shares in the last quarter. Eqis Capital Management Inc. purchased a new stake in Magellan Health during the second quarter valued at about $210,000. Finally, Laurion Capital Management LP bought a new stake in shares of Magellan Health during the first quarter valued at $245,000. Hedge funds and other institutional investors own 93.48% of the company’s stock.
Magellan Health, Inc. (NASDAQ MGLN) traded down 0.77% on Tuesday, hitting $77.40. The stock had a trading volume of 185,106 shares. The company’s 50 day moving average is $75.11 and its 200 day moving average is $72.05. Magellan Health, Inc. has a 12-month low of $49.50 and a 12-month high of $84.71. The firm has a market cap of $1.83 billion, a PE ratio of 22.04 and a beta of 0.59.
Magellan Health (NASDAQ:MGLN) last released its quarterly earnings results on Friday, July 28th. The company reported $0.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.94 by $0.48. Magellan Health had a net margin of 1.59% and a return on equity of 8.88%. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the company earned $0.58 earnings per share. Magellan Health’s revenue for the quarter was up 21.9% compared to the same quarter last year. On average, equities research analysts expect that Magellan Health, Inc. will post $5.13 EPS for the current fiscal year.
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Several equities research analysts have weighed in on the company. BidaskClub upgraded Magellan Health from a “sell” rating to a “hold” rating in a report on Tuesday. KeyCorp upgraded Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 price target on the stock in a report on Thursday, July 13th. Zacks Investment Research upgraded Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 price target on the stock in a report on Tuesday, July 18th. Finally, Leerink Swann restated an “outperform” rating and set a $73.00 price target (up previously from $68.00) on shares of Magellan Health in a report on Sunday, June 25th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $82.20.
In other Magellan Health news, General Counsel Daniel N. Gregoire sold 14,114 shares of the firm’s stock in a transaction that occurred on Friday, July 14th. The shares were sold at an average price of $80.11, for a total value of $1,130,672.54. Following the transaction, the general counsel now directly owns 27,573 shares of the company’s stock, valued at $2,208,873.03. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Jeffrey N. West sold 28,514 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $80.07, for a total transaction of $2,283,115.98. Following the completion of the transaction, the senior vice president now directly owns 17,085 shares in the company, valued at $1,367,995.95. The disclosure for this sale can be found here. Insiders have sold 97,943 shares of company stock worth $7,846,757 over the last three months. 3.60% of the stock is owned by insiders.
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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