Magellan Health, Inc. (NASDAQ:MGLN) General Counsel Daniel N. Gregoire sold 14,114 shares of Magellan Health stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $80.11, for a total value of $1,130,672.54. Following the completion of the transaction, the general counsel now owns 27,573 shares of the company’s stock, valued at $2,208,873.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Shares of Magellan Health, Inc. (NASDAQ:MGLN) traded down 1.00% during trading on Monday, reaching $79.30. 140,289 shares of the company’s stock were exchanged. The company has a market capitalization of $1.88 billion, a PE ratio of 23.15 and a beta of 0.59. Magellan Health, Inc. has a 52-week low of $49.50 and a 52-week high of $84.71. The company has a 50 day moving average price of $70.98 and a 200-day moving average price of $72.02.
Magellan Health (NASDAQ:MGLN) last posted its earnings results on Wednesday, April 26th. The company reported $0.74 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.04. The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Magellan Health had a net margin of 1.64% and a return on equity of 9.05%. The firm’s revenue for the quarter was up 16.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.79 earnings per share. On average, equities analysts forecast that Magellan Health, Inc. will post $5.44 earnings per share for the current year.
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A number of equities analysts recently commented on the company. KeyCorp upgraded Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 price target for the company in a research note on Thursday. BidaskClub upgraded Magellan Health from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Leerink Swann reiterated an “outperform” rating and issued a $73.00 price target (up from $68.00) on shares of Magellan Health in a research note on Sunday, June 25th. Finally, Zacks Investment Research downgraded Magellan Health from a “hold” rating to a “sell” rating in a research note on Friday, April 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $79.20.
A number of hedge funds have recently bought and sold shares of MGLN. BlackRock Inc. boosted its stake in Magellan Health by 53,778.2% in the first quarter. BlackRock Inc. now owns 3,012,867 shares of the company’s stock worth $208,038,000 after buying an additional 3,007,275 shares during the last quarter. Vanguard Group Inc. boosted its stake in Magellan Health by 4.9% in the first quarter. Vanguard Group Inc. now owns 2,118,487 shares of the company’s stock worth $146,282,000 after buying an additional 98,314 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Magellan Health by 1.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,985,305 shares of the company’s stock worth $137,085,000 after buying an additional 32,762 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Magellan Health by 11.3% in the first quarter. Renaissance Technologies LLC now owns 1,213,099 shares of the company’s stock worth $83,764,000 after buying an additional 122,999 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Magellan Health by 5.2% in the first quarter. JPMorgan Chase & Co. now owns 893,272 shares of the company’s stock worth $61,680,000 after buying an additional 43,827 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.
About Magellan Health
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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