Magellan Health, Inc. (NASDAQ:MGLN) 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 approximately $2,208,873.03. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Magellan Health, Inc. (NASDAQ:MGLN) opened at 79.05 on Friday. Magellan Health, Inc. has a 1-year low of $49.50 and a 1-year high of $84.71. The stock has a 50 day moving average price of $75.88 and a 200-day moving average price of $72.12. The stock has a market capitalization of $1.87 billion, a P/E ratio of 22.51 and a beta of 0.59.
Magellan Health (NASDAQ:MGLN) last released its earnings results on Friday, July 28th. The company reported $0.46 earnings per share (EPS) for the quarter, missing the 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 firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the company earned $0.58 earnings per share. Magellan Health’s revenue was up 21.9% on a year-over-year basis. Equities research analysts expect that Magellan Health, Inc. will post $5.13 EPS for the current year.
Institutional investors have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. increased its position in Magellan Health by 147.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,679 shares of the company’s stock valued at $276,000 after buying an additional 2,195 shares during the last quarter. Teachers Advisors LLC increased its position in Magellan Health by 411.1% in the fourth quarter. Teachers Advisors LLC now owns 257,154 shares of the company’s stock valued at $19,351,000 after buying an additional 206,838 shares during the last quarter. State Street Corp increased its position in Magellan Health by 0.8% in the fourth quarter. State Street Corp now owns 641,563 shares of the company’s stock valued at $48,286,000 after buying an additional 5,053 shares during the last quarter. Bowling Portfolio Management LLC purchased a new position in Magellan Health during the first quarter valued at about $723,000. Finally, Norges Bank purchased a new position in Magellan Health during the fourth quarter valued at about $16,634,000. 93.48% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have commented on the company. Zacks Investment Research raised Magellan Health from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a report on Tuesday, July 18th. BidaskClub raised Magellan Health from a “sell” rating to a “hold” rating in a report on Tuesday. KeyCorp raised Magellan Health from a “sector weight” rating to an “overweight” rating and set a $91.00 target price for the company in a report on Thursday, July 13th. Finally, Leerink Swann reissued an “outperform” rating and issued a $73.00 target price (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 given a hold rating and five have issued a buy rating to the stock. Magellan Health currently has a consensus rating of “Buy” and a consensus price target of $82.20.
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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